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Borrowed Future | How Student Loans Are Killing The American Dream  | Official Trailer (2021)

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Broke, Busted, And Disgusted - College Debt Documentary Film Trailer

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Ivory Tower | Film Trailer | Participant Media

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Dept. of Education to resume collection of defaulted student loans

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The student loan forgiveness proposed to decrease the preexisting financial pressure that is felt by millions. People argued about the overall fairness of the proposal but supporters believed it would be a step in the right direction in repairing the economic inequalities. 

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The student loan forgiveness proposed to decrease the preexisting financial pressure that is felt by millions. People argued about the overall fairness of the proposal but supporters believed it would be a step in the right direction in repairing the economic inequalities. 

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NJ Spotlight News | Biden announces new round of student debt relief | Season 2023

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An additional 125,000 Americans approved for relief

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Student Loans: Last Week Tonight with John Oliver (HBO)

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College, Inc. (full documentary) | FRONTLINE

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Borrowed Future | How Student Loans Are Killing The American Dream

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GENERATION DEBT - FULL DOCUMENTARY | What can be done about the Student Loan Crisis?

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Borrowed Future | The $2 Trillion Student Debt Trap Explained

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Scholarslip: A documentary about the student debt crisis

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Java Discover | Free Global Documentaries & Clips

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University Debt: The New Global Economic War | Higher Education & Student Debt Documentary

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"Loan Wolves” Documentary Investigates Student Debt

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Student Loan Debt Statistics [2024]: Average + Total Debt

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Find student loan debt statistics, including the national debt balance, average individual balance, and annual growth rates.

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statistical graphics on student loan debt

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statistical graphics on student loan debt

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Website #1

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How Does Student Debt Affect the Economy?

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As overall student debt has grown over the past decade, it is apparent that such borrowing can place a financial burden on households.

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Website #2

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The Student Loan Debt Crisis in the United States and the Long-Term Economic Impact

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As student loan debt soars, nearly 45 million Americans face a crisis with far-reaching economic consequences for the nation.

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Website #3

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the economic effects of student loan debt - Google Search

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Nov 25, 2024 — The effect student loan debt has on the economy is similar to that of a recession: it reduces consumer spending, business growth, and homeownership.

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Website #4

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Though some of the rise in student debt can be attributed to increased schooling, Bill Gale and Ben Harris say it’s still important to weigh this debt against the returns to education because the burden of student loans make a clear and lasting impact on student borrowers.

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Website #5

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The Economics of Administration Action on Student Debt | CEA | The White House

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Higher education financing allows many Americans from lower- and middle-income backgrounds to invest in education. However, over the past 30 years, college tuition prices have increased faster than median incomes, leaving many Americans with large amounts of student debt that they struggle or are unable to, pay off. Recognizing the burden of this debt, the…

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Website #6

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Report Highlights. Canceling student loan debt may add $109 billion on average to the annual GDP for the next 6 years.

Canceling student loan debt may add up to 1.5 million new jobs.

Student loan debt cancelation may lift up to 5.2 million American households out of poverty.

Debt cancelation could potentially increase consumer spending by as much as 3.3%.

Current debt cancelation plans would reduce the debt burden for 38.3 million Americans with federally-held student loan balances.

Related reports include Student Loan Forgiveness Statistics | Student Loan Debt Statistics | Average Cost of College | Average Student Loan Debt | Student Loan Refinancing | Economic Effects of Student Loan Debt

What May Happen if Student Loan Debt is Canceled

The income-to-debt ratio is the metric by which most legislators propose to measure the breadth of student debt relief. These legislators aim for lower-income borrowers to benefit the most from canceled debt. Political proponents favor canceling between $10,000 to $50,000 in student debt per borrower.

Canceling student loan debt may add up to 1.5 million new jobs.

Each time a consumer's student debt-to-income ratio increases by 1%, their consumption declines by as much as 3.7%.

Debt forgiveness could potentially increase consumer spending by as much as 3.3%.

The economy may benefit from increased consumer spending if student loan debt is canceled - it may encourage former borrowers to start families, buy new homes, create or invest in small businesses, or obtain an advanced degree.

75% of students indicated that their student debt impacted their ability or decision to purchase a home.

Would-be entrepreneurs are 11% less likely to start a new business if they owe more than $30,000 in student loan debt.

When student debt grows by 3.3% the number of new start-up businesses in the country shrinks by 14.4%.

Cancelation of up to $10,000 for every borrower - including commercially-held Perkins and FFEL loans - may eliminate up to $522 billion or 31.9% of the total federal student loan debt.

Canceling up to $10,000 per borrower would eliminate up to 29.7% of all student loan debt including privately-held debt.

34.2 million or 74.5% of borrowers owe $40,000 or less - eliminating all their debt would erase $490.6 billion in student loan debt.

4.8 million borrowers owe $80,000 or more; often, these are graduate and professional degree holders, most of whom are high-income earners and would not benefit from measures to cancel debt.

Households without the burden of student debt will have reduced vulnerability to economic shocks.

Beneficiaries of Student Loan Debt Cancelation

Research and statistics indicate there may be social benefits to canceling student loan debt, especially as it relates to economic disparity and the debt burden among minority groups. Though both White and Black borrowers both benefit from student loan debt cancelation, any amount considered would financially benefit White borrowers more than Black borrowers. Other groups that would benefit from student debt cancelation include women, the Hispanic community, and the LGBTQ community.

Black and African American college graduates owe an average of $25,000 more in student loan debt than White college graduates.

58% of student loan debt belongs to women.

Women of color who borrow money to pay for college are 12% more likely to have student loan debt than White women.

Women would benefit more than men under Biden's loan forgiveness plan.

Black and Hispanic women would benefit the most, as 5.4 and 4.7% of this population would be free of student debt, respectively.

Student borrowers who identify as LGBTQ have an average of $16,000 more in student loan debt than those who are not LGBTQ.

The unemployment rate among Hispanic people hit 18.9% in April 2020.

That same month, Hispanic unemployment was 33.1% higher than White unemployment (14.2%).

The Biden Forgiveness Plan would benefit Black individuals with an associate's degree the most, as the percentage of those carrying debt would decrease from 19.9% to 12.6%.

Hispanic individuals with an associate's degree and Black individuals with a bachelor's degree would benefit the second and third-most to benefit from this plan.

22.3 million or 48.4% of borrowers are under the age of 35 - their debt totals $602.1 billion or 36.7% of all student loan debt.

9.1 million or 19.7% of borrowers are 50 and older - their debt totals $400.7 billion or 19.7% of all student loan debt.

In the figure below, the Moody economic model was unavailable.

Possible Negative Consequences of Canceled Student Debt

The economic consequences of total student loan debt cancelation may be far-reaching. Detractors call student loan debt cancelation "poor economic stimulus".

One model estimates an economic multiplier of 0.03 to 0.27, suggesting federal costs may ultimately outweigh economic benefits.

Education costs skyrocketed in the years following the launch of the federal student loan program; economists posit that widespread loan forgiveness will cause another surge in costs for the next generation of students.

Full student loan cancelation may disproportionately aid advanced degree holders rather than intended disadvantaged groups.

Advanced degree holders are also more likely to save their money than spend it and stimulate desired economic growth.

Canceling student loan debt may result in higher inflation rates.

Canceling student loan debt may also result in higher interest rates.

Likelihood of Student Loan Debt Cancelation

Proponents of widespread debt cancelation argue for cancelation anywhere between $10,000 and up to $50,000 for each individual borrower. However, the final decision on student debt cancelation is still being debated within the Biden administration and Congress.

The Biden administration is currently seeking to restart federal student loan payments that have been frozen for nearly 2 years since the pandemic started.

At the same time, the administration is seeking to clear away the defaults of student loan borrowers who were struggling with payments before the pandemic.

The American Rescue Plan passed in March 2021 includes a provision that student loan forgiveness issued between December 30, 2020, and January 1, 2026, will not be taxable to the recipient.

The U.S. Department of Administration has eased restrictions on applications for student loan borrowers who apply for debt forgiveness via the Total and Permanent Disability Discharge program.

The Senate Committee on Health, Education, Labor, and Pensions recently passed the resolution requesting the President "take executive action to broadly cancel federal student loan debt."

A coalition of 23 state Attorney Generals urges "reforms to ease the student loans repayment process and protect student loan borrowers from paying back debt to for-profit and defunct colleges."

Advocacy groups have called for student loan debt to be canceled on a broad scale since 2016.

Sources

1. U.S. Department of Education Office of Federal Student Aid, Federal Student Loan Portfolio

2. Government Publishing Office, Senate Resolution 46: Calling on the President of the United States to Take Executive Action to Broadly Cancel Federal Student Loan Debt

3. One Hundred Seventeenth Congress of the United States of America, Title IX, Subtitle G, Part 8, Section 9675: Modification of Treatment of Student Loan Forgiveness

4. Roosevelt Institute, Charron-Chénier et al., Student Debt Forgiveness Options: Implications for Policy and Racial Equity

5. Office of the Attorney General of the State of Illinois, Attorney General Raoul Calls on U.S. Secretary of Education to Further Address Student Loan Crisis

6. U.S. Bureau of Labor Statistics, The Economics Daily: Unemployment Rises to Record High 14.7 Percent in April 2020

7. Center for American Progress' TalkPoverty.org, Why Student Loan Debt Harms Low-Income Students the Most

8. The Center for Law and Social Policy, Ten Reasons to Cancel Student Loan Debt

9. Pew Trusts, Millions of Federal Student Loan Borrowers Lack Access to Immediate Repayment Help

10. BernieSanders.com, Issues: College for All and Cancel All Student Debt

11. CNBC, Biden Asks Education Secretary to See If He Can Legally Cancel Student Debt

12. Inside Higher Ed, Trump Official to Campaign on Student Debt Relief

13. Medium, Team Warren: I'm Calling For Something Truly Transformational: Universal Free Public College and Cancellation of Student Loan Debt

14. Committee for a Responsible Federal Budget: Partial Student Debt Cancellation is Poor Economic Stimulus

15. iPropertyManagement, Homeownership Rate by Age

16. Social Science Research Network, The Impact of Student Loan Debt on Small Business Formation

17. U.S. Senate Committee on the Budget, Testimony of Richard K. Vedder: Can College Be Made More Affordable? It's About More Than Student Loans

18. U.S. Small Business Administration Office of Advocacy, 2019 Small Business Profile

19. U.S. Federal Deposit Insurance Corporation (FDIC), The Effect of Student Debt on Consumption: A State-Level Analysis

20. New America, In the Interest of Few: The Regressive Benefits of Federal Student Loan Refinancing

21. Scholarship America, The Far-Reaching Impact of the Student Debt Crisis

22. Canisius College, Life Delayed: The Impact of Student Debt on the Daily Lives of Young Americans

23. U.S. Census Bureau, Consumer Population Survey: Educational Attainment

24. Federal Reserve Bank of St. Louis Department of Economic Research, Personal Consumption Expenditures: Total for United States

25. Brookings Institute: Student debt forgiveness would impact nearly every aspect of people's lives

26. Levy Economics Institute of Bard College: The Macroeconomic Effects of Student Debt Cancellation

27. CNBC: Starting a business is hard. With student debt, it can be impossible

28. Education Department Releases Final Regulations to Expand and Improve Targeted Debt Relief Programs

29. Biden-Harris Administration Continues Fight for Student Debt Relief for Millions of Borrowers, Extends Student Loan Repayment Pause | U.S. Department of Education

30. Fact Sheet: Black College Graduates and the Student Debt Gap

31. Women & Student Debt - AAUW

32. The Burden of LGBTQ Student Loan Debt

33. Student Debt Cancellation and its Inflation Impact | Richmond Fed

34. Who Is Impacted by Student Loan Forgiveness and How?

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Effects of Cancelling Student Loan Debt (2023): Short & Long-Term

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An analysis on all benefits and drawbacks, both short-term and long-term, resulting from the cancellation of student loan debts of graduates.

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Website #7

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Student Debt Is Crushing the Economic Future of the Young

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If a bad job market wasnu2019t damaging enough, the cost of paying off student loans does much more harm to the long-term prospects of young people than is commonly realized.

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Website #8

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Student loan debt has a negative impact on short-term labor market outcomes

Student loans burden many young workers with debt at a time when their lifetime earnings are at their lowest-early in their careers-and they have the least capacity to pay them off. Student debt is likely to elevate interest rates on other debts, which consequently raises the cost of consumption for borrowers. This financial constraint can drive young workers to modify their labor market preferences, making decisions that may acutely impact their careers in the long term.

This effect can also extend to early career decisions. Graduates with debt are more likely to take substantially higher-paying positions and are less likely to choose lower-paying public interest roles. This influence on job choice skews a valuable portion of the labor force away from roles that are critical to our society.

Student loan discharge positively affects borrowers' labor market outcomes. After discharge, borrowers experience heightened geographical mobility, job changes, and a subsequent income rise of approximately $3,000 over three years. This underscores how student loan debt constrains borrowers' capacity to improve their labor market outcomes, highlighting the potential of debt relief to catalyze economic mobility.

Student loan debt is a significant barrier to economic mobility

Student loan debt is associated with lower levels of wealth building and limited upward mobility. Young households without student debt exhibit substantially higher net worth than those with debt. This imbalance is even greater for some demographic groups: Black and Latinx households with outstanding debt experience significant disparities in net worth compared to white households at similar income levels.

A substantial number of workers with relatively low student loan balances grapple with repayment challenges due to low-income work. As of 2019, 2.5 million young households bear a student debt-to-income ratio surpassing 0.5, with an average ratio of 1.03 for those in the bottom 50 percent of earners. Debt holders with annual income less than $33,769 had average student loan debt of $32,518 in 2022. Given these realities, it is not surprising that student loan holders are more prone to financial distress. Households with student loan debt have a higher likelihood of facing financial hardship, including late payments, credit denial, and foreclosure, especially if they did not complete a degree. Income growth for these families is minimal, while degree completers experience an increase of nearly $11,000 over two years.

Student loans, while crucial for social mobility among the younger generation, carry a lasting economic burden that distinguishes them from other debt types. This impact is attributed to its ineligibility for bankruptcy discharge, making it particularly enduring and impactful on credit and financial health. Loan forgiveness is found to alleviate some of this financial burden: student loan discharge leads to an 11 percent reduction in indebtedness and a 24 percent decrease in delinquent accounts for borrowers, with credit card and mortgage balances significantly reduced.

Intergenerational wealth gaps for Black and Latinx workers result in racially disparate debt burdens from student loans

Among all working age adults, however, this subset of degree seekers saw racially disparate wages. Black workers with some college experience but no degree had a median hourly wage of $17.80 (in 2022 dollars), compared to Latinx workers at $18.58 and white workers at $21.06 with the same educational attainment. Even with a college degree, Black workers tend to make less than equally educated white workers, with median hourly wages of $26.80 and $32.51, respectively. ( Clemens, Vaghul, Schmitt, & McGrew 2019)

The challenges of building wealth also extend to Latinx borrowers, owing to repayment struggles, diminished educational returns, escalating debt balances, and systemic racial barriers, even when considering class differences among students. This perpetuates a cycle of intergenerational wealth inequality, as these families continue to grapple with debt while facing the prospect of similarly constrained opportunities for their children's education.

Targeted approaches are needed to support the financial well-being of low-wage workers

The intersection of race and student debt exacerbates racial inequalities in wealth and education. To address these long-standing disparities, federal policymakers should consider targeted debt relief. One study proposes policy levers involving cancellation amount and income eligibility caps, recommending debt relief of $50,000-$75,000 for households with an income less than $100,000. At $75,000 relief, 51 percent of all reported student debt would be canceled: 61 percent for Black, 48 percent for white, and 43 percent for Latinx borrowers ( Charron-Chénier, Seamster, Shapiro, & Sullivan 2021). While the method minimally impacts the racial wealth gap, it transforms broader racial and economic inequalities, narrowing disparities for vulnerable groups, particularly Black and Latinx households.

Another set of recommendations encompass diverse policy mechanisms to alleviate the burdens of student debt. These encompass consumer-driven oversight of the loan industry, K-12 financial literacy education, transparency in loan terms, and replacing the current system with income-based repayment. These strategies align with recommendations that the Department of Education should involve vulnerable debt holders in the process of redesigning repayment systems, and consider auto-enrollment in forgiveness programs and affordable payment plans that could alleviate payment burdens for those at risk of defaulting.

Employers could offer repayment assistance for those below the poverty level. This could include dedicating resources to provide instructional aid in navigating the loan system and direct payments made by employers or unions to support low-wage employees. Under the Consolidated Appropriations Act of 2021, employers can make tax-free contributions up to $5,250 toward each employee's loan repayment or other education expenses. An extension of this policy past 2025 could encourage more employers to participate.

These comprehensive strategies aim to ease the intricate impact of student debt across various demographic groups, offering potential relief and improved financial outcomes. These proposals collectively aim to mitigate the complexities of the impact of student debt on vulnerable groups.

Conclusion

The impact of student loan debt on low-wage workers is profound and multifaceted. It exacerbates existing disparities in wealth and education, disproportionately affecting Black and Latinx workers. While education has long been seen as a pathway to economic mobility and racial equality, the rising cost of education, coupled with the enduring burden of student debt, has created significant obstacles for many low-income individuals.

Debt forgiveness emerges as a potential solution to alleviate the burden of student loan debt, especially for Black borrowers who carry higher debt loads. It represents a step toward racial justice by addressing the disparities in educational financing. However, it's crucial to recognize that debt forgiveness alone cannot fully eliminate racial wealth inequality. It serves as a remedial measure and harm reduction strategy but should be part of a broader policy package to comprehensively tackle racial equity concerns.

These solutions are also key to providing low-wage workers with a means of achieving economic mobility that extends beyond higher wages. The burden of student loan debt lasts for a large portion of many borrowers' working-age lifetime and affects their financial health. It also limits their ability to invest in opportunities that could improve prospects for themselves and their children.

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The Impact of Student Debt on the Low-Wage Workforce

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Student loan debt has a negative impact on labor market outcomes and economic mobility, with disparate economic impacts for low-wealth households. Burdens fall more heavily on Black and Latinx borrowers and those who did not complete their degree.

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Website #9

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Abstract

There are nearly 1.6 trillion dollars in outstanding federal student loans and more than 59 billion in private loans. Prior to the COVID-19 pandemic student loan debt was being called a crisis. Student loan debt topped all consumer debt except mortgages. Delinquencies were rising and debtors, especially millennials, were feeling crushed under their impact. Then the COVID-19 pandemic struck, and student loan payments were put on hold, providing the conditions to examine the economic effects of student loan payments on student borrowers. This paper explores some of the effects of the student-loan debt burden has had on our economy and the role easing that burden has played in our post-COVID recovery. It looks at the education industry, its role in our society, and the policy decisions that have shaped the student loan crisis. It concludes with a call for change in how we ease the debt burdens already created and how we fund higher education moving forward.

Recommended Citation

Judith Fox Student Loan Debt: The Long-Term Economic Consequences, 36 Loy. Consumer L. Rev. 309 (2025).
Available at: https://lawecommons.luc.edu/lclr/vol36/iss3/2

DOWNLOADS

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Student Loan Debt: The Long-Term Economic Consequences

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There are nearly 1.6 trillion dollars in outstanding federal student loans and more than 59 billion in private loans. Prior to the COVID-19 pandemic student loan debt was being called a crisis. Student loan debt topped all consumer debt except mortgages. Delinquencies were rising and debtors, especially millennials, were feeling crushed under their impact.

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Website #10

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The student debt burden and its impact on racial justice, borrowers, and the economy

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On April 13, 2021, Adam Looney presented this testimony on the student debt burden and its impact on racial justice, borrowers, and the economy to the U.S. Senate Committee on Banking, Housing, and Urban Affairs’ Subcommittee on Economic Policy.

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Over 60% of jobs today require some type of higher education, which makes college degrees more necessary than they were before. But for most they must consider either choosing between the lifelong debt of student loans or being left out of the better economic opportunities in your career which would affect your financial and social mobility. 

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Over 60% of jobs today require some type of higher education, which makes college degrees more necessary than they were before. But for most they must consider either choosing between the lifelong debt of student loans or being left out of the better economic opportunities in your career which would affect your financial and social mobility. 

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In the 80's college was affordable for most Americans. However, today that is quite opposite where the tuition costs have increased substantially while the wages stayed low.

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In the 80's college was affordable for most Americans. However, today that is quite opposite where the tuition costs have increased substantially while the wages stayed low.

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Student loans hit the lower income families overall the hardest. Without having the luxury of having generational wealth to fall on, many if not most students end up borrowing a substantial amount to just afford college. 

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Student loans hit the lower income families overall the hardest. Without having the luxury of having generational wealth to fall on, many if not most students end up borrowing a substantial amount to just afford college. 

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Black and hispanic borrowers are statistically more likely to take on larger student loans and face an even higher default rate. Which shows you right there that student debt isn't just an individual issue but rather reflects the preexisting system racial wealth gaps.

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Black and hispanic borrowers are statistically more likely to take on larger student loans and face an even higher default rate. Which shows you right there that student debt isn't just an individual issue but rather reflects the preexisting system racial wealth gaps.

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The student debt crisis isn't just about the numbers, it's about the dreams of Americans being delayed. It's about those individuals who cannot afford to take associated risks to invest in themselves due to the debt that follows. 

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The student debt crisis isn't just about the numbers, it's about the dreams of Americans being delayed. It's about those individuals who cannot afford to take associated risks to invest in themselves due to the debt that follows. 

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Student loan debt affects over more than 45 million Americans. Education ultimately promises the dream of opportunity but the overall costs create a trap of which graduates are stuck in for decades after graduating.

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Student loan debt affects over more than 45 million Americans. Education ultimately promises the dream of opportunity but the overall costs create a trap of which graduates are stuck in for decades after graduating.

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Unlike other types of debt, student loans are one of the hardest to dissolve in bankruptcy. This means that those borrowers are ultimately trapped for life even after struggling with financial hardships. 

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Unlike other types of debt, student loans are one of the hardest to dissolve in bankruptcy. This means that those borrowers are ultimately trapped for life even after struggling with financial hardships. 

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The average student loan borrower owes on average $30,000 dollars. What is really once meant to be an overall investment into your future turned into a lifelong burden.

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The average student loan borrower owes on average $30,000 dollars. What is really once meant to be an overall investment into your future turned into a lifelong burden.

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The monthly student loan payments substantially competes with the general living expenses such as rent, healthcare, and even childcare for most. That upward mobility is less likely when the education costs take up most if not large portion of your income.

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The monthly student loan payments substantially competes with the general living expenses such as rent, healthcare, and even childcare for most. That upward mobility is less likely when the education costs take up most if not large portion of your income.

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The heavy student loan debt that affects graduates are the ones who are less likely to start families or even to invest in a home. Which in turn slows down the economic growth which takes a toll on communities and the national economy. 

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The heavy student loan debt that affects graduates are the ones who are less likely to start families or even to invest in a home. Which in turn slows down the economic growth which takes a toll on communities and the national economy. 

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I chose these ten images because it showed how deep the systemic consequences of how student debt really impacts the overall wealth accumulation from increasing the gap between racial wealth, and even delaying homeownership which go hand in hand within the class structures in the United State

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I chose these ten images because it showed how deep the systemic consequences of how student debt really impacts the overall wealth accumulation from increasing the gap between racial wealth, and even delaying homeownership which go hand in hand within the class structures in the United State

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Instead of finding fictional movies to add to my Padlet, I chose to add documentaries because they real films that talk about the student loan debt complexities and what that entails of those being affected personally. These documentaries offered the real stories of some, including expert analysis, and even overall showing the economic consequences of this crisis. They not only provide researched backed information and facts but show the seriousness it has on those bigger economic structures. 

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Instead of finding fictional movies to add to my Padlet, I chose to add documentaries because they real films that talk about the student loan debt complexities and what that entails of those being affected personally. These documentaries offered the real stories of some, including expert analysis, and even overall showing the economic consequences of this crisis. They not only provide researched backed information and facts but show the seriousness it has on those bigger economic structures. 

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I chose to add a variety of websites to make sure I covered a complete and comprehensive view of the student loan debt crisis. Each website I chose gives a different perspective, whether it being the economic analysis, proposed solutions like loan forgiveness or tuition reform, or just statistics surrounding educational institutions and the reports from the financial experts of having a better understanding of the student loan impacts which affects the American economy overall.

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I chose to add a variety of websites to make sure I covered a complete and comprehensive view of the student loan debt crisis. Each website I chose gives a different perspective, whether it being the economic analysis, proposed solutions like loan forgiveness or tuition reform, or just statistics surrounding educational institutions and the reports from the financial experts of having a better understanding of the student loan impacts which affects the American economy overall.

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Student Loans Are a Scam. So Is Debt “Forgiveness.”

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Student loan debt collections to resume for borrowers in default

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U.S. Department of Education to begin debt collection on defaulted student loans

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Education Department: Student loans in default to be referred to debt collection