12 Disturbing Facts about the over a TRILLION Dollars in Student Loan Debt. Is this the next financial crisis as tuition is up nearly 500% in the past decade?
Student Loan Debt by the Numbers
- $1.1 TRILLION : Approximate amount of outstanding student loan debt—second only to mortgages in household debt.
- 60% of the $1 Trillion is owed by Americans OVER the age of 30.
- 37 Million people have outstanding student loans.
- 1-in-5: U.S. households that have student loans.
- $26,682: Average outstanding balance for a borrower with student debt.
- 1-in-8: Share of borrowers with more than $50,000 in student debt.
- 40 % : Share of American households headed by someone under 35 that have student loan debt.
- 25 % : Share of borrowers under age 30 that spend more than 10 percent of their income on student loan payments.
- 30 % : Share of borrowers in repayment that are delinquent on a student loan.
- 6.7 Million: Number of borrowers who are more than 90 days delinquent on a student loan.
- 9.1% : The number of people who defaulted on their loans in 2012
- 31 %: Percentage increase in the number of student loan borrowers between 2007 and 2012.
- College Grads: The New Debt Slaves
- Colleges Suing Their Own Students For Repayment
- Department of Education SWAT Team