With more people attending colleges charging ever-higher tuition, the number of borrowers has increased 70 percent in 10 years. So has the amount that the average student borrows. In 2004, 23 million people had student loans, and the average balance was $15,651. By 2013, 39 million people had student loans, and the average balance was nearly $25,000.
Tuition at even a state school is now so expensive that even if I’d be able to get into Madison these days (my GPA was decent but not outstanding and I sucked at standardized tests) I wouldn’t have been able to afford to go. But hey, everybody who is poor should just make different choices, like be born to millionaires! Get on that, zygotes!