$848,193,864,069 at 2:52. $848,194,027,574 at 2:53. It’s frightening how fast the figures change on the student debt clock.

Total student loan debt outstanding exceeded total credit card debt outstanding for the first time in June 2010. The seasonally adjusted figure for revolving credit in the Federal Reserve’s G.19 report (current report, historical data) was $826.5 billion in June 2010. (Credit card debt represents as much as 98% of revolving credit.)

It’s a big problem and a growing one. Graduates are not making enough when they leave college to make the payments on their student loans, yet it is nearly impossible to discharge such loans, even through bankruptcy. College students are clearly borrowing to much and you may be tempted to say let them suffer the consequences.
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Before you do, remember two things. The first is that unlike credit card debt or even a mortgage, student loans are taken out before one has even entered the job market. They are based on the costs of college and living expenses and it is simply assumed that graduates will find jobs that will bring them an income sufficient to repay the loan. They are also taken out when one is quite young, as young at 18.
Remember, also, that the money a former student works hard to earn and then puts back into repaying a loan, perhaps even after declaring bankruptcy, is money that does not go into the economy. It does not go toward a new suit to wear to job interviews, much needed car repairs, a day at an amusement park with the kids or even further education in something more in demand than the degree originally chosen. In other words, restoring bankruptcy protection to student loans would be a kind of economic stimulus.
That’s just a few quick thoughts. Perhaps I’ll have more to say in a future post. In the meantime, here’s a petition you may wish to have a look at.