Excerpt
JUDY WOODRUFF (Newshour): Now: the first of two reports on the ever-growing student loan debt problem.
NewsHour economics correspondent Paul Solman tallies up the larger toll it's taking and what it means for new graduates.
It's part of his ongoing reporting Making Sense of financial news.
PAUL SOLMAN: America's age-old academic rite of spring: commencement. Degree in hand, graduates are about to begin real life and the world of work.
What's different these days is the cost of that degree, and the extent to which it's been financed with debt. Americans owe $700 billion in car loans, more than $800 billion on our credit cards. But student debt now tops $1 trillion, and it's not just weighing down the 37 million former students who owe it, but the whole economy.
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