College continues to get irrationally expensive, with tuition at public schools soaring 8.3 percent this year, while private nonprofit schools have upped their costs an average of 4.5 percent. According to College Board findings, the average college grad is saddled with $20,000 in loans.
Bloomberg reports the public school tuition hikes are the largest in seven years, and will only contribute to mountains of debt. Total amount of student loans held has approached $1 trillion.
There is potential relief on the debt side with President Barack Obama’s Tuesday announcement that loan payments for 1.6 million students will be reduced via executive order.