Outstanding student loans now exceed $1 trillion
Adding validation to Occupy Wall Street protests is the increasing burdens of student debt. A new report indicates that the total amount of outstanding student loans this year will exceed $1 trillion for the first time.
The $1 trillion of outstanding loans means that Americans now owe more on student loans than on their credit cards.
The average full-time undergraduate student borrowed $4,963 in 2010, up 63 percent from a decade earlier, even after adjusting for inflation, the report says.
The Occupy Wall Street protests have been driven by many frustrations, originating from across American society. But perhaps one of the most common complaints has been that of overwhelming student loan burdens.
“I have about $75k in student loans. I will default soon. My cosigner, my father, will be forced to take my loans. He will default as well. I’ve ruined my family because I tried to rise above my class,” writes one testimonial on the 99 percent website .
“I am a young medical professional who BARELY makes it paycheck-to-paycheck because I have over $200,000.00 in student loan debt,” says another testimonial on the website Tuesday. “I pay almost $1,000 a month just in student loan repayment. I will have to do so for the next 30 years. How will I ever afford to buy a house, have children or save for the future?”