As of 2016 72% of all college graduates had student loans. The average amount for those graduates? $37,000. What is worse, interest rates range anywhere from 4-13% and fixed to variable.
The Federal Government backs student loans. It is the same reason why you have seen the number of for-profit colleges grow and essentially practice predatory lending.
In fact, it is estimated that 42% of college grads are working in a field other than their degree. This tells me one thing – maybe 42 % do not need a degree?