Arnobio Morelix, a senior research analyst with the Kaufmann Foundation, co-wrote a study with E.J. Reedy that found that the rise in student debt in recent years coincided with a decline in startups. The study found that fewer young people were entering the world of entrepreneurship. The share of new entrepreneurs in the 20- to 34-year-old age group fell to 25 percent in 2014, from nearly 35 percent in 1996. Total student loans rose from around $510 billion in 2007 to more than $1.3 trillion today. Despite an uptick in recent years, overall startup activity for adults under 35 years of age

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