It’s only logical that as the cost of tuition increases, so too does the number of students who graduate with student loan debt.  In fact, a Huffington Post article reports increases in student debt of over 500 percent since 1999.  Seeing as college tuition has risen over 400 percent in the last 30 years, this makes sense.

Seven in 10 college seniors who graduated in 2012 had student loan debt, averaging just under $30,000 per student.  This may not seem too horrible after considering the median starting salary for the class of 2013 was just over $45,000.  Assuming you’re able to complete the repayment plan without any hiccups, the debt may not seem all that daunting.  Making regular payments in full, however, is much easier said than done.  According to American Student Assistance, just over 40 percent of borrowers are delinquent at some point during the first five years after entering repayment.  Being delinquent means you’ve missed at least one payment.  There is still hope while in this state.  The real trouble starts when you default on your loan.

You are considered to be in default after nine months of delinquency.  This is when the ugly truth of student loans is exposed.  Unlike the major banks and other corporate giants of the United States, bankruptcy does not erase any student loan debt.  This seems rather interesting considering gambling debts can be eliminated via Chapter 7 or Chapter 13 bankruptcy.  Additionally, death does not eliminate the debt in the majority of cases.  Family members of the deceased individual absorb the debt.  I guess the government sees it as a way to remember the passing of a loved one.

If you think that getting a job will help get you out of default, think again.  Once in default, your credit score is made irrelevant and unusable.  Though you don’t need your own house or car to get a job, up to 60 percent of employers have started running credit checks on prospective employees, according to the Huffington Post.  You could be the best interviewer with the highest credentials in the state, but with debt present, companies won’t use your resume for anything more than testing their new shredder.  If you think you still have a chance at the other 40 percent of employers, keep dreaming.  The Department of Education encourages universities to withhold official transcripts of students who have been behind on payments.  At some point during the hiring process, most companies ask for official transcripts in order to verify the education you claim to have received.  Unless you’d like to add forgery to your list of problems, I’d advise against trying to deceive employers.  The sad truth is that there is no way out of student loan debt.

I am a part of the lucky few that will leave college debt free.  Why am I telling you this?  I think it’s important to realize that just because you won’t have any college debt, it doesn’t mean you shouldn’t be helping the vast majority of students who need help the most.  The solution for affordable financial aid is as equally likely to come from a debt-free student as it is to come from a student who has defaulted within the first year after graduation.  According to Huffington Post, it has come to a point where student debt has negatively impacted housing purchases among first-time buyers, automotive sales, and even contributes to the delayed start of families.

Obviously, I don’t have viable solutions to this problem. However, I do know this is a very real issue for current and future students alike.  Tuition costs and interest rates are likely to continually increase.  Furthermore, debt from student loans increased at an average rate of 6 percent per year from 2008 to 2012, according to the Project on Student Debt.  This is a major national issue and is on the verge of becoming a crisis.  Increased awareness is a start, but passionate citizens and dedication will be necessary in order to impact federal policies for the better.  Think about this: if you don’t deal with this issue now, you’ll be forced to deal with a much greater evil by the time your future frat/srat star is raging face during Grand Prix.