canada goose 7 College Graduates Whose Lives Were Wrecked By Student Loan Debt Mandi Woodruff Jun. 6 drachen-spiele , 2013, 4:37 PM Photo: Tammie Sherrod Like the millions of American homeowners who found themselves trapped in homes they couldn’t afford during the housing crisis, today’s college graduates have found themselves in a bubble all their own. College graduates carry an average of $27,000 worth of debt today. Two years after leaving school, students default on their federal loans at a rate of 9.1%, according to a recent report by the New York Federal Reserve Bank. That figure jumps to 13.4% at the three-year mark. And debt is wearing students down. More than half of millennials (54%) said debt was their biggest concern in a recent Wells Fargo Retirement Survey. Student debt still can’t be discharged in bankruptcy, and if lawmakers can’t cut a deal soon, the interest rate on Federal Stafford Subsidzed student loans will double. “A college degree has the potential to become more of a burden than a blessing for those saddled with unmanageable debt in a tough employment market,” said Richard Cordray, director of the Consumer Financial Protection Bureau, in a speech in May. “Student debt has become the defining feature of their lives