US student loan debt hits record high

Outstanding student loan debt in the United States hit a record $1.5 trillion last month, according to a Bloomberg report.

The loan debt amount is more than double the $675 billion owed in June 2009 after the recession.

"Over 90 percent of student loans are guaranteed by the U.S. Department of Education, meaning that if a recession causes a rise in youth unemployment and triggers mass defaults, this contingent liability could prove burdensome for the U.S. government budget," said Paul Della Guardia, economist at the Institute of International Finance.

Read more from Bloomberg.