Final answer:
The highest student loan default rates occur at private for-profit colleges, with the national student loan debt surpassing $1.6 trillion and individual debt averaging around $30,000.
Step-by-step explanation:
Student loan default rates are highest for those at private for-profit colleges. This trend is concerning given the rising costs of higher education, which can be more than $25,000 annually at a public university.
With the national student loan debt exceeding $1.6 trillion and individual debts averaging about $30,000, it is clear that high levels of debt influence graduates' career choices and life options. The Obama administration took steps to alleviate this by increasing Pell Grant amounts and reducing interest rates on student loans.
Tuition fees continue to climb, and the debt burden grows. It's important for students to carefully consider their options and research the institutions they are interested in to make informed decisions about their education and potential loan debt.