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FinAid student loan debt clock worries students, parents
By Sam Craine on Sep 7th, 2010
The U.S. national debt clock that in Manhattan ran out of digits when it hit $10 trillion. Now, there's a clock taking the internet by storm, and it's tracking another type of inflating debt: student loans.
This past Friday, the Washington Post reported the education loan debt clock ticked past $848 billion. Mark Kantrowitz, publisher of FinAid.com, is responsible for posting the clock. FinAid is highly regarded by parents and students alike for its guide to college financial aid information. The Post said the clock is finally putting student loan debt in perspective, emphasizing how debilitating it is on American families.
"Hopefully, greater awareness of the aggregate magnitude of education debt will encourage families to minimize their student loan debt," Kantrowitz told the paper.
Kantrowitz told the Post that he also hopes the clock will bring attention to the inadequacy of need-based grants over time.
Recent graduates struggling with student loan debt can consider consolidation to lower their monthly payments. By combining debt and taking out a loan with a smaller interest rate, borrowers can save more money in the future.
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