In the midst of the heated national conversation on the country's budget and fiscal concerns, the debate is turning to student loans. USA Today recently reported that outstanding student debt in the United States totals over $1 trillion, surpassing the country's total credit card debt. Reuters, in contrast, maintains that student debt hovers around $550 billion and credit card debt at $690 billion. The enormity of both estimates is alarming enough to bring the subject of loans and their implications to the forefront; and the Obama administration's response to the issue has induced a debate of its own. The administration announced last week that it would accelerate a plan to reduce the burden of repaying student loans, according to Bloomberg News. The issue has produced widespread debate on the effectiveness and relevance of the initiative.
