A disingenuous report at best. There can be a big, big difference between a “median” debt, and an “average” debt.
In my recalling of recent debt numbers $13,000 is highly misleading.
Additionally, the author, without basis or fact citation, writes off a lot of the unmentioned “higher debt” to grad students pursuing a higher degree.
In all not a very rigorous or well-documented assertion in my book (for his opening thesis, anyway).
Well, I can attest that I had paid off my undergrad student loans in the 1990s. Max balance was ~5K. I also took out new loans for grad school in 2006. Max was about 9K. I expect to pay it off completely in ~3 more years.
But then, I ALSO made sure I was getting a marketable degree, and shopped around for affordable tuition. There are idiots out there who MUST have an underwater basket-weaving degree from an Ivy League school. And they are getting what they deserve. On the other hand, they make GREAT Subway sandwiches and lattes at Starbucks. . .
A more onerous problem is those who took on student loans and did not graduate.
There are student loans and the failed cosmetology or barbering or truck driving students that attended schools designed to suck up loans rather than educate.
Agreed. 13K sounds way off.