Let’s get straight to the point here, what do are the current student loan debt statistics for the United States. How bad does it look for us? Well, lets first start with some background information that will give you a better picture of how things are really going right now.
Since we have entered 2020, Americans continue to be more burdened by student loan debt than ever before. Just for reference here, among all students for the class of 2019, 69% of college students took some form of student loans. On top of that, these graduates ended school with roughly $29,900 in debt on average which includes both private and federal student loan debt. On top of this, about 14% of these student’s parents took out a Parent Plus student loan in the amount upwards of $37,200.
What this all boils down to is a Franky stunning statistic that Americas owe over $1.6 trillion in student loan debt among over 45 million borrowers. This means student loan debt is not far behind credit card debt and mortgage debt which is considered to be good debt.
While these numbers are staggering, let’s break these statistics down further. We must ask ourselves a few questions while we dig into the data. Where are most of these student loans being used? For private or public universities? Are most of the students requesting these loans using them for a four-year school or for graduate degrees? What percentages of graduates end up carrying debt when they graduate? And finally, are more college graduates looking to refinance or consolidate their student loans after they graduate?
Let’s take a deep dive into this data and truly find out what is going on.