Student Loan Debt Hits Another New Record

The average college student who graduated in 2011 had $26,600 in student loans, according to a new report, which estimates two-thirds of last year’s college graduates had student loan debt, reports CNBC.

Student Loan Debt Hits Another New Record: Study - US  Business News - CNBC

The average debt is the largest since the Institute for College Access and Success began compiling the figures in 2005, and it comes amid soaring college costs, record loan defaults and a persistently difficult job market for college graduates.

The study also found a stunning 37.8 percent of recent graduates are working in jobs that do not require a college degree. The study says that means wages are depressed, making the situation for graduates even more difficult.

 The report cites recent U.S. Department of Education Data which show the federal student loan default rate at its highest level in 14 years. The New York Federal Reserve recently reported more than five million student loan borrowers have at least one loan past due.

Overall, student debt in the United States recently topped $1 trillion.

Of course, this is all a government created situation, since it is only government backing of these loans that result in the loans being made in the first place---which creates more bidding for college "education" and thus higher prices and even more loans required. It's all a big bubble. Students are mini-Greek nations, most have no chance of paying the money back (unless Bernanke inflates the money supply) and will be allowed mini-defaults, with the majority of the money still owed and required to be paid back.