During a brief speech at the White House on May 31, President Barack Obama, surrounded by college students, remarked on the state of student debt and noted how education loans have a significant impact on lifestyle choices, and ultimately, the economy. The speech was part of an effort to urge Congress to prevent subsidized student loan interest rates from doubling this summer.
Even years after graduation, many American college graduates are left with heavy financial burden from cumulative student loans. A new report by the New York Federal Reserve underscores how college debt has taken an economic toll, causing young student loan borrowers refrain from auto and home purchases. Read more