Student loan debt skyrockets

The Rochester (N.Y.) Democrat and Chronicle: With Americans now owing more on student loans than on credit cards, government, which had a lot to do with creating the problem, now must act to get it under control.

In Congress’ zeal to make college accessible to almost anyone who is qualified to go, student loans have become as easily available as credit cards once were.

Last year alone, more than $100 billion in student loans was taken out. And get this: For the first time, total outstanding loans will exceed $1 trillion this year.

To begin reining in student debt, Congress should turn its immediate attention to for-profit schools, which account for nearly half of all federal student loan defaults. These schools often cater to non-traditional students.

Financial aid scams also are becoming a serious problem. So-called “straw” students, who have no intention of pursuing an education, are borrowing millions of dollars.

The U.S. Department of Education has put new financial aid rules in place. But their impact won’t be known for several years.

Sen. Chuck Schumer, who serves on the Senate Finance Committee, should lead in finding new ways to ensure that student loans don’t become the center of (the) next financial crisis.