For many college students, one of the biggest anxieties weighing on their minds during graduation is their mountains of impending student debt. Although many students can rely on their parents to help them pay for college, most students end up having to take out their fair share of federal loans before their college experience comes to a close.

So with the spring semester ending, many students around campus have been left wondering if it was even worth it to get a degree. Has student debt always been like this? Will it continue to be like this? Let’s look at some of the facts. 

In 2009, during the aftermath of the recession, the Federal Reserve found that individual student debt sat comfortably at an average of $23,765 per student in America. However, not even six years later in 2015, that number skyrocketed by 118%, bringing the average to roughly $28,000 per student in loans. 

Then more recently in 2019, just before the pandemic, that number once again gradually increased by 107%. As it stands right now, the amount of federal loans taken out by the average college student is over $30,000. So what does this mean going forward? 

Well to start, it means that conclusively, student loans are only going to get more expensive. It also doesn’t help that paying them off may not be as easy as one might think. Students have six months to find a job in their desired field post-graduation, but if they can’t, then that could spell bankruptcy for the unlucky. 

Fortunately, because of the pandemic, all student debt loan payments have been paused and will continue to be paused until September 2021. But what’s more is that there may be hope on the horizon for the college students of America. There have been numerous whispers in Washington D.C. about student loan forgiveness bills making their way through the House and onto the floor of the Senate. However, the debate is ongoing.

In the U.S. alone, students have racked up a grand total of $1.71 trillion. So in response, on his road to the White House President Joe Biden promised to cancel $10,000 of student loan debt. Some are pushing the envelope even further, calling for $50,000 to be forgiven per student. 

Sen. Elizabeth Warren held a key hearing on student loan debt April 13 for the purpose of gathering information on how best to proceed with crafting better public policy that addresses the issue of excessive student loans. These policies could include student loan cancellation, student loan repayment and much more. 

For now, debt is high, morale is low and help may or may not be on the way. So what should students do? Keep hustling just like always.

Getting the degree is only half the battle, so keep on fighting and explore the options available for paying off that student loan debt. Whether it’s renegotiating to get a lower interest rate or taking part in the dozens of the current loan forgiveness opportunities available, it’s important to keep in mind that there is more than just one option open to college graduates.