College debt has surged to alarming levels in the United States. Tens of millions of students owe enormous amounts. And many are defaulting.
Correspondent Mike Kirsch reports from California on the growing debacle of student debt.
A staggering 40 million students are in debt or have defaulted on their college loans in the United States. How much debt? Almost one and a half trillion dollars’ worth. And yet unlike failing Wall Street banks who declared bankruptcy during the 2008 recession, college students today are not offered this same kind of relief.