10 Key Facts about Student Debt in the United States

10 Key Facts about Student Debt within the United States

While investing in a university schooling has simple, lifelong financial advantages, extreme ranges of student debt can impose hefty monetary burdens on debtors — equivalent to limiting how a lot they will save for retirement, affecting their potential to purchase a house, and even delaying life selections equivalent to beginning a household. Those results are being felt by Americans throughout the nation as younger school graduates as we speak are coming into the workforce with unprecedented quantities of student debt, and older Americans are nonetheless paying off such debt years after commencement.

Below, we discover some key details on the expansion and distribution of student debt within the United States, largely primarily based on information from the Federal Reserve and the U.S. Department of Education.

  • Student debt has greater than doubled since 2008.
  • The quantity of student debt in 2020 totaled almost $1.6 trillion, greater than twice the quantity excellent in 2008 ($600 billion). That development in debt considerably exceeds the rise within the variety of students, which the Department of Education estimates has solely risen by 2 p.c amongst undergraduates and by 12 p.c on the graduate stage.

    Student debt has been rising steadily