While visiting North Carolina in May, President Obama disclosed that he just finished paying off his student loans eight years ago. According to a 2011 report by the Federal Reserve Bank of New York, outstanding student debt in the United States stands just shy of $1 trillion. Meanwhile, the average college student attending a public university racked up $22,000 in student debt in 2010. Those are big numbers — and if even the president struggled to pay off his student debt, what chances do today’s college students have?
Do you know how many cold beers you could buy with $22,000? WhichWayNC thought it might be a little less depressing to think of loan debt in terms of toilet paper, cold beers and ramen noodles, so we made a calculator that does just that. (But really, what we’re calculating is how many beers you won’t be able to buy, so maybe this is still pretty depressing.) Try it here.