By: Kyle MacLelland
The NYFRB's recent 'Report On Household Debt & Credit Developments' tells USA Today that:
"Although student loans make up only 10% of all consumer debt, the amount of seriously past due student loan payments total nearly one-third of all seriously past-due debt payments. What's more, of the total $1.19 trillion in outstanding education-related loans, only about half that amount is actually in repayment at this time (the balance is deferred because the borrowers are still in school)."
These stats are certainly alarming — and they've got the 2016 presidential candidates talking. For instance, Hillary Clinton has unrolled her "New College Compact" at the forefront of her bid for the White House. Clinton's plan says that no student should have to borrow to pay for an education at a public college or university. "The New College Compact" is expected to cost roughly $350 billion.
"Larry King Now' covered this very important topic in the special report 'Evaluating Higher Education In America.' Larry was joined by NYU President John Sexton, former White House Senior Policy Advisor for Education Zakiya Smith, NPR's lead education blogger Anya Kamenetz, and MSNBC financial editor Jean Chatzky. Topics like the value of a higher education, public vs. private universities, and — of course — student loan debt were covered. Check out the discussion and let us know what you think about the state of higher education in America below...
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