Crushing student debt is not only killing dreams, it’s hurting the broader economy. Read more
The Consumer Financial Protection Bureau (CFPB) is warning of the “potential domino effects” to the economy of high student debt. A just-released report from the consumer watchdog highlights the ways this debt can deplete savings, limit spending, and shape choices about a graduate’s career path and where to live.
... The average amount of student loan debt for the Class of 2011 was $26,600, a 5 percent increase from approximately $25,350 in 2010, according to The Project on Student Debt.
Major areas of concern include the impact to housing, small business development opportunities, and retirement savings.