An Amazing Debt Factoid

Bloomberg TV reported today that total student loan debt in the United States is right at $1T. This is about $200B more than the total credit card debt.

This was a surprising number to me. Raegan and I graduated with no school-related debt, but quickly ran up credit card debt, so I sort of thought that was the model. Turns out to not be the situation.

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3 Responses to “An Amazing Debt Factoid”

  1. Tom Says:

    Amazing, isn’t it? When I was an undergrad, student loans were very difficult to get. These days, most of my students are living off of student loans, from hitch they take the maximum amount every semester. Some even go to grad school when they can’t find a job just to continue to pay the rent….

    Government guaranteed loans are the culprit: pretty much ll you have to do is ask for them (sort of like the government guaranteed housing loans until those blew up). Tuition and fees keep being raised and state funds cut with the frequent observations that “students have no trouble finding loans, so we might as well.”

    Something smells funny on campus these days….

  2. Patrick Wunderlich Says:

    This is an interesting and sad article. With the cost of tuition and the high unemployment rate, I think that it makes sense to go to school at a local university or start at a community college. Furthermore, with most college graduates returning to home after graduating, why not just stay there during your college years and avoid that debt?

  3. Bill Hensley Says:

    Tom and Patrick, good points. With a high school junior approaching college, I am determined that he will go to a state school near home. I firmly believe that a degree from Oklahoma State is just as good for getting a job as a degree from Harvard in most cases, and is a lot less expensive. We are also going to pay for the costs out of hide instead of using loans, if at all possible.

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