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Student Loan Mania: College Debt Still on the Rise

Just last month the U.S. Department of Education reported that the default rate on student loans has climbed to nearly 7% and student loan statistics are making headlines yet again.

According to Student Debt and the Class of 2009, a report released by the Project on Student Debt on October 21, 2010, college seniors that graduated in 2009 owed an average of $24,000 in student loan debt—a 6% increase from the year before.

Th…