US federal student loan debt surpassed $1 trillion

July 18, 2013

Student loan borrowers in the US now owe the federal government a total of $1.2 trillion, the Consumer Financial Protection Bureau announced this week. This is the first time the aggregated student loan debt has surpassed $1 trillion. The milestone was passed while Democrats and Republicans on the US Senate continued to spar over how to settle future interest rates on student loans, which doubled to 6.8% on July 1. Chronicle of Higher Education