Many in US saddled with college loans

Student debt stands at $1.56 trillion among nation's 45 million borrowers

Josef, a software engineer at a major corporation, borrowed a total of $35,000 to pursue a college degree.

He considers his decision a wise one. "I was able to complete higher education sooner than if I planned for it differently," said Josef, who asked that his last name not be used.

The degree helped him land a job with decent pay that enabled him to pay back his student loans. In his case, accruing debt worked out better than working part-time for low wages while taking longer to finish college.