A new report issued by Barclays has revealed just how massive the problem of student debt has become. The report reveals a number of shocking statistics, especially concerning the default rate among students who do not graduate (17%) and among older Americans - nearly 17% of past-due student debt is held by Americans 50 years of age or older. Barely half of borrowers were making payments on their loans as of the third quarter in 2011.
What’s more, the growth of outstanding federal student loans ($583 billion) in the past decade has now surpassed the size of the government's TARP bailout package ($431 billion). Student debt isn’t just robbing an entire generation of Americans of their futures - it's taking money out of the government’s pocket as well.
Image: Bloomberg Businessweek