Indianapolis Star:
"Although the U.S. has experienced economic downturns before, never has one converged with such high levels of student debt.Total borrowing for school has more than doubled to $85 billion in the 2007-2008 school year from $41 billion 10 years earlier, adjusted for inflation, according to the College Board, the research and testing concern."
About 24 percent of that is private loan debt, which has higher interest rates and less flexible repayment conditions, and is not backed by any government guarantee.
Student loan debt, like credit cards, are unsecured. This is a slow-motion disaster waiting to happen.
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1 comment:
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