Student debt getting larger

And those students should all send Rep. Mark Green a thank you note for the higher interest rates on their students loan that he voted for this year.

From the American Progress Action Report:

EDUCATION -- COLLEGE GRADS FACE BURDENSOME STUDENT DEBT: While the USA Today reports some good news that college graduates are entering the best hiring market in the past few years, the Christian Science Monitor notes that those same students will be burdened by massive student debt. "Student-loan debt encumbers almost two-thirds of the Class of 2006, according to federal statistics. With tuition costs continuing to rise far faster than inflation and interest rates on federal student loans about to increase, the debt load for future graduates is set to become so heavy that it's likely to turn more students away from low-paying occupations like teaching." As the Center for American Progress recently reported, the growing student debt is hurting American families. The debt of the typical American family earning about $45,000 a year rose 33.1 percent from 2001 to 2004, primarily due to the increasing costs of education, housing, and health care. But as "60 Minutes" documented recently, the debt crunch for students has provided great business for federal loan providers. Federal student loans are now a $62 billion industry, according to the College Board. "With rates rising and tuition outpacing inflation, there is no end in sight to the student debt escalator."