The amount of student debt has increased to record levels during President Obama’s administration despite longstanding promises to tackle the problem, according to a report by the College Board Advocacy and Policy Center.
According to the report, “borrowing grew more rapidly from 2005-06 to 2010-11 than it had during the preceding five years.” Both borrowers and graduates picked up debt beyond the rate of inflation.
The report found that “debt per borrower grew at an average annual rate of 2.1 percent beyond inflation and average debt per graduate grew at an average annual rate of 2.7 percent.” Compare those numbers to 1.4 percent and 2.5 percent, in the time between 2000-01 and 2005-06.
Tuition costs for all types of higher education have hit record highs. The average tuition for a 4-year public university has risen from $6,865 when Obama took office to $8,655 for the 2012-13 school year.
Senator John Thune (R., S.D.), chairman of the Senate Republican Conference, blamed President Obama’s policies for the “bleak economic outlook” that young Americans face.
Read More at freebeacon.com . By Tyler O’Neil.
Photo Credit: Kath Walker Illustrations (Creative Commons)
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