[Infographic] Finding Relief Amidst the Student Debt Crisis
Filed under Student Loan Consolidation
What does 1 TRILLION dollars look like? A trillion dollars is 1,000 BILLION dollars, or one million batches of a million dollars. Consider the largest denomination of US currency in circulation: the 100 dollar bill. In less than a half-inch stack of these bills you’ll get a package of $10,000. Sort of like you see in the mob movies when the guy flips open his briefcase with a bunch of stacks of money neatly banded together in the middle with a piece of paper – each of those is $10,000.
100 of these packets adds up to a million bucks. Visually, it’s easily something you could throw in a bag and be on your way with. There’s not much to it size wise. Now imagine $100 Million. Stacked tightly together in a uniform fashion, this amount of money would fit onto your standard pallet and sit a few feet high, give or take. It’s starting to look like a LOT of money…
Let’s add another 9 of these pallets next to the $100 million. You now have yourself a billion dollars, and it’s looking like a lot more work than the million dollars was to be transported anywhere. These are 10 massive pallets stacked entirely of paper money. You might make it out with a few million in a grab-and-go before having to flee the scene if you were a bank robber.
So what is one TRILLION dollars? It’s pretty hard to grasp visually, since it’s literally 1,000 billon dollars, or immense amount of pallets loaded with cash. It’s practically incomprehensible, but here’s a nice little graphic to put things into perspective. Notice the average-sized man in the bottom left corner. Yes that’s a person; the rest is money on double-stacked pallets.
Baffled yet? You should be. Not only is that an insurmountable amount of money, but’s it’s the amount of money our national student debt amount climbed past March of last year, 2012. Right now, the figure is stacking to well above $1,000,000,000,000 and rising fast.
The number is so vast and far reaching that 70% of college graduates in 2013 will graduate with student debt. Not only that, but the average student debt is 27K per person. People that go to graduate school often end up with north of 100K in student debt.
Because of this “debtpidemic,” (epidemic of student-debt), it’s not just the students who are being personally affected; it’s families, relationships, and also the economy. People in severe debt tend to put less money back into the economy, invest in real estate, and start families. And this isn’t just affecting the coming Gen-Y that’s entering the workforce; this problem reaches far into the Babyboomer generation with an estimated 9.5% of people in their 60’s and 9.4% of people in their 50’s defaulting on student loan debt.
How do we stop this hemorrhaging of student-indebtedness and decades-long bondage to the lenders? There are several solutions out there that have popped up in recent years to help ease the financial constriction. Fortunately, USSLS is at the forefront of many of these options, including loan forgiveness, debt consolidation, and repayment plans.
In fact, we’ve made this infographic that helps explain the situation, as well as how to find relief amidst the student debt crisis. Enjoy below and feel free to share with friends.
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Ashley has written 45 articles