Fed: Student loans soar 275% over past decade

[woo me with science]

http://money.cnn.com/2012/05/31/news/economy/fed-student-loans/index.htm

Fed: Student loans soar 275% over past decade

By Tami Luhby @CNNMoney May 31, 2012: 11:53 AM ET

NEW YORK (CNNMoney) -- Student loans have more than tripled over the past decade, according to new data from the Federal Reserve.

Student loan debt hit $904 billion in the first quarter of 2012, up from $241 billion a decade ago, according to the Federal Reserve Bank of New York quarterly household debt report. That's up 275% since the same period in 2003.
....
Americans are also increasingly falling behind on their student loans. Long-term delinquency rates now stand at 8.69%, up from 6.13% a decade ago.

That's higher than the delinquency rates of mortgages, auto loans and home equity lines of credit, but still down from a peak of 9.17% in the third quarter of 2010.

....

[ck4829]

1. And then you try to find a job, and your student loan debt shows up on your credit report

And then it becomes that much harder to obtain work to pay off your debts at all.

The American Dream has been replaced by the American For the Love of God, Don't Get Trapped In a Vicious Cycle.

[coalition_unwilling]

2. Another way to phrase the headline: More Americans than ever are entering

indentured servitude. (Student loans are not dischargable through bankruptcy, only by paying them off or dying).

[woo me with science]

3. +10000