As widely reported by the financial media, the aggregate amount of student loan debt has recently surpassed $1 trillion and continues to grow rapidly. Fitch Ratings has determined that nearly 1/3 of outstanding federal student loans are currently in arrears, up from 7% in 2008. According to Fitch: "Several macroeconomic factors are putting pressure on student loan borrowers. The main ones are unemployment and underemployment."Forbes magazine recently postulated that the reintroduction of pre-paid college tuition programs could be a possible solution to the upcoming student debt crisis. But one must ask themselves two questions: 1) Who in this ongoing depression, save the wealthy, can afford to partition more of their dwindling, debased income? 2) What can be done about the $1 trillion debt that's already outstanding?
I'm right there...been working a temp job for the last two years. Can't pay US and eat at the same time. The kicker is you can't declare bankruptcy over student loans. Expecting black cars to start pulling into my driveway any day now.
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