The growth in education debt is like cooking a lobster. The increase in total student debt occurs slowly but steadily; by the time you notice that the water is boiling, you’re already cooked.
—Mark Kantrowitz, publisher of FinAid.org
Americans owe more on their student loans than they do on credit card debt. Mind boggling, isn’t it?
Students have been borrowing an increasing amount of money to finance their education. Student debt, which has exceeded credit card debt, is nearing the trillion-dollar mark.
About two-thirds of students borrow for college, and graduates are leaving school with more than $25,000 in debt. This figure, by the way, doesn’t include the money that parents borrow to help their children.
Is $25,000 ...