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BERNANKE ASSURES BALLOONING STUDENT DEBTS WON’T CAUSE CRISIS BECAUSE MOST OF THEM ARE BACKED BY GOV’T

 
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08/08/2012 05:20 PM
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BERNANKE ASSURES BALLOONING STUDENT DEBTS WON’T CAUSE CRISIS BECAUSE MOST OF THEM ARE BACKED BY GOV’T
Federal Reserve Chairman Ben S. Bernanke said record U.S. student loan debt doesn’t put the financial system at risk the way mortgages did because most educational borrowing is backed by the government.

“I don’t think it’s a financial stability issue to the same extent that, say, mortgage debt was in the last crisis because most of it is held not by financial institutions but by the federal government,” Bernanke said today at a town hall meeting with teachers at the Fed in Washington.

[link to www.bloomberg.com]

I have $50k in student loan, I can't buy car/house/ipad/food and I have to live with my parents.