Higher education is vital to improving the talent level of American workers. However, since enrollment grows every year and tuition prices are on the rise, student loans are increasingly playing a significant role in financing higher education and have continued to rise nationwide.
According to figures released early this year by the Federal Reserve Bank of New York, at the end of 2013, American students’ debt had inflated to a total of $1.08 trillion, an increase of over 300% since 2003.
This burden hurts everyone and impacts the entire economy, where the debt collection industry plays an important role. Still, a recent survey showed that most Americans do not have a high comprehension on the ramifications of student debt.
With this in mind, we have created this handy infographic with 6 important facts and statistics about student loan debt and collections:
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