The student debt crisis in America continues to grow at an alarming rate, with a new study suggesting that the amount of loan debt incurred by college students has doubled over the last decade.

Justinas Baltrusaitis for LearnBonds.com documents that, between 2015 and 2019, the student debt increased by more than 30 percent during the time period and also worried that the value of this debt would hit $2 trillion by 2024.

“The value of outstanding student loans in the United States has more than doubled in ten years..."

The study comes as colleges are spending millions per year on diversity efforts and provide illegal immigrants with scholarships.

“The value of outstanding student loans in the United States has more than doubled in ten years by 119.51 [percent.]” Baltrusaitis wrote.

One graph in the study showed data from the Federal Reserve, revealing that the value of outstanding student loans has quadrupled from nearly $481 billion in the first quarter of 2006 to more than $1.6 trillion by the third quarter of 2019.

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One of the issues the study highlighted was the difference between federal and private loans. The study explained that the federal option has an interest rate “perennially lower” than the private option.

“On the other hand,” the study continued, “private loans have more options like fixed interest rate, variable interest rate, and income-based monthly plans whose interest rates vary depending on the lender and credit history.”

Citing the Roosevelt Institute’s “Progressive Framework for Free College” study, it was stated that “65 percent of 2018 graduates have a student debt that is putting more pressure on US households,” and that the average American has $35,359 in student debt, up 26 percent from five years ago and 2 percent from the first quarter of 2018.

The study also hinted at the rising cost of a college education as a prime factor in the current student loan debt. The study pulled data from a U.S. News article in September that suggested that tuition and fees for private universities were more than three times higher than a public university in-state.

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“For most families, the cost of college plays a key role in decision making,” the study suggested.

The study also referenced a 2019 survey from Sallie Mae that suggested another cause for the current student loan epidemic was caused by families looking at financial concerns, rather than academic needs.

“The increase in the U.S. student loans highlights one of America’s most significant and widespread financial burden,” the study concluded.

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