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Beware The 'Student Debt Bomb', says New Report
Published on Friday, March 9, 2012 by Common Dreams
Beware The 'Student Debt Bomb', says New Report
- Common Dreams staff
The amount of student borrowing crossed the $100 billion threshold for the first time in 2010 and total outstanding loans and exceeded $1 trillion for the first time lin 2011, according to new report.
The report titled, The Student Loan "Debt Bomb": America's Next Mortgage-Style Economic Crisis? (pdf), was published the National Association of Consumer Bankruptcy Attorneys (NACBA), and paints a frightening economic picture of the world created by skyrocketing tuitions and high interest rates in a job market that continues to offer few jobs to graduates.
"How big is the danger to the US economy?" the report asks. Most worrisome to those on the ground during the 'mortgage crisis' that sent the world economy into a tailspin in 2008, is that the atmosphere and metrics around the student debt crisis feels much the same. ..................(more)
The complete piece is at: http://www.commondreams.org/headline/2012/03/09
