According to AP reports, the national student loan debt will surpass $1 trillion dollars this year.

The rising cost of education doesn’t help one bit as students find themselves seeking loans to pay off college tuition. USA Today reported that twice as many students are borrowing money than a decade ago. The economy, rising cost of tuition and unemployment have attributed to the staggering debt.

The College Board reports that full-time undergraduate students borrowed an average of $4,963  in 2010. Undergraduate students have a greater pool of student aid resources such as grants, work study jobs on campus and scholarships unlike graduate students who find themselves overwhelmed with the enormous student loan debt. Yet, the loan debt for undergraduate students continues to rise each year.

“Students who borrow too much end up delaying life-cycle events such as buying a car, buying a home, getting married (and) having children,” says Mark Kantrowitz, publisher of FinAid.org.

For profit schools are seeing the greatest amount of student loan default. Does this surprise you?

Read more about this story on USAToday.com.
Learn more about the different types of student loans.
Read more about the staggering debt levels on the College Board site.

Photo Courtesy: Bill Dill, AP

Full-time undergrads borrowed an average of $4,963 last year, according to the College Board.