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As the cost of education continues to rise, the loan burden on borrowers post-graduation is taking its toll. According to recent reports, student loan defaults are on the rise, as are the number of college graduates filing for bankruptcy.

According to the Department of Education, 8.8% of all student-loan borrowers defaulted in the last fiscal year, which ended Sept. 30. This is up from 7% in the previous year. And a survey from the Institute for Financial Literacy, the “2010 Annual Consumer Bankruptcy Demographics Report,” found that the percentage of bankruptcy filers who hold a bachelor’s degree rose to 13.6% in 2010 from 11.2% in 2006.

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