Student Loan Debt Has Surprassed Both Credit Card and Auto Loan Debt
Not to burst everyone's bubble this morning, but student debt just surpassed credit card and auto loan debt by a sizeable margin and the future doesn't look too bright either. Unless President Obama, Elizabeth Warren and the GOP can find a solution...
Courtesy of Mother Jones:
If you're one of the
37 million Americans with student loan debt, you're in for a real treat come July 1. That's
when interest rates on federal student loans are set to rise to 6.8
percent—double the current rate of 3.4 percent. That deadline has
lawmakers scrambling for a fix. There are a bunch of proposals out
there, including Massachusetts Sen. Elizabeth Warren's call for students
to be allowed to pay the low, low rate that big banks pay for
short-term borrowing; a plan President Barack Obama laid out in his
budget in April; and the GOP plan that just passed the House—a plan
Obama hates.
Whatever lawmakers and the president ultimately decide matters a lot. Over the past 25 years, the cost of going to college has spiked 440 percent. Since 2004, student loan debt in this country has tripled, and now stands close to $1 trillion. Check it out here.
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- Blade 7184 aka Peter
1 comment:
I chose to leave college before getting into student loan debt. I think that was probably one of the best decisions I've ever made in my life.
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