They bought into the notion that if they went to college — never mind the debt — their degree would lead to a lucrative job. And repaying their student loans would never be a problem.
But the economic crisis has turned those assumptions on their ear as thousands of recent graduates have been unable to find jobs or are earning too little to cover the payments for loans that are sometimes as high as $50,000.
The result has been rising default rates for student loans. And unlike other debts, student loans cannot easily be renegotiated.
Almost every college graduate will have some form of student loan debt in their lifetime. If you don't believe me, here are the statistics. How has student loan debt impacted your life?