Who’s to blame for this? It’s a combination of several factors.
This is a complex problem facing college students, grads, dropouts and anyone who consigned for a student on a loan. But it also is a growing issue for the American people, in general, because several experts are citing it’s the next “bubble” for the U.S. And since we are wallowing in the aftermath of the last burst bubble–subprime mortgage loans–we can’t afford to have this latest bubble burst.
FinAid, a great site for college financial aid information, recently set up a clock for your viewing pleasure. Simply log on to StudentLoanDebtClock to see the current loan debt tick by, it includes federal and private student loans.