Students and their parents have seen tuition and fees at public colleges and universities increase more than 60 percent during the past decade, according to statistics provided by the U.S. Department of Labor.
The increased cost of a college diploma has contributed to the tripling of outstanding student loan debt that has accrued during that same period. The Federal Reserve Bank of New York reported that federal student loan borrowers, on average, owed more than $30,000 in 2016, up from an average of less than $19,000 in 2007.
The Federal Reserve Banks report also revealed that student loan debt accounts f…
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