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Student Loan Debts To Exceed $1 trillion

[UPDATED] USA Today says that at some point this year, student loan debt will exceed $1 trillion, surpassing even credit card debt. Felix Salmon says the number is closer to $550 billion. Either way total student loan debt is rising as other debts have tailed off. Delinquency has increased, too, since the height of the financial crisis.

It’s a huge mess.

Some people have noticed that “student loan debt” comes up a lot among the Wall Street Occupiers and the members of the 99 percent movement. Often, older people, who either attended school when tuition was reasonable, or who didn’t attend college at all in an era when a high school diploma was enough of a qualification for a stable, middle-class career, tend to think this is all the entitled whining of spoiled kids. They don’t understand that these kids accepted a home mortgage worth of debt before they ever even had a regular income, based on phony promises, and that the debt is inescapable, regardless of life circumstances or ability to pay.

by Alex Pareene via salon

One Comment on “Student Loan Debts To Exceed $1 trillion

  1. Every country is facing the problem of foreign debts which has bad effects for economy as well as other national departments. It is good that student are given loan but awkward situation arise when they cannot pay it back. All students can get writing services by visiting http://www.globalwritings.com/blog/term-paper which is the trusted website of professional writers.

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