Student loans outstanding will exceed $1 trillion this year
As more and more people turn to student loans to finance their education, the amount of student loans outstanding will exceed $1 trillion for the first time this year, USA Today reported.
The Federal Reserve Bank of New York reports that Americans now owe more on student loans than credit cards.
Full-time undergraduate students borrowed an average $4,963 in 2010, up 63 percent from a decade earlier after adjusting for inflation, according to the College Board.
Many worry about the implications of this on young people, who will start their post-graduate lives further in debt.