Student debt at all-time high of $1.2 trillion

CNBC ^ | 09/24/2014

[SeekAndFind]

U.S. student debt has climbed to an all-time high, despite a decrease in consumer debt for all other major lending categories such as automotive debt, credit card and home equity loans. Behind mortgages, student loans are the second largest debt class.

Now at $1.2 trillion, student debt has increased 84 percent since the 2008 Great Recession, based on a study by information services firm Experian. The national average balance of loans stand at $29,400 and 40 million consumers now have at least one student loan, originally reported by NewsOK.

Mississippi, Oklahoma and Louisiana had the highest amount of late payments. Massachusettes, Vermont and Minnesota had the least amount of late payments.

[samadams2000]

Oh just write it off. Let those of us that have saved not enough, pay for others that have enjoyed the pleasure.

[CarmichaelPatriot]

Any bailout of this debt-by-choice will be met with hot lead for all involved.

[eyeamok]

peanuts, just a drop in the bucket compared to how much Perpetual Debt we have enslaved our children in, all to pay for our wants today.

[FlingWingFlyer]

Well it sure wasn’t conservatives who caused tuition rates to skyrocket. Conservatives aren’t allowed on “college” campi. America could definitely use a little “comprehensive tuition reform”.

[SeekAndFind]

Conservative colleges like Grove City College and Hillsdale College DO NOT HAVE this debt problem.

For one, they do not accept government funding of any kind.

[blackdog]

Semi-adult daycare.

[dfwgator]

I won’t hire anyone who has their debt forgiven.

[Chickensoup]

how would you know?

[RetiredTexasVet]

Make sure you tip well at Denny’s, IHOP, etc. ... they’ve got a lot of debt to pay off for the 6-7 years of college to get that BA.

[dfwgator]

I assume it would be on their credit report.

[Tijeras_Slim]

Probably boast about it on Facebook as well.

[Chickensoup]

I had no idea that new hires have their credit reports pulled. Only aware of it in banking.

[Iron Munro]

King Obama is disappointed that the economy hasn’t totally tanked yet.

But he is still doing his best to make it happen.

[TexasFreeper2009]

Student debt and college costs are both at all time highs..

hm... you would think liberals would eventually figure out why stuff like this happens, but nope! they never learn.

As long as the government keeps subsidizing the cost of college tuition through larger and larger loans and grants the cost of college will continue to climb.

Simple economics. The cost of ANY item or service will always equal only what people are willing to pay + any subsidy being offered.

So if the government is giving out million dollars student loans or grants per year, and the average american family is only willing and or able to afford $30,000 a year. The cost of college will be $1,030,000.

[Pollster1]

Pretending that individual debt for students is a national crisis irritates me. I paid for my own college and worked hard doing it. Others borrowed for college and worked hard paying the debts they voluntarily assumed. Those who borrow money and choose not to pay have no integrity - when they choose majors that do not lead to jobs or consciously choose not to pay their debts, they disgust me.

[walford]

After struggling on $9/hour for several years, I went back to school in my 40s and have been paying the minimum on my student loan debt because that’s all I can afford. It is currently 5% of my gross, making it so I can only put 5% in my 401K. The monthly payments are scheduled to keep increasing as my income continues to decrease. It supposedly will be paid off when it is taking 1/3 of my SSI when I am 78 years old.

Even though I have been making the payments, my debt has increased 20% above the original balance and continues to grow.

Someone close to me started out with $35K student loan debt 20 years ago. Now it’s $250K.

These loans are not meant to be paid off. It is the penalty of trying to get out of your class by getting an education.

Don’t worry about any bailout much less any debt forgiveness or reduction; the student loan banks are too powerful. Sallie Mae can garnish your unemployment, they can garnish your Social Security. They can take as much as 1/3 of your gross, which equals 1/2 of your net. There is no statute of limitations on student loan debt.

Yea, those of us carrying student loan debt are living the high life. I am guaranteed to be destitute in my old age. Consequently I’m saving up to fix my 17-year-old car and buy a small trailer to live in on the side of the road so I won’t have to sleep in my car as I did when I could not find work for a year after getting my BA with honors in Government & International Politics/Electronic Journalism.

Thanks in advance for attacking me for not being as smart as you.

[867V309]

Student debt and college costs are both at all time highs..

Brainwashing adolescents into accepting people like Pelosi and Reid and lies like global warming and political correctness isn't cheap.

[Sooth2222]

The easiest way to make anything ridiculously expensive is to tell congress to make it "affordable".

[beef]

I had about $7500 in debt when I graduated in 1979. Given inflation, I figure that would be about $24500 today. I did not have any problem paying that back. The current average debt of $29,400, while higher, does not seem excessive. I would wager they get a lot more services these days.