In 2011, student debt in the United States topped $1 trillion—more than any other kind of consumer debt in the country. After bankruptcy protection was removed from private student loans in 2005, default — and the ruined credit score it results in — has been the only option left for struggling student loan debtors.
In response to this, and a petition containing 600,000 signatories asking him to forgive all student debt, US President Barack Obama has developed a "Pay As You Earn" plan, which aims to help US students manage their loan debts. But will it be enough and how bad is the situation in the US?
Created by: Online University