26 Jun '13, 1am

From Stars & Stripes: Student Debt Cliff Also Steep, Devastating #StudentDebtCrisis

Cable news channels regularly stoke their viewers’ fears about China holding $1.1 trillion of U.S. debt. But they’re focused on the wrong $1.1 trillion of loans. The borrowers of this other $1.1 trillion debt are far more likely to default on their obligations: students, particularly those who went to for-profit colleges. The global consequences could be — and likely will be — staggering. More than 38 million Americans have student loans outstanding. To put this in perspective, 38 million is the combined population of New York and Florida, and this collective debt is on par with the entire GDP of Mexico. After a for-profit culinary college in California settled a lawsuit brought by former students, I was hired by a fund created through the settlement to provide assistance to those who took out loans to attend the school. The job has put me on the front lines of the student...

Full article: http://www.stripes.com/student-debt-cliff-also-steep-deva...

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