“more than double what it was during the great recession nearly a decade ago”
A day of reckoning is coming on this, and it will not be pretty.
The Daily Caller reports:
REPORT: US Student Loan Debt Hits All-Time High Of Nearly $1.5 Trillion
Student loan debt in the United States has hit a new all-time high, a new analysis says.
According to a report from Bloomberg, outstanding student debt has now reached $1.465 trillion, more than double what it was during the great recession nearly a decade ago. The outstanding debt was $675 billion in June 2009 during the Obama presidency.
According to Bloomberg’s analysis, students who took out loans in 2012 ran into the most trouble; loans taken out that year have spiked to the second-highest default rate on record and the highest of any rate since the recession.
According to Bloomberg, borrowers between the ages of 25–34 owed $489 billion in loan debt as of the third quarter, while borrowers between the ages of 35–49 owed $530 billion.
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