U.S. Students/Grads Carrying Over $1 Trillion In Debt 538
An anonymous reader writes "Time reports that American students and grads were carrying $1.08 trillion in student loan debt at the end of 2013. This compares to just $253 billion a decade earlier. Aggregate debt grew 10% in the past year alone. 'By comparison, overall debt grew just 43% in the last decade and 1.6% over the past year.' About 70% of students graduate with some amount of debt, and the average amount owed is $29,400. 'Delinquencies on student loans have risen dramatically over the past decade: 11.5 percent of graduates were at least 90 days late on paying back their loans at the end of 2013, compared with 6.2 percent delinquencies on student loans in 2003. Moreover, the Fed's figures on delinquencies hide more stark data: nearly half of all students with debt aren't currently in repayment thanks to deferments and forbearances and the fact that students are not expected to pay while they're in school.' An attached graph shows an alarming spike in delinquent loans that looks a bit like mortgage delinquencies did at the beginning of the sub-prime crisis."
Re: Tell me again... (Score:4, Funny)
...In a country of 300 million people.
Maybe everyone should do the responsible thing and simply not go to college if they can't afford it without debt. Surely the genius of free market will figure out how to run a modern economy with population not educated beyond high school level. The rest of the world can watch and learn from the inevitable success, thus refuting the socialist notion of state-subsidized higher education once and for all.