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Data shows that 45 million Americans carry $1.64 trillion in federal and private student loan debt. That’s the second-biggest debt burden in the country, following mortgages.
Private student loan debt is around 8% of all undergraduate and graduate debt. ... The tables show the states with the highest and lowest average private debt levels for the Class of 2020. (TICAS)
Key student loan debt statistics. Student loan debt is a national crisis that affects millions of Americans. Though the Department of Education has led efforts to tackle this issue in recent years ...
Student loan debt rose from $480.1 billion (3.5% GDP) in Q1 2006 to $1,683 billion (7.8% GDP) in Q1 2020. Student loans play a significant role in U.S. higher education. [50] Nearly 20 million Americans attend college each year, of whom close to 12 million – or 60% – borrow annually to help cover costs. [51]
Student loan debt rose from $480.1 billion (3.5% GDP) in Q1 2006 to $1,683 billion (7.8% GDP) in Q1 2020. There are two types of loans students borrow in the US: federal loans and private loans. Federal loans have a fixed interest rate, usually lower than private loans' interest, set annually by Congress .
All told, 43.6 million borrowers have federal student loan debt. The average federal student loan debt balance is $37,717 — but the total average balance, including private loan debt, may be as ...
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]
Student loan debt continues to mount to a staggering high. Right now, it's at $1.774 trillion, according to a report by Melanie Hanson, senior editor for the Education Data Initiative. In "Student...