Record High Student Loan Debt

The government warns that record high levels of student loan debt could endanger the still weak economic recovery.

FOX News Radio’s Steve Knight reports:

The New York Fed says that student loan debt now totals more than a trillion dollars.

(Student) “I’m not sure the return on investment you get from going to college is worth it.”

He’s a student at New York University.

So is this recent grad:

(Graduate) “I got a BA in Drama and Communication and I work in a movie theater.”

Student loan debt has grown by $407 billion in the past five years, while auto loans have stayed flat and credit card debt has fallen by $177 billion.

(Student) “It’s difficult thinking about all the loans that are under my name right now.”

They’ll be even more expensive after July. Interest rates are scheduled to double unless Congress steps in.

Steve Knight, FOX News Radio.