More and more students in Minnesota are piling up the debt from college, and not able to pay it back. In Minnesota, one in seven students who go to two year colleges have problems keeping up with their student loans.
Student loan debt just seems to keep growing and growing. Nationwide, there are more student loans that credit card debt! And it's taking a toll on them.
One big problem, tuition keeps rising, and it's tough for students to find a job where they can afford to pay back loans. But this is bad for more than just the students, the government takes on the burden, and in effect, we all do. Another issues, many students have no idea how much they really owe.
Minnesota School of Business Student, Mataya Heisler, says, "I do know the amount, I don't know specifically how much I will be paying every month."
"It is scary, because I know I'm going to have a lot of debt when I get out of school, but hopefully it all works out," says Minnesota School of Business Student, Naomi Mckay.
Some good news; Minnesota School of Business has an 8% default rate. And on average, the state of Minnesota has a 9% rate compared to a national average of just over 13 percent. But, national debt, in the end, affects us all.
Two schools in Minnesota, Hibbing Community College and Mesabi Range Community and Technical College, have a rate of one in every four students default on their loans.
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