Student debt becomes a bigger threat to US financial stability
Student debt has surpassed auto loans and credit cards, and now only trails mortgages
US student debt has doubled over the last decade to become the second-largest source of private debt in the country, behind mortgages, says a study published by the Federal Reserve Bank of Minneapolis on April 4.
Student loans offer individuals who lack the means to finance college tuition fees the possibility to access higher education. The government also offers grants through the Student Loan Program and Pell Grants to bridge the gap, hoping to foster opportunity and later reap the benefits
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