Total U.S. stu­dent loans out­standing hit $1.03 tril­lion as of Sept. 30, according to the most recent data from the Fed­eral Reserve Bank of New York. At last count, the loans were rising by $400 mil­lion a day.

About 37 mil­lion Amer­i­cans are car­rying stu­dent loans now, affecting one house­hold in six, according to research from Daniel Austin, an asso­ciate pro­fessor at North­eastern University’s School of Law. He calls them an “inden­tured gen­er­a­tion” and warns that many will be bur­dened by stu­dent debt for much of their lives.

The stu­dents, it should be added, never see the money: The col­leges took it all in higher fees. In the past 30 years, reports the Col­lege Board, col­leges nearly tripled the cost of tuition, when mea­sured in 2013 dol­lars. The only thing the stu­dents ever saw was the debt.

Read the article at The Wall Street Journal →