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Student loan debt hits new record high

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But at least the parents got their tax cuts. Sure the costs for school have jumped because of the cuts but hey, think of the tax cut savings. Too bad for the kids that are saddled with debt coming out of school, but at least they can enjoy the debt knowing that their parents saved a few bucks.

U.S. student-loan debt reached the $1 trillion mark, as young borrowers struggle to keep up with soaring tuition costs, according to the initial findings of a government study.

The figure, which is higher than the country’s credit-card debt, was probably reached “several months ago,” Rohit Chopra of the Consumer Financial Protection Bureau, said in a posting yesterday, excerpted from a speech he made at the Consumer Bankers Association meeting in Austin, Texas.

“Young consumers are shouldering much of the punishment in the form of substantial student-loan bills for doing exactly what they were told would be the key to a better life,” Chopra, the bureau’s student-loan ombudsman, said in the posting.
Remind me again how the young generation has a shot at the American dream when they have this much debt in their early 20's?

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