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US Treasury sounds alarm over student loans

People walk on the Columbia University campus on July 1, 2013 in New York CityDeputy US Treasury Secretary Sarah Bloom Raskin sounded the alarm Tuesday on student loans in the US, where the number of people defaulting is on the rise. At least 40 million people have taken out a student loan, Raskin said, and by the time students graduate, the average amount of loans is $30,000, and they will spend ten years or more repaying. And many never manage to repay them at all, Raskin said during a speech at the University of Maryland. “While delinquency rates on many other types of debt have fallen in recent years, delinquencies on student loan debt are rising,” said the Treasury Department number two, noting that some seven million Americans had defaulted on their student loans.

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