Due to escalating tuition and easy credit, the U.S. has 101 people who owe at least $1 million in federal student loans, according to the Education Department. Five years ago, 14 people owed that much. More could join that group. While the typical student borrower owes $17,000, the number of those who owe at least $100,000 has risen to around 2.5 million, nearly 6% of the borrowing pool, Education Department data show.
------------------
Help your students learn the consequences of student debt by playing PAYBACK, an award-winning college finance game.
About the Authors
Tim Ranzetta
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
Due to escalating tuition and easy credit, the U.S. has 101 people who owe at least $1 million in federal student loans, according to the Education
Education
An academic discipline or field of study is a branch of knowledge, taught and researched as part of higher education. A scholar's discipline is commonly defined by the university faculties and learned societies to which they belong and the academic journals in which they publish research.
43.2 million borrowers have federal student loan debt. The average federal student loan debt balance is $37,088, while the total average balance (including private loan debt) may be as high as $39,981. Less than 2% of private student loans enter default as of 2021's fourth financial quarter (2021 Q4).
Who has student loan debt? Roughly 43 million Americans have outstanding federal student loan debt — that's about 13% of the U.S. population, per census data.
The federal student loan debt balance in the U.S. has almost tripled in the past 15 years. As of March 2024, federal and private student loan debt in the U.S. was roughly $1.75 trillion. Borrowers owed about $131 billion in private student loans.
Most students graduate with around $30,000 in loans, but a small portion of borrowers hold an outsize share of student debt. More than one-third of the total debt is held by the 7 percent of borrowers who owe more than $100,000, according to the Washington Post.
Approximately 13% of all Americans had federal student loan debt in 2021. In 2023, 9.9 million borrowers have between $20,000-$40,000 of student loan debt.
Federal student loans are owned by the U.S. Department of Education while private student loans are owned by the financial institution that granted them.
Almost 7 million people, about one in six federal student loan borrowers, are in default on their loans. By all accounts, defaulting on a student loan is an upsetting and financially calamitous experience. Borrowers default when they miss 270 days' worth of payments.
Americans own $1.77 trillion in federal and private student loan debt as of the second quarter of 2023. That's up 1.25% from the second quarter of 2022. $128.77 billion of that total through March 31, 2023, is private student loan debt.
How many Americans have student loan debt? As of the end of 2023, 43.2 million Americans hold federal student loan debt with a total national balance of over $1.6 trillion, according to Federal Student Aid (an office of the Department of Education).
Today's student debt problem can be traced to the 1960s, when California Gov. Ronald Reagan cut higher education funding and raised tuition. Once considered a public good, higher education became seen nationwide as a private commodity.
The student loan debt balance in the U.S. has increased by 66% over the past decade, and it now totals more than $1.77 trillion, according to the Federal Reserve.
It's the result of a decades-long explosion in borrowing coupled with soaring education costs. The Federal Reserve data shows people under the age of 30 are more likely to have student loan debt compared with older adults – underscoring the crippling burden on another generation of Americans.
During the 2019-2020 school year, the average graduate student borrower took on anywhere from $52,050 in debt for a post-baccalaureate certificate at a private non-profit institution — to more than $242,000 for a doctorate in a specialized health profession.
Address: Apt. 171 8116 Bailey Via, Roberthaven, GA 58289
Phone: +2585395768220
Job: Lead Liaison
Hobby: Lockpicking, LARPing, Lego building, Lapidary, Macrame, Book restoration, Bodybuilding
Introduction: My name is Sen. Ignacio Ratke, I am a adventurous, zealous, outstanding, agreeable, precious, excited, gifted person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
