Students Amass Mountain Of Debt As Default Rates Continue To Climb

Ann McClure's picture
Wednesday, April 18, 2012

Three years after Angie Rider earned undergraduate and graduate degrees at Michigan State University, she has a teaching job that she loves — but also a student loan debt of $100,000.

Rider, 27, a fourth-grade Detroit Public Schools teacher, pays $1,000 a month on her debt, and sees no end in sight. That's why she has delayed buying a home, getting married and starting a family.

"I did the math and it's going to take (decades) to pay it off," said Rider. "It's just crazy. I just feel like it's never going to go away. I get so hopeless."

As spring commencement season begins later this month, more students are graduating with a debt load that's doubled in comparison to a decade ago, as unemployment remains high.

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