FinAid.org has an online Student Loan Debt Clock. The total debt reads more than $968,969,300,000 billion as of 7:21 MST January 3, 2012. The debt increases over $3,000 every second.

Michelle Singletary, a syndicated columnist, says that the New York Federal Reserve Bank reports student loans now exceed credit card debt in the United States.

Why do people buy more schooling than they can afford to buy? And who benefits immediately from those loans?

 

The two responses above sound like altruisms. I've said them too, for decades.

I wonder if that's sufficient today in the face of competition for personal and national (financial freedom?) survival? I don't hear much discussion of altruism among respondants to political polls. (I know, that's should be under the Politics tab, but don't know how to post on both topics at one time.)