As time passes by, number of college graduates are rising to the million. As of 2013 more than one million students are graduating from public and nonprofit college. About 69% of those students will have student loan debt. Between 2004 and 2012, the number of borrowers increased by 70% from 23 million to 39 million borrowers. In the same period as the economy is dropping and unemployment rising, students that took out loans for school are now having a hard time paying it back. Also, some of the main causes of the recent increase in the amount of student loan debt is due to: the job economy and the rising cost of education. These causes often come with an effect that can hurt the students more than it does on the economy. For example, the effect of student loan can delay students major life decision, like buying a car, a house or even starting a family. .
Firstly, one of the causes to the recent increase in the amount of student loan debt is because of the job economy. As the job economy is trying to get back on its feet, and unemployment is still on the rise, is getting it tougher and tougher for students to find a stable job to pay off their debt. Student loan debt has grown to $1 trillion and is now greater than credit card debt and auto debt. As the number of students graduating rises, the number of jobs is declining. Students are borrowing thousand of dollars to get a good education and hoping that it will land them a good job. With the economy struggling, the post college job market is very tough for young people without a stable job to help pay for their debt, young students can find themselves back to where they started. For instance, some students who are too poor to afford a proper education took a risk to borrow money for an education, thinking that with a proper education it would help them make money and be able to pay it back. In the short clip "Student Debt" by John Oliver it mentioned that "Poverty must not be a bar to learning and learning must offer an escape from poverty.