Economy

America’s Defaulted Student Loans Total More Than Yearly Tuition Bill At Public Colleges

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According to the Consumer Financial Protection Bureau, outstanding student debt in the U.S. exceeds $1 trillion, more than both auto loans and credit card debt. And according to one survey of state education officials, “the amount of defaulted loans — $76 billion — is greater than the yearly tuition bill for all students at public two- and four-year colleges and universities.” Since the third quarter of 2008, student debt has grown by $300 billion, even as other forms of debt shrank significantly.