Anybody surprised at this?
A LOT of us have student loans….
and THAT much debt is NEVER gonna be paid off….
The growth in student debt is due to a combination of more students attending college, more parents taking out loans for their children’s education and a lack of options to discharge the debt, the fed reports. In 2005, congressional Republicans pushed through a new law that made private student loans nearly impossible to discharge in bankruptcy. While student debt tops all other forms of consumer debt, it’s the only kind that cannot be absolved in bankruptcy.
The fed’s report comes less than 24 hours before the federal sequester is scheduled to take effect, the automatic budget cuts that will cut off federal financial aid for as many as 280,000 students nationwide.Share on Facebook