Aug
31
2011

Are college loans the new mortgages?

CNN - Whether you're saving for your kids' tuition, cosigning a loan or paying off your own student debt, you know that the cost of college is skyrocketing.
For a lot of young people, that means graduating from school with mountains of debt.

A growing number of Americans are starting their careers deeply in debt a result of all the money they had to borrow to pay for their education. For many, education loans have become a de-facto mortgage that could take decades to pay off.

The working world often requires ambitious, responsible Americans to assume mountains of debt to gain the education their careers demand. That debt load for students at graduation is $27,000 on average. Adding education loans their parents take on, the figure jumps to $34,000. Pile all those loans together and student loan debt now exceeds credit card debt.

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