HARI SREENIVASAN:

It also marked the beginning of payments on $58,000 of student loans. The heavy debt load carried by students like Ann has sparked a national dialogue among policy-makers.

And it's easy to see why. Seven of 10 graduating students left college last year in debt. The average debt load is $26,000. One in 10 owes more than $40,000. Behind home mortgages, student loans are the second largest source of personal debt, more than credit cards, more than auto loans. The total bill due for students in America tops $1 trillion.

Throughout college, Ann DeGarmo held a job. Even so, she took on private and federal loans to make ends meet.