The Student Loan Crisis by Numbers
One of the major economic debates raging over the past few years has been the ever-growing burden of student loan debt.
But just how bad is it? Here are the numbers from the Federal Reserve Board, Chronicle of Higher Education, and College Board.
- Average student loan debt: $30,000
- Percent of college students who borrow annually to help cover costs: 60%
- Average number of college students who borrow annually: 12,250,000
- Approximate number of student loan borrowers with outstanding loans today: 39,500,000
- Total amount of outstanding student loan debt in the United States: $1,100,000,000,000
- Profit generated from student loan debt each year: $20,360,000,000
A number of presidential candidates have made it a major campaign issue, with lots of plans and proposals to ameliorate the problem.
We'll just have to wait and see of anything ends up being done.