As College Students Begin Classes, Debt Likely to Pile Up

iStock/Thinkstock(NEW YORK) — Over 20 million college students will begin classes nationwide this fall, with more than a few of those students taking out federal and private loans to finance their education.

Total U.S. student debt stands upwards of $1 trillion in 2014, outpacing even national consumer credit card debt, having risen 14 percent in the last year.

Meanwhile, universities are not helping students in lowering their educational borrowing costs, as average tuition has risen 27 percent at public universities and 14 percent at private universities in the past five years, according to The College Board Annual Survey of Colleges.

Debt.org estimates that $3,000 of student loan debt accrues every second, while the average borrower in 2013 owes $32,500.

While the old maxim may still hold true — school comes first — many students are finding they must work throughout the school year in order to bear the costs of their education. A 2013 survey conducted by Citigroup and Seventeen magazine found that nearly 80 percent of college students worked while attending school, with the average student working roughly 19 hours per week.

With the pressures of schoolwork and consistent employment to contend with, often before their 21st birthday, a mounting debt burden adds another piece to a seemingly unsolvable puzzle for a generation looking for a learning experience.

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