The University's Dilemma, from Strategy + Business, is a fascinating article covering the business model problems and risks faced by America's colleges and universities.
Here are my top 10 amazing college finance stats:
1. Tuition at four year universities has tripled in constant dollars over the past 30 years — a faster rate of increase than healthcare.
2. Total U.S. student debt exceeds $1 Trillion.
3. Student loans exceed both auto loans and credit cards, making student loan debt the largest form of consumer debt after mortgages.
4. 37.1 million Americans have student loan debt, up from 23.3 million in 2005.
5. The average student loan balance is $24,301, up from $15,651 in 2005.
6. About 5 million federal student loan borrowers are in default.
7. Ten percent of recent graduates of four-year colleges have monthly student loan payments that exceed 25 percent of their income.
8. There are about 2.2 million student borrowers over the age of 60. Their average loan balance is $19,225.
9. Two-thirds of last year's college graduates had student loan debt with an average balance of roughly $26,000.
10. Less than two-thirds of students enrolled in a four-year institution attain the targeted degree.
Our university system is so broken.