The Truth About Higher Education And Student Loans

ADVANCE FOR RELEASE WEDNESDAY, SEPT. 14, 2011, AT 12:01 A.M. EDT - FILE - In this Saturday, Aug. 6, 2011 file picture, students attend graduation ceremonies at the University of Alabama in Tuscaloosa, Ala. The number of borrowers defaulting on federal student loans has jumped sharply, the latest indication that rising college tuition costs, low graduation rates and poor job prospects are getting more and more students over their heads in debt. The national two-year cohort default rate rose to 8.8 percent in 2009, from 7 percent in fiscal 2008, according to figures released Monday, Sept. 12, 2011 by the Department of Education. (AP Photo/Butch Dill)

Over the past twenty years, student debt has risen rapidly and now totals $1.3 trillion, the second largest category of consumer debt. With the rise in student debt, and the deep recession, defaults and delinquencies had also increased sharply, though over the past couple of years, they have stabilized and started to fall modestly. That’s why for the last seven years, President Obama has worked hard to make college more affordable and student debt more manageable.

 

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