"A Federal Reserve Bank of Philadelphia study shows that the rise of student debt correlates to a decline in U.S. small business formation," according to the Philadelphia Business Journal.
"Fed researchers found that small firms consisting of one to four employees decreased by 17 percent in counties where relative student debt grew by about 2.7 percent.
Across the country, these small businesses account for about one-half of the private sector economy and 99 percent of all businesses.
