Infographic: Student Loan Crisis Explained

Millennials are putting life milestones on hold due to growing student debt.

a behind shot of a woman in a graduation cap and gown

From B2B brands to associations, leaders often futureproof their organizations by looking to the next generations of customers and members. Millennials now make up a larger chunk of the workforce than any other generation. That means organizations need to find ways to become essential to millennials—or risk falling behind.

But in the quest to capture this crucial audience, it’s important to understand their needs and challenges. Just what are these potential customers and members facing?

One answer: student loan debt. Now at an astonishing $1.5 trillion, total student loan debt in the U.S. has skyrocketed over the past few decades. Take a look inside the numbers.

Student loan crisis explained

Student loan debt is the only form of consumer debt that has continued to grow in the wake of the Great Recession. Today, America's student loan debt is triple what it was in 2005, and it's $521 billion more than U.S. credit card debt. In other words: Consumers are n a pretty big hold thanks to the rising cost of attending college and the growing necessity of a college degree to secure employment. This reality has coincided with a trend in delaying major life events, in part while people deal with the impact of paying off student loans.

As this student loan infographic makes clear, the burden of debt is weighing on young professionals. By understanding these financial hurdles, organizations can speak to this audience in a way that resonates. But understanding millennials isn’t enough. Are you keeping up with the generation that follows them? Next, read up on how to market to Gen Z.

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