College Debt in the US
A Ticking Time Bomb
In the United States, students have now amassed more than one trillion dollars in student loans. That is more then all the consumer credit card debt in the US.
According to the National Association of Consumer Bankruptcy Attorneys, college seniors who graduated with student loans in 2010 owed an average of $25,250. That’s up five percent from the previous year. Parents had an average of $34,000 in student loans for their children. That figure is up 75% from 2005.
Students and their parents are borrowing at record rates and it’s putting families in a deep hole. This is setting people up to become economically non-functional for the rest of their adult lives. Continue Reading »