Monday, April 18, 2011

The Rise in Student Loans

We reached a milestone in the history of American borrowing last year: For the first time ever, the nation's collective student-loan debt was greater than its credit-card debt. At some point this year, our aggregate student-loan debt is likely to top a trillion dollars. These figures were compiled by Mark Kantrowitz, publisher of FinAid.org.

The rising cost of college - and rising numbers of students attending college - has caused these figures to balloon in recent years. As recently as 1993, less than half of all college graduates finished school with outstanding debt to pay off.

These days, the average student finishes college with $24,000 in debts to pay off. As Kantrowitz says, "A lot of people will still be paying off their student loans when it's time for their kids to go to college."

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