A Daily news digest by Jasper van Santen

2 out of 3 College Students Graduate in Debt – The Atlantic

In News, Politics on March 23, 2012 at 09:50

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The Real Meaning of $1 Trillion in Student Loans 

We’ve reached a point where two-thirds of college seniors now graduate in debt, where a total of 37 million Americans now owe money on their education. Sixty-seven percent are between the ages of 18 and 39, but recent research suggests the fastest growing group of borrowers may be in middle age — people who have been laid off from jobs or are afraid their professional skills aren’t fresh enough to keep up with a changing economy. Among all borrowers, the median balance is $12,800. Thanks to a select group of students who are deeply in debt, the average is skewed higher, at $28,000. For young graduates — or dropouts, for that matter — the debt will drag on their finances well into adulthood. For the adults, it’s an investment they may not have a time to recoup.

Many are already being overwhelmed by what they owe. The NY Federal Reserve believes that more than a quarter of all borrowers with due loans are now delinquent on some of their payments.

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