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Student Debt a 'Roadblock' for Wider Economy: Report
http://www.cnbc.com/id/100723709Crushing student debt is not only killing dreams, it's hurting the broader economy.
The Consumer Financial Protection Bureau (CFPB) is warning of the "potential domino effects" to the economy of high student debt. A just-released report from the consumer watchdog highlights the ways this debt can deplete savings, limit spending, and shape choices about a graduate's career path and where to live.
"College can open up many opportunities, and we do not want that college degree to become more of a burden than a blessing for those saddled with unmanageable debt in a tough employment market," said CFPB director Richard Cordray in a statement. "So we are concerned that unmanageable student loan debt may be harmful to recovering consumer markets and may be dragging down borrowers' lives."
The average amount of student loan debt for the Class of 2011 was $26,600, a 5 percent increase from approximately $25,350 in 2010, according to The Project on Student Debt.
