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Roi On A Us Degree - $1.3Tr In Outstanding Debt

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This is probably the biggest week of the year for American students: the start of “March Madness”, the annual student basketball tournament; a week of partying to celebrate “Spring break”; and millions of high school seniors nervously opening letters confirming acceptance or rejection from universities.

All of which ignores the elephant in the room: the out-of-control cost of American higher education and ballooning student loan debt.

That debt is now worth $1.3trn (£880bn). That’s almost $500bn more than credit card debt in the US and $750bn more than Americans owe for car loans. It’s a staggering amount, more than $4,000 for every man, woman and child in the country.

Years of rising tuition costs, almost always outstripping inflation, and cuts in state funding for education – added to the notion that almost any amount of debt is worth getting into in exchange for a degree – have led some people to believe that the end is nigh. But is it?

The economist Robert Reich of the University of California, Berkeley, a former Secretary of Labor under Bill Clinton, is concerned. “Student debt is indeed a ticking time bomb,” he told The Independent. “Most of the $1.3trn will be repaid but it is a drag on the economy and a huge burden on young people … the cost of a college degree has risen much faster than the economic return on such an investment.”

A staggering number, all extracted from the young to ensure they remain good little debt slaves.

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We're moving to France to ensure the kids don't start life in debt. Hoping to get them into a Scottish Uni which would make it uber cheaper than an English Degree.

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