You’ve probably seen the national debt clock before, but now we have the Student Loan Debt Clock.
And according to FinAid.org, student loan debt is increasing by approximately $2853 per second.
The sobering thing about these numbers is that student loans aren’t like other kinds of debt. I realized that once I saw this infographic from the folks at CollegeScholarships.org.
Take a moment to check it out:
And debt like this has big implications — not only for students who may not fully understand what they’re taking on — but for our economy as well.
Will the housing market be able to recover when this generation of students has borrowed so heavily to finance rising tuitions?
And how will this debt burden affect their ability to help put their own kids through college? To retire?