Student loan debt holding economy back
- Staff St. Louis Business Journal
As the Federal Reserve Bank of St. Louis[1] prepares to host an event on rising student debt Monday[2], experts say the problem has worsened in recent years.
Nationally, student loan debt totals more than $1 trillion, more than credit card debt and car loans.
Student loans in the St. Louis metropolitan area total 38.9 percent of all debt other than home mortgages.[3]
Consumer Financial Protection Bureau[4] Assistant Director and Student Loan Ombudsman Rohit Chopra[5] told St. Louis Public Radio that the rise in student debt may have a broad impact on the economy.
"Whether it’s buying a first home or starting a small business, many young Americans are finding their student debt is holding them back," Chopra said. "... We find that many young Americans may not be able to contribute to their employer’s retirement plan because student debt is eating up so much of their paychecks."
References
- ^ Federal Reserve Bank of St. Louis (www.bizjournals.com)
- ^ event on rising student debt Monday (www.stlouisfed.org)
- ^ total 38.9 percent of all debt other than home mortgages. (www.bizjournals.com)
- ^ Consumer Financial Protection Bureau (www.bizjournals.com)
- ^ Rohit Chopra (feeds.bizjournals.com)