Even before the economic recession began, credit card debt was a major problem for a high percentage of young Americans–and most likely will continue to be even once the economy recovers. Frivolous or incautious spending can cause bills to quickly pile up. However in 2010, the amount of credit card debt held by young people was eclipsed by something that few would consider so frivolous: debt due to student loans.
Tuition costs have been rising at unprecedented rates even as government financial aid continues to dwindle. Just a few weeks ago Congress was unable to stop an automatic interest rate hike for it’s Federal Stafford Loans, with interest rates no doubled from 3.4 to 6.8 percent on all undergraduate loans. What does this mean for future generations?
Working alongside credit card debt experts ConsolidatedCredit.org, we present a history of college tuition and student loans in the United States, from the golden years of the GI Bill to the ramification’s of today’s average college student debt. For current or recent graduates, be warned, some of these numbers may hurt.
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