The US has faced a striking increase in student debt over the past decade. Total student debt now sits at roughly $1.3 trillion and over 40 million Americans have student loans to pay back.

While the White House believes the growth of student debt is actually a good thing, the Federal Reserve Bank of New York’s Liberty Street Economics blog disagrees. In the post, NY Fed economist Rajashri Chakrabarti outlined the possible impact of the growing mountain of student debt.

Chakrabarti noted that not only has the amount of outstanding debt increased, but the rate of default for read more >>>

Source:: BusinessInsider.Com