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Source: U.S. Department of Education Federal student loan debt by age. As of the second quarter of 2024, Gen X, followed by baby boomers, are among the most affected generations by student loan debt.
A 2024 survey by the Consumer Financial Protection Bureau revealed that nearly 61% of borrowers who received debt relief ... particularly those with lower incomes and larger student loan debt. ...
Research shows that access to student loans increases credit-constrained students' degree completion, later-life earnings, and student loan repayment while having no impact on overall debt. [3] Student loan debt has proliferated since 2006, totaling $1.73 trillion by July 2021. In 2019, students who borrowed to complete a bachelor's degree had ...
Student loan debt is massive in the United States, to the tune of more than $1.73 trillion, according to the Federal Reserve. Nearly two-thirds of that debt is held by women, according to a recent...
In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]
In April 2024, the Biden administration initiated the forgiveness of $7.4 billion in student loan debt for 277,000 borrowers, as part of its broader strategy to address the issue. This action added to the $153 billion already forgiven for nearly 4.3 million individuals, reflecting the administration's ongoing efforts in tackling student loan debt.
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