Increases in college tuition might have made sense during the brief boom years of the real estate bubble. But when the economy tanked and Americans struggled to recover, college costs continued to soar, resulting in even more students taking on loans to pay for their education.
A new analysis of student loan trends from credit bureau Experian [PDF] found that student loan debt increased by 84% from 2008 to 2014, surpassing the debt related to home equity loans and lines of credit, credit cards and automobiles.
That increase resulted in nearly 40 million consumers with at least one student loan open. However, the report found that a majority of consumers actually average 3.7 open student loans creating the an average balance of $29,000.
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No shortage of dumbasses.
ReplyDeleteI am proud to say that I am NOT one of the 40 million! I was smart and WORKED to pay for my education! I would only take the classes I COULD AFFORD at the time! I did not want to be in DEBT to the GOVERNMENT for the rest of my LIFE!!!!
ReplyDeleteOMG,can you imagine the tsunami that will hit when student loans are deemed fair game for bankruptcies? We will be deluged with 24/7 lawyer commercials,just like they do now with disability and medical malpractice issues.
ReplyDelete