The balance of all student loans outstanding in the U.S. increased to $1.3 trillion in the second quarter of 2014, compared to only $363 billion a decade ago.
About $100 billion of federal student loans are currently in default, and the situation has begun to create a drag on U.S. economic growth.
In April, Census reported that the U.S. homeownership rate fell to 65.4%, the lowest level since 1995. Many young people can't afford to buy homes because they are so crushed repaying student debts.
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