Student Loan Debt Reaches New High

Posted on October 1, 2011

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MARGO ANDREWS

As the 2012 election approaches, another financial bubble could burst, resulting in some dire consequences for 18-24 year olds.

In 2008, the subprime mortgage market collapsed, sending the U.S. economy into a free-fall and recession. The same year, Barack Obama was elected president, with a significant increase in voter turnout for 18-24 year old citizens.

For the first time in history, the total amount of American student loan debt surpassed that of credit card debt. The total debt is expected to pass one trillion dollars by the end of the year.

According to the institute for college access and success, the loan debt coupled with the lack of jobs for young adults make buying a house and starting a family out of the question for many right now.

(Featured Image Courtesy of Shares Explained.)

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Posted in: National