Student loan debt up 275% in last decade

This is not going to end well. Who benefits when students graduate so heavily in debt besides the banks? If the US economy is supposed to be carried by consumers, it's also going to suffer if consumers are bogged down with this kind of debt.

We should be hearing Congress barking about this debt problem but of course, they're so deeply owned by Big Finance that none of them have the courage to stand up for their voters. Campaign donors are much more important these days. CNNMoney:

Student loans have more than tripled over the past decade, according to new data from the Federal Reserve.

Student loan debt hit $904 billion in the first quarter of 2012, up from $241 billion a decade ago, according to the Federal Reserve Bank of New York quarterly household debt report. That's up 275% since the same period in 2003.

Students continued heaping on debt throughout the economic downturn, even as Americans cut back on other forms of credit, such as mortgages and credit cards.