Nation's economy creaks under $1T in student loan debt
(NEWSER) - Wannabe college students have a lot to prepare for: all-night study binges, grueling exams, and the three jobs they'll need to pay off their crippling student debt. What's worse, that financial burden is only growing, the New York Times reports. Today, just 38% of the nation's $1 trillion student loan debt is being paid off, and the default rate has recently doubled. “I’ll be paying this forever,” says a 24-year-old dropout with $70,000 in student loans. “For me to finish it would mean borrowing more money. It makes me puke to think about borrowing more money.” More»
