A ticking time bomb of American debt. Over $849 billion are owed by college students in the US with $3 thousand more added on every second.
The most traditional financial baggage for Americans was credit card debt. For the first time, debt belonging to college students has over taken that number one spot. "Students graduating in 2008, 2009 and 2010 are facing the worst job markets in a generation at least.
And so you have people with more debt that we have ever seen before, who are having a harder time finding any job, let alone a job that pays them enough to somehow pay off all this debt."
This student loan situation was worsened when Republicans changed the law so private banks could refinance students loans, a practice that was stopped when Democrats took back the house in 2007.
See the Student Loan Clock at http://www.finaid.org/loans/studentloandebtclock.phtml
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