Prodigy

Students Now Owe $1 trillion, or 6 Percent, of National Debt

By: Akihiko Tse - Published: • References: cheapestcolleges.org and cheapestcolleges.org
Student debt in America has now at a staggering $1 trillion, which is equivalent to about a 240 meter spherical money ball, according to an American student debt infographic by CheapestColleges.org.

Such is the amount that has been accrued by students going into debt, that if the U.S. government divided $1 trillion between every household, it would come out to $9,009. In other words, to spend $1 trillion in one year, you would have to spend $189 million a day. With Obamacare such a hot button issue now, $1 trillion would be enough to cover the cost of healthcare spending -- which amounts to $959 billion -- and still have a surplus of $40 billion. More surprisingly, out of the $1 trillion owed, 15 percent, or $150 billion, is owed to private lenders such as banks, while 85 per cent, or $864 billion is owed directly to the government.

Overall, student debt has ballooned from $240 billion in 2003 to $1 trillion in 2013.