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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.
During the pause, student loan debt growth slowed: from the second quarter in 2020 to the second quarter of 2023, the burden of mortgage and auto loan debt increased by close to 20%, while student ...
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...
A borrower is a "new borrower" if, when receiving a federal student loan on or after October 1, 2007, the borrower did not have an outstanding balance on another federal student loan. [ 2 ] The Revised Pay As You Earn Plan is available to all Direct Loan borrowers regardless of when the money was borrowed.
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]
For federal student loans, default requires non-payment for a period of 270 days. For private student loans, default generally occurs after 120 days of non-payment. [1] In 2021, outstanding student loan debt has reached a record more than $1.8 trillion. [2]
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