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Student debt towers over card debt

[Thursday, May 5th, 2011]

The rising competition in the field of education and the ever increasing costs in this sector have led to a steep increase in student loans. Student loans are now so huge that for the first time in the history of the country, they have surpassed the total credit card debt in the country. With an increasing number of students opting for college, the debt is sure to continue rising in the near future.

An article published in the New York Times reveals that studies conducted in 2008 showed that over 66% of undergraduate students completed their education with some amount of debt. This percentage in 1993, stood at just 50 percent. The average debt stood at $24,000 last year and with an increase in the number of defaults, this amount is likely to increase.

The Director of Financial Aid, Archie Cureton said that most children graduate with at least $20,000 which increases each year. With the loan limits being increased by lenders, students are opting for higher amounts each year. Student debts can be lowered if parents play a proactive role. However, in recent times, loans are taken by students with their parents acting as co-signers. In such cases, the payment towards the loan is deferred until the student completes his education. But with most students graduating on time but not finding the right jobs, the defaults on these roles are on the rise.

In contrast, credit card holders have become more responsible. A large number of customers are paying off their dues on time and making efforts to rework on their credit history. This has led to a decrease in the number of defaults and write-offs, thereby helping the industry notice an upheaval.

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