If asked, most Americans would guess that credit card debt is the number one source of debt for Americans. They would be wrong. For the very first time student loans have topped credit card debt as the number one source of debt in the nation.
For-profit colleges and universities have recently taken a very public hit. The U.S. Department of Education released reports detailing higher education student loan repayment rates which specifically targeted loan repayment at for-profit education institutions. “The nonpayment rates for people who attended some for-profits are so high they could jeopardize access to future loans for students at those for-profits.”