We collectively owe around $828 billion in revolving credit debt (that includes credit card debt), according to the latest numbers from the Federal Reserve.
Now, a column in the Detroit Free Press is reporting that for the first time ever, student loan debt has outstripped revolving credit debt, coming in at $850 billion.
In the column Alan Collinge from StudentLoanJustice.org says,
Students are far worse off today with student loan debt.
It's no wonder. Just take a quick look at tuition and room and board rates at three state colleges in Michigan:
- $11,837 for in-state tuition (out-of-state tuition... you don't want to know... o.k., it's $36,001)
- $9,192 for room and board
- $11,722 for in-state tuition (out-of-state tuition... you really want to know? o.k., it's $29,622)
- $7,820
- $9,184 for in-state tuition (out-of-state tuition... ready? $19,753)
- $8,253 for room and board
Michigan Radio's Jennifer Guerra is working on this story today. Listen and watch for her report.
