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Student debt stretches to record 1 in 5 households

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    Study: College loan debt tops credit debt, auto loan debt

  • Duration 3:41
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Well more Americans than ever -- going into debt to pay for college that's according to the Pew Research Center which describes itself as nonpartisan.

It analyzed data from the year 2010.

-- the last year for which the numbers are available and found that student loan debt now settles one in five households.

More than 22 million households double the number from 1989.

It reports the average graduates debt now now is 25000.

Dollars.

She uses it -- the spike on rising tuition and more people going back to school in this terrible economy which more people are.

And a lot of those folks who graduated but are still struggling to find high paying jobs.

Some are borrowing more money to pay their bills others going back to grad school in just racking up more debt.

And now the nation's total student loan bill tops a trillion bucks that's more than our credit card debt and second only to our mortgage debt.

But the snow is it protect -- task he he's wealth manager -- chat would capital investment management.

OK so student loan -- problem that's not -- this is some sort a news flash.

Now I shouldn't be and should be -- surprise at all I mean people don't have that much money you have rising prices and in you know the the annual tuition increases about 10% a year its been that way for many many years.

But now you have less -- -- more people with less money.

And because so many people are underemployed so you have people -- taking jobs at a -- in some cases -- that they're over qualified for there's less jobs out there for people just graduating from college so they don't have a way to pay back those student deaths.

You wonder if for some people this is exactly the right thing to do you get more education in your field to start out -- you have a longer job.

For other people it might not be as good an idea.

Now it it just really isn't you know I have a high school senior and we're looking -- colleges right now.

I'm doing everything I -- I'm bound brain washing her as much of the candidates stay in state because I don't want her going at stake and it's gonna cost that much more its really outrageous an -- up one other point if somebody wants to be a doctor.

Think what does it cost 375000.

Dollars on average from the time they start at a young age -- when they graduate high school to all the way through med school to become a doctor.

-- the with doctors how much they're making being cut back exact you have to sometimes stop and wonder is it worth it or not.

Think as a share of income in the total debt here has gone up at an extraordinary amount that's -- You wonder if at some point people are gonna go we just can't do this anymore I have for instance -- I've been a pretty well about Ole miss and Ole miss that.

The to do it the enrollment to students is skyrocketing and -- so much more money coming in but at some point that's gonna stop.

It is and -- -- something else to get into these colleges it's getting tougher -- you know I look at some schools and give them grade point average about 95 or better to be able to hit I don't know how many kids are averaging 95 in high school that can go to these colleges in afford to pay -- It is a problem that's only going to get worse along with the economy not getting better we're gonna see this continue.

You know it's a trillion dollars in debt right now our country has sixteen trillion dollars in debt.

And -- kind of puts in perspective and with the job market not getting better we're gonna see more and more people relying on other ways to it to make money where I think I think we have.

A tragedy starting here right now.

There's a lot -- there's a lot of discussion of more technical schools for people get more hands on training the kind of thing that's really put on by the wayside in recent.

Decades yet it has and you know -- -- the discussion starting now I asked my daughter how many people are applying for colleges she says all of long.

Which sought to meet the technical schools less money -- stimulus money to go to them and they can immediately make money.

And get out -- -- mostly out.

Lot of money -- executives -- -- back the election on word of a huge drop in the overall number of people.

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