Student borrowing passes credit card debt

NEW YORK, April 12 (UPI) -- Student loans are piling up in the United States with two-thirds of those who received bachelor's degrees in 2008 graduating owing money, an expert says.

In 2010, student loans were larger than credit card debt for the first time, Mark Kantrowitz, who runs the Web sites FinAid.org and Fastweb.com, told The New York Times.

"In the coming years, a lot of people will still be paying off their student loans when it's time for their kids to go to college," Kantrowitz said.

The number of students borrowing for college has increased enormously. In 1993, fewer than half of graduates had loans to pay off.

Some experts say borrowing for college is an investment that pays off.

"College is still a really good deal," said Cecilia Rouse, who served on President Obama's Council of Economic Advisers. "Even if you don't land a plum job, you're still going to earn more over your lifetime, and the vast majority of graduates can expect to cover their debts."

But others worry that future graduates will not get the same economic benefits -- but will still have the debts. Students attending for-profit schools account for a disproportionate amount of borrowing and are more likely to drop out.