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Study: One-third of student loan borrowers didn't finish college

June 28, 2013 at 2:18 PM

NEW YORK, June 28 (UPI) -- Student loan debt has increased to the point that one-in-five U.S. adults, one-third of them not college graduates, owe money on student loans, a study says.

A study by the Urban Institute says the average student loan debt grows by $1,000 each year, 19.6 percent of adults 20 or older owe money on student loans and 57 percent say they are concerned about repayment.

One-third of the debtors never graduated from college, the study said.

Congress is debating whether to allow the interest rate on a popular federal student loan program to double beginning July 1, CBS/MoneyWatch reported Friday.

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