NEW YORK ( MainStreet) -- The country may still be grappling with the aftermath of the housing bubble's burst, but one report suggests a different bubble may be looming on the horizon: student loans. Student lending balances increased by 10% or more each year of the 2000s, driven by increasing enrollments, easy access to loans and the skyrocketing cost of college tuition, according to an analysis of lending data by Moody's. Even during the recession, when consumers cut back on other loans and general purchases, student loans continued to grow as many students hoped higher education would improve their employment prospects.
|Students have been increasingly burdened by student loans during the previous decade, which may not only hurt their finances later in life but the country's overall competitiveness too.|
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