Federal financial regulators and the U.S. Treasury Department have warned that high student debt burdens could dampen household consumption and reduce Americans' ability to take out new loans to purchase or invest in other items. In 2013, President Barack Obama himself issued an ominous warning. "Our economy can’t afford the trillion dollars in outstanding student loan debt, much of which may not get repaid because students don't have the capacity to pay it," he said.

This article was provided by Bloomberg News.

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