America’s Student Loan To Reach $1.4 Trillion by 2020
by EconMatters
By EconMatters
Student loan debt is surging, partly boosted by many who became unemployed during the Great Recession going back to school hoping for a better job prospect. An analysis by the Federal Reserve Bank of New York (FRBNY) showed that student loan debt stands at $870 billion nationally, surpassing the nation’s outstanding balance on auto loans ($730 billion) and credit cards ($693 billion) as of third quarter, 2011.