Tags: student | loans | trillion | debt

Student Loans: Trillion Dollars in Debt Saddles Americans

Image: Student Loans: Trillion Dollars in Debt Saddles Americans

Friday, 28 Mar 2014 11:46 AM

By Clyde Hughes

  Comment  |
   Contact  |
|  A   A  
  Copy Shortlink
Americans' combined student loan debt now tops 1 trillion dollars, with a staggering 37 million people facing debt from college. 

"If you graduate with a B.A. or doctorate and you get the same job at the same place, you make the same amount of money," William Elliott III, director of the Assets and Education Initiative at the University of Kansas, told The Associated Press. "But that money will actually mean less to you in the sense of accumulating assets in the long term."

Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll

Most student loans can be repaid in 10 years, but many take much longer.

Students without loans can begin purchasing homes and making other investments earlier in life. Allen Aston, who graduated from Ohio State University without debt because of academic and financial-need scholarships, has been able to contribute 6 percent of his salary as a software engineer to his retirement fund.

"I'm making the same money as them, but they have student loans they're paying back that I don't. So, it definitely seems noticeable," Aston told The Associated Press.

Nida Degesys, who graduated from Northeast Ohio Medical University in May 2013 with about $180,000 in loans, told the AP that interest has ballooned the total to about $220,000.

"There were times where this would make me stay up at night," Degesys said. "The principal alone is a problem, but the interest is staggering."

The Wall Street Journal reported Thursday that U.S. Sen. Tom Harkin, chairman of the Senate Committee on Health, Education, Labor and Pensions, expressed concern that a 2006 law to remove borrowing limits for graduate students has worsened student debt. 

"Why would (the government) grant loans with no limits? I don't get that," Mr. Harkin said. "I'm going to look at how this came about in 2005, whose idea was this, how did this develop."

Editor's Note: Do You Support Obamacare? Vote in Urgent National Poll

Related Stories:

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Passengers Push Plane on Icy Russian Runway (With Help of a Tractor)

Wednesday, 26 Nov 2014 20:45 PM

Passengers on a Russian plane got off to push the aircraft to help get it on the runway after it began slipping on ice i . . .

Bernie Tiede, Convicted Murderer Mortician, to Get New Sentencing

Wednesday, 26 Nov 2014 17:39 PM

Bernie Tiede, the mortician who was convicted of killing his companion Marjorie Nugent in 1996, will receive a new sente . . .

Chrysler Pentastar Logo Getting Phased Out With FCA Formation

Wednesday, 26 Nov 2014 15:51 PM

Chrysler's iconic Pentastar logo is being phased out as the company introduces a new logo in keeping with the newly form . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved