"Students suffocate under tens of thousands in loans"
according to USA Today, which reports that the staggering student loan debts many of today's college students are carrying may weigh heavily on their futures:
On July 1, the rate on new federally guaranteed student loans will hit a fixed 6.8%, the highest rate since 2001. It comes as the average graduate owes $19,000. Many undergrads, though, have debt exceeding $40,000.
The weight of debt is forcing many to put off saving for retirement, getting married, buying homes and putting aside money for their own children's educations.
Heavy student debts may also keep young adults from starting businesses, says Diana Cantor, director of the Virginia College Savings Plan. Some graduates will refuse to risk what little money they have on entrepreneurial ventures. And securing loans will now be harder. "It's a real crisis," Cantor says. "You're strapped before you get started."