Student Loans Next Debt Crisis

College is not getting any less expensive. That, along with record student loan debt levels, may point to a developing problem.

Some are calling student loans the next debt bomb, which will ruin the financial lives of millions. Students aren't the only ones that will suffer -- parents who have co-signed or borrowed for their children also have large student loan balances.

Under current law, student loans can be with you for life; they are rarely discharged, even in bankruptcy, so collectors can pursue you forever. Several proposals would change that, but there's plenty of opposition.

With all this in mind, it's important to think carefully before borrowing for education. Consider how things will look in 5 to 20 years -- do you want those payments to be a part of your life? Student loans can pay off, but they're not risk-free.

Further reading:

• How to Get a Student Loan