Monday, August 25, 2014
The Student Debt Explosion
While the practice of borrowing money to pay for higher education has been commonplace for decades, its scale is now unprecedented. In March 2012, student debt in the United States passed a major milestone when it exceeded $1 trillion for the first time. In fact, total debt from student loans is now larger than that from both car loans and credit cards, with mortgages the only greater form of consumer debt facing Americans. With 20 million students in college each year, student debt is a growing problem for millions of Americans of all ages, and the average graduate now leaves college over $25,000 in the red.
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