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.
http://www.democratandchronicle.com/article/20110821/GROUP01/308210005
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