According to CNNMoney.com, 40 million Americans now have student loan debt, reports credit bureau Experian, an increase from 28 million in 2008; and the amount of debt has risen from $23,000 to $28,000 during that same period. Total student loan debt now stands at $1.2 trillion, an all-time high and an increase of 84 percent since the Great Recession. Michele Raneri, vice president of analytics at Experian, says, “Student loans are the only credit vehicle where a lender continues to extend credit year after year without knowing the person’s ability, or even willingness, to pay.” Like any other credit situation, on-time payments help build a person’s credit. As MHProNews knows, student loan debt is often cited as one reason the housing recovery has been soft, although that may open the door to more interest in affordable, manufactured housing. ##
