More students are borrowing to finance college degrees. Outstanding student debt hit $914 billion in 2012. That's up nearly 280 percent since 2003; 14.4 percent of that debt is past due.

Student debt is now second only to mortgages as an overall household liability - eclipsing even credit card debt, which totals $672 billion. Student loans are also the only form of household debt that has increased since the recession. All other types have gone down.

The average 2012 college graduate owes $28,720 in student loans. Repayment is a problem for some as entry-level jobs are scarce: 53 percent of recent graduates are either unemployed or unable to find full-time work.


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