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We've talked a lot on Radio Boston about what some people are calling the next great economic bubble in America: student loan debt. It's now at more than $1.1 trillion and counting.
A few years ago, President Obama pushed to revamp a federal loan forgiveness program, saying that even he and the first lady knew first-hand about the burden of big student debts. "By the time we both graduated from law school, we had, between us, about $120,000 worth of debt," Obama said. "We combined and got poorer together."
The issue is, of course, no laughing matter. Especially in light of news this month about new problems with the debt forgiveness programs championed by the president. The federal "pay as you earn" program is so popular that enrollment has soared almost 40 percent in the last six months.
That's 1.3 million Americans with $72 billion in student loan debt. And we're talking about a debt forgiveness program, which means that, after some time, it's the federal government — the U.S. taxpayer — that's left holding the bag.
The costs have grown so quickly that the Obama administration now wants to rein it in.
This segment aired on April 30, 2014.