Student Loan Borrowing Rose Sharply in 2008-9

September 3, 2009

Students took out 25 percent more in federal student loans in 2008-9 than they did the year before, according to Education Department data reported by The Wall Street Journal. The federal data showed borrowing rising to $75.1 billion, higher than the 17 percent most recently projected by the Obama administration. Robert Shireman, deputy under secretary for education, called the rise "definitely above expectations" and attributed it to the poor economy and increases in federal limits on how much students can borrow.

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