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These are the fascinating (and scary) statistics of student loan debt in America
Student loan debt is exploding in the U.S. That’s at least how New York Governor Andrew Cuomo characterized it while recently unveiling a set of measures to alleviate the burdens of debt in New York.
Student loan debt is exploding in the U.S. That’s at least how New York Governor Andrew Cuomo characterized it while recently unveiling a set of measures to alleviate the burdens of debt for New Yorkers. Other states – Washington, California, Connecticut, Maine – have recently attempted or adopted similar legislation. And overall, the nationwide data suggest Cuomo’s description might not be hyperbolic.
In total, there are about 44 million Americans who owe $1.4 trillion in student debt, and more than a quarter of students who left college in 2010 and 2011 have defaulted on their loans – up from 19 percent in 2005 and 2006.
How can data help us better understand student indebtedness, and the kinds of students most likely to default?
The New York Fed’s Liberty Street Economics blog recently published an extensive analysis that outlines some of the determining factors behind student loan default. Using a data set that matched New York Fed Consumer Credit Panel (CCP), based on Equifax data, to National Student Clearinghouse (NSC) education data, researchers Wilbert van der Klaauw, Michelle Jiang, Nicole Gorton, and Rajashri Chakrabarti formed a representative sample of young Amercian adults that they used to track default rates and education attainment over time. Their sample is limited to students born between 1980 and 1986, and who took out loans to finance their education.
Some of their findings weren’t exactly surprising, such as that students were more likely than their peers to default if they:
- Dropped out of school
- Attended a non-selective college
- Came from a disadvantaged background
Still, the exhaustive analysis provides an insight into subtler factors that contribute to student defaults.
The chart below shows that default rates were highest among students who attended for-profit schools. However, students who attended community college defaulted at similar rates.
The analysis also showed that students who graduated with a bachelor's degree had the lowest default rate.
For another analysis, the researchers separated the students in their sample by major into four broad groups: Arts/Humanities, Business, STEM, and Vocational, which included majors like aviation, cosmetology, and welding.
Students who majored in the arts showed significantly higher default rates, but researchers noted that:
"major matters much more among students at nonselective colleges: the gap in default rates between the best performing major and worst performing major is much smaller (3 percentage points by age thirty-three) among students at selective colleges than among students at nonselective colleges (8 percentage points by age thirty‑three)."
Finally, the researchers divided their sample into two groups based on the average income of the household in which they grew up, as determined by zip code. They found that students from less advantaged backgrounds showed higher default rates.
Ultimately, attending a four-year, for-profit college correlated most strongly with default, followed by dropping out of college. Summing up their analysis, the researchers wrote:
"This represents preliminary evidence that later life outcomes—for example, the ability to buy a home and maintain a strong credit score—may vary widely among student loan holders based on their educational choices and backgrounds."
Is paying for a college degree still worth it? It of course depends on which op-ed you want to read. But most of the data suggest that Americans with bachelor's degrees get hired more often than their peers.
The team caught a glimpse of a process that takes 18,000,000,000,000,000,000,000 years.
- In Italy, a team of scientists is using a highly sophisticated detector to hunt for dark matter.
- The team observed an ultra-rare particle interaction that reveals the half-life of a xenon-124 atom to be 18 sextillion years.
- The half-life of a process is how long it takes for half of the radioactive nuclei present in a sample to decay.
Humans are particularly prone to shiver when a group does or thinks the same thing at the same time.
A few years ago, I proposed that the feeling of cold in one's spine, while for example watching a film or listening to music, corresponds to an event when our vital need for cognition is satisfied.
Certain colors are globally linked to certain feelings, the study reveals.
- Color psychology is often used in marketing to alter your perception of products and services.
- Various studies and experiments across multiple years have given us more insight into the link between personality and color.
- The results of a new study spanning 6 continents (30 nations) shows universal correlations between colors and emotions around the globe.
The root of color psychology<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="9e40cf62fa8922fcca6c57e2fcb215b6"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/OM4fXB23pCQ?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>There is a very likely chance you've even been "fooled" by color marketing in the past, or you've chosen one product over another subconsciously due to colors that were designed to influence your emotions.<br></p><p>Companies that want to be known for being dependable often use blue in their logos, for example (Dell, HP, IBM). Companies that want to be perceived as fun and exciting go for a splash of orange (Fanta, Nickelodeon, even Amazon). Green is associated with natural, peaceful emotions and is often used by companies like Whole Foods and Tropicana. </p><p><strong>Your favorite color says a lot about your personality. </strong></p><p>Various studies and experiments across multiple years (<a href="https://www.researchgate.net/publication/49595886_Personality_Traits_and_Colour_Preferences" target="_blank">2010</a>, <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/jopy.12087" target="_blank" rel="noopener noreferrer">2014</a>, <a href="http://oaji.net/articles/2015/1170-1448038739.pdf" target="_blank" rel="noopener noreferrer">2015</a>, and more recently in <a href="https://www.verywellmind.com/color-psychology-2795824#modern-research-on-color-psychology" target="_blank" rel="noopener noreferrer">2019</a>) have given us more insight into the link between your personality and your favorite color.</p><p>Red, for example, is considered a bold color and is associated with feelings such as excitement, passion, anger, danger, energy, and love. The personality traits of this color might be someone who is bold, a little impulsive, and who loves adventure. </p><p>Orange, on the other hand, is considered representative of creativity, happiness, and freedom. The personality traits of this color can be fun, playful, cheerful, nurturing, and productive. Read more about color psychology and personalities <a href="https://bigthink.com/mind-brain/color-personality-psychology?rebelltitem=2#rebelltitem2" target="_self">here</a>.</p>
Study reveals which colors best suit which emotions around the globe<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDYzMTk5OS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyODc4OTg5OH0.bY-pu-MFNivdJLDJuBp9TBKrhwuy7hngUa1aIWxQMVw/img.jpg?width=1245&coordinates=0%2C93%2C0%2C94&height=700" id="33fff" class="rm-shortcode" data-rm-shortcode-id="1a5d7bb00dac94bd6201616789fb4882" data-rm-shortcode-name="rebelmouse-image" alt="concept of color psychology how colors make us feel color emotions" />
Certain colors are globally ties to certain emotions, the study reveals.
Image by agsandrew on Shutterstock<p>In this particular survey, participants were asked to fill out an online questionnaire which involved assigning 20 emotions to 12 different color terms. They were also asked to specify the intensity with which they associated the color term with the emotion.</p><p><strong>Certain colors are globally linked to certain emotions, the study reveals.</strong></p><p>The results of this study showed a few definite correlations between colors and emotions throughout the globe. Red, for example, is the only color that is strongly associated with both negative (anger) and positive (love) feelings. Brown, on the other end of the spectrum, is the color that triggers the fewest emotions globally.<br></p><p>The color white is closely associated with sadness in China, while purple is what is closely associated with sadness in Greece. This can be traced back to the roots of each culture, with white being worn at funerals in China and dark purple being the Greek Orthodox Church's color of mourning. </p><p>Yellow is more associated with joy, specifically in countries that see less sunshine. Meanwhile, its association with joy is weaker in areas that have greater exposure to sunshine. </p><p><a href="https://www.sciencedaily.com/releases/2020/09/200910150247.htm" target="_blank">According to Dr. Oberfeld-Twistel</a>, it is difficult to say exactly what the causes for global similarities and differences are. "There is a range of possible influencing factors: language, culture, religion, climate, the history of human development, the human perceptual system."</p>