The U.S. has seen unprecedented growth in student loans during the past two years, causing concern over the amount of debt students will face after graduation, according to Equifax Inc.
Overall, the number of students with loans accounts has risen 29 percent over the last two years to 69 million, while balances have climbed $105 billion dollars to $527 billion.
The rise is likely caused by a combination of college students deciding to pursue advanced degrees due to high unemployment as well as parents' depleted savings accounts.
According to Dan Adams, president of Equifax's U.S. Information Systems, "You have a whole generation of consumers who have never had this debt load, so they're walking into this tough unemployment situation with higher degrees of debt. Young adults probably face higher taxes ahead, and a national system overloaded with debt."