As students continue to borrow money to finance college educations in a flagging economy, student debt is skyrocketing — set to reach $1 trillion this year, experts say.
Last year, student debt amounts surpassed credit card debts, said Rich Williams of the U.S. Public Interest Research Group, a political advocacy group.
Williams said 10 years ago about one-third of students had to take out loans to attend college, and the average individual debt was around $12,000. Today, two-thirds of students have to take out more loans and end up with an average of $25,000 in debt, he said.
“More students are going to college, and more are taking out loans,” Williams said.
The debt that students are under not only sets them back thousands of dollars, but keeps students from starting businesses, getting homes, and earning good credit scores, Williams said.
Read the full story at the Daily Collegian.
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