Unpaid Student Loans Top $1 Trillion

[marmar]

Published on Wednesday, October 19, 2011 by Politico.com
Unpaid Student Loans Top $1 Trillion

by Tim Mak


Giving validation to Occupy Wall Street protests over the increasing burdens of student debt, a new report indicates that the amount of total amount of outstanding student loans will exceed $1 trillion for the first time ever this year.

In addition, the amount of student loans taken out last year was greater than $100 billion, another new record, according to USA Today, citing the Federal Reserve Bank of New York.

The $1 trillion of outstanding loans means that Americans now owe more on student loans than on their credit cards. While students have been racking up educational loans, American consumers have been paying down credit cards and home loans.

The average full-time undergraduate student borrowed $4,963 in 2010, up 63 percent from a decade earlier, even after adjusting for inflation, the report says. ...............(more)

The complete piece is at: http://www.commondreams.org/headline/2011/10/19-4