America’s Student Debt is Increasing at the Rate of $2,853.88 per Second

Barry Lenson

America’s Student Debt is Increasing at the Rate of $2,853.88 per Second

America’s Student Debt is Increasing at the Rate of $2,853.88 per Second  America’s Student Debt is Increasing at the Rate of $2,853.88 per Second . . . Visit the Student Load Debt Clock Online

The National Debt Clock, currently installed on a wall on Sixth Avenue in Manhattan, is a billboard-sized dot matrix display. Constantly updated, it shows the current U.S. gross national debt. The next time you are in New York, you can stop by and watch as those numbers shoot up minute by minute.

There is now a similar debt clock that you can visit online, the Student Loan Debt Clock. Instead of showing our gross national debt, it delivers a constantly changing total of America’s gross student loan debt.  This debt clock was created by the people at FinAid.org.

Here’s a little perspective on America’s student debt from the same website:

“Student loan debt . . .  has been growing steadily because need-based grants have not been keeping pace with increases in college costs. Federal student loan debt outstanding reached approximately $665 billion and private student loan debt reached approximately $168 billion in June 2010, for a total student loan debt outstanding of $833 billion. Total student loan debt is increasing at a rate of about $2,853.88 per second.”

Watching debt clocks might be fun, but going into debt most certainly is not. For tips on reducing your indebtedness, check on the tips on FinAid.org and consider using online courses as a way to keep your college costs low.

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