College graduates in the United States are taking on an increasing amount of debt according to an article in Business Weekly the debt is reaching new highs and may be the cause of the next economic crash. The Consumer Financial Protection Bureau says that the debt has passed 1 trillion dollars, while the Federal Reserve Bank of New York states: “It grew by $300 billion from the third quarter of 2008 even as other forms of debt shrank by $1.6 trillion.” In some cases, this debt totals ridiculous amounts of over 300 000 dollars. These loans are causing students to mortgage their futures and find quick and easy work immediately after graduation because of the need for income. While researching my post-secondary choices, I realized that the cost of learning in the USA was too high for my family. I save 50 thousand dollars a year by living at home and commuting to school. While it is necessary to have some debt that schools can invest in, the soaring cost of education will force potential students to find alternatives to university.

some statistics about university tuition and debt

 

Article:

http://www.businessweek.com/articles/2012-09-06/student-loans-debt-for-life