Students amass mountain of debt as default rates continue to climb - Kim Kozlowski, the Detroit News

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. The growing student loan debt has led to concerns that it could harm the economy, especially since federally backed student loans can't be discharged through bankruptcy. Recent reports show that student loans are on track this year to exceed $1 trillion — more than credit and auto loans. Meanwhile, default rates have climbed. "Student debt has (been) growing for some time," said Lauren Asher, president of the Institute for College Access & Success, an Oakland, Calif., policy organization that runs the Project on Student Debt. "College costs have continued to outpace both family incomes and available grant aid so students and families are increasingly turning to loans to fill that gap."