After Paul Aker's interview on his arrest for outstanding student loan debt went viral, the issue of governments taking excessive action on student debt repayments has become a broader issue. Britain is joining the U.S. on taking extreme measures.
A new study finds that America's college debt burden is hurting the housing market...to a tune of $83 BILLION annually. Finally putting a price tag on the student debt bubble should shock politicians into reforming higher education funding.
In the United States, two-thirds of students take out student loans and are graduating with an average of over $26,000 in debt. Students in Ohio, however, graduate with close to $28,000, which is the seventh highest state average.
As U.S. student loan debt surpasses the $1 trillion mark, it represents a financial time-bomb that will far exceed the misery of the sub-prime housing crisis, destined to become the new sub-prime crisis.
New York -
Occupy Wall Street protesters launched the "Occupy Student Debt Campaign" in Zuccotti Park on Monday. They hope to have one million people pledge to stop paying their student loan obligations collectively.
Student loan defaults in the U.S. are increasing with rates particularly high for those who attended for-profit colleges. As these colleges receive a disproportionate amount of federal student aid the government needs to take some responsibility.