The Growth of Student Loan Debt in the US
The outstanding student loan debt as studied over a period of time from 2003 to 2011 showed that there was an approximate increase in the debt by about $650 billion from $250 billion in 2003 to $900 billion in 2011. These figures when compared to the outstanding debt in credit cards, mortgages and auto loans shows that those of the student loan debt has outpaced the growth rates for the other three. This is as shown in the figure below.
Figure 1: Outstanding student loans in the US in…Read Text