Jan 23, 2013 Philip Burgess
Debt collection agencies that focus on student loans have likely seen an uptick in in business recent years, and that likely won't change anytime soon.
Student loan debt in the United States is trending back toward $1 trillion,with a Pew Research survey finding that 19 percent of American households owe some form of student loans. The study also found that average student loan debt exceeds $23,000.
Meanwhile, if a separate survey by College Countdown is any indication, student loan debt will likely continue to grow. According to the study, three in four American families said they would take out more loans, work a second job or even sell a car so that their children can go to college.
In recent months, short term lenders of student and auto loans have been especially busy. A recent report by the Federal Reserve found that auto and student loans accounted for the majority of consumer debt growth in November. In total, consumer debt increased $16 billion from October to November, while non-revolving debt alone - the sector that includes auto and student loans - jumped $15 billion.