Bankruptcy Lawyers Report A ‘Substantial Increase’ In Clients Buried By Student Loan Debt - Pat Garofalo, Think Progress

A report released last week by the Federal Reserve Bank of New York showed that the total balance of student loans in the U.S. has reached $870 billion, while 27 percent of student loan borrowers are at least 30 days behind on their payments. Since 1985, the cost of college tuition and fees has sextupled. Average college debt now exceeds $25,000, spurring fear of a “student debt bubble.” And a recent survey of bankruptcy lawyers seems to confirm those fears, as a vast majority of them have seen an increase in clients seeking relief from student loan debt.