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Student debt hurting economy

Student debt hurting economy

By Daniel Gutierrez. CREATED Apr 18, 2013

If your a college graduate under 30, chances are you may be under a mountain of debt.

A new report from the Federal Reserve Bank of New York says this age group could be a drag on the economy. 

That's because many of them are stuck with low credit scores. Which means they're not spending money buying homes and cars.

In fact, a third of borrowers are in repayment delinquency as of the end of 2012.

The report says 30 year olds with no history of student loans are more likely to have home-secured debt, than those with a history of student loans.