Paying for College

How Bad Is The Student Debt Situation?

I've been reading some amazing statistics regarding the amount of debt college students and their parents have accumulated. The real problem appears to be that families can't keep up with the pace of rising college costs, a situation exacerbated by America's floundering economy. How bad is the college cost situation? Take a look at this chart from InflationData.com:

You don't have to be an economist to see the disparity here. The arguments regarding what is causing this upward spiral is a subject for another day, however. The point today is that student loan debt has now surpassed the total of both credit card debt and auto loan debt. That alone should boggle your mind. My personal opinion is that if something isn't done to stop the spiral (no, I'm not suggesting a government bailout!), mortgage debt might also be overtaken. Stop the madness!

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