Student Loans: Another Federal Debacle
By Jay Bowen
The Freeman
January 30, 2013
Even if you aren’t considering going back to school, you’re about to pick up the tab for a college education. The same cast of characters that brought you the housing crisis, a post office hemorrhaging billions, and a school system that gets more expensive as it gets worse has now brought us a student loan crisis.
A recent report from the Federal Reserve Bank of New York says the value of student loans outstanding is now close to $1 trillion, making it the largest and fastest-growing share of non-mortgage consumer borrowing. Unlike other forms of consumer debt, which have fallen, total student loans have grown by 75 percent since 2007.
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