Educational Technology

August 25, 2011

Student loans now outpace credit card obligations

Filed under: Educational Technology — admin @ 12:35 am

by James Goodman and Sean Lahman, Democrat & Chronicle

Nationwide, student borrowing is estimated to have mushroomed to $931 billion — for the first time eclipsing the estimated $798 billion in credit card debt.   We are going to hit the $1 trillion mark this year,” said Mark Kantrowitz, who publishes two websites focusing on financial assistance for college students.  Total student debt 15 years ago was about $72 billion, according to Kantrowitz’s estimates. More than half of first-year students now turn to federal loans to finance college and the average student debt, according to Kantrowitz, has grown to $27,200 for those earning a bachelor’s degree. Add in parent loans and the total debt is $34,400.

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