The Federal Reserve reports Americans owe about $826 billion in credit card debt- however that’s second to student loans- according to some student aid websites
ALBANY, GA -- The Federal Reserve reports Americans owe about $826 billion in credit card debt, however that’s second to student loans, according to some student aid websites.
FinAid.org and FastWeb.com Publisher Mark Kantrowitz says Americans owe about $829 billion in student loan debt, that’s $3 billion more than credit card debt. Albany State University advisors say they don’t doubt the claim because a large number of students take out loans.
ASU Senior Brittany Burton has student loans but says the education is worth the debt. “If you don't have your degree, even your masters, you’re going to working at minimum wage and the standard of living now is much higher so I think student loans are very necessary if you can't go to college because then you won’t have any option left,” says Burton
Advisors encourage students to start saving for college as early as possible, so they have less debt in the end.
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