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In frustration, Americans look at the higher education cost today as an impossible issue that can never be solved during their lifetime. For the first time in our country, student loan debts have surpassed credit card loans and stands at $1 trillion.

Students are unable to carry the burden of debt as they struggle to find jobs even if they graduate. This is a burden that is not at all healthy and a burden that threatens our economic recovery says economists.

This situation is impacting many sections of people, not only the young Americans. Studies show that at least $30 billion student loans are owed by people above sixty years of age. Debt collectors are frustrated enough to confiscate their social security cheques. 

As compared to 30 years ago, college education costs are six times higher and it continues to increase at a rapid pace. A student who has to repay a staggering amount of tens of thousands of dollars says that they were always warned against not going to college. Not going to college was paramount to losing the American dream and not making any money.

University courses cost a fortune and students are forced to take out student loans to pay for college. Student loans are bankruptcy protected. This in turn has made the collection mechanism easy for lenders to make money on default than on loans that are being paid on time. Predatory lending is on the rise and sadly even our government is making money through student loan defaults.

One student had a debt of $70000 upon graduation. After five years, she has to pay off the $106,000 she owes after having repaid $14, 000. This is the desperate situation faced by many of our students.

Analysts and experts feel that this is an alarming situation where lifestyles of students will be greatly crimped by all this debt. In the workplace, they will be unable to afford cars, homes or even holidays. This will greatly damage our already suffering economy. Student loan bubble seems to be all set to burst.

It is time for us to come together and find out what the fast rising cost of education will mean for the already suffering US economy. If we have to stand firm and make strides in the right direction in this tough, competitive world, it is time to take drastic and bold steps.

Our economy is at a point where a lot of issues are going to crop up due to student loan debt. We will be unable to grow sufficiently in a sustained manner. The very people who will have to drive the growth are not getting the education they deserve.

These are the people who will be forming new households, buying new cars, buy products and start their families. When all they can do is to struggle and pay off their student debts, how can we expect them to be able do all the above things when they are already so burdened with student loan debt?