Total debt from student loans is about $1 Trillion, about 14 times more than 15 years ago, and well above the estimated total credit card debt of $798 billion – Source

Student loan debt is a ticking time bomb waiting to explode.  According to USA today, it could have some repercussions similar to the mortgage crisis.  College tuition have steadily been increasing while household incomes have remained stagnant or decreased over the years.

The problem with most student loans is that it can’t be discharged in bankruptcy.  If you’re struggling to make the payments, there are special programs designed to put a temporary band-aid on the problem, but nothing will make it magically go away.

Below is an interesting infographic on the student loan crisis in America.  The best way to pay down your student loans is to always keep an eye out on your budget.  Spend wisely, be responsible, and slowly pay it off.  It won’t magically disappear overnight, but you can take steps today to make sure you’re paying it down as fast as possible.

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