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Student Loan Debt in U.S. Hits $1 Trillion
Posted by Jeff Hindenach
The amount of total student loan debt that U.S. citizens have accumulated is now over $1 trillion. Student loans are becoming an increasingly touchy subject because of the rising cost of higher education. According to the Project on Student Debt, the price of tuition at U.S. colleges has increased over 900 percent over the past 34 years. Of the 1.4 million students who graduate college every year, two-thirds leave with an average debt of $27,000.
The government is trying to find solutions to the ever-rising debt situations, but progress has been slow since money is such a hot-button issue in Washington these days. The Senate today blocked a bill that would have frozen the student loan interest rates because the bill would have raised payroll taxes on Medicare and Social Security. The bill, which would have frozen the interest rates before they doubled in July, was defeated 52 to 45.
If you are thinking of going to school but are afraid of the cost, check out our Financial Aid section to see what options you have to pay for college. Also check out our reviews of the top online colleges to see if there is a school that fits your needs and is in your price range.
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