The Student Loan Debt Clock: $3,055 Per Second and Climbing
$3,055.19 per second.
That’s right: With every tiny tick, the nation’s student debt skyrockets by more than $3K.
To bring that startlingly stat to life, MarketWatch has created a new custom clock—so you can watch the debt burden balloon in real time.
After all, while you may have heard before that Americans owe a total of $1.2 trillion in college loans, seeing that stat actually inch up helps to paint a more eye-catching portrait of the problem.
And, as MarketWatch notes, it’s not just grads who should care about the clock.
As research from the New York Federal Reserve reveals, with about 70% of students now graduating with debt, many are opting out of buying cars and houses—and thus undermining the nation’s economic growth.
Of course, while the clock helps to bring attention to the growing problem, this doesn’t mean that all student debt is disastrous. “The concern should not just be with the dollars of debt, but with who’s borrowing—whether they’re getting an education that serves them well and what it will mean for them in the future,” Sandy Baum, a senior fellow at the Urban Institute, an economic think tank, told MarketWatch.