America has $1.73 trillion in student debt—borrowers from these states owe the most.Sep 9, 2021
Total federal student loan debt
Most student loans — about 92%, according to a July 2021 report by MeasureOne, an academic data firm — are owned by the U.S. Department of Education. Total federal student loan borrowers: 42.9 million. Total outstanding federal student loan debt: $1.59 trillion.
Federal Student Loan Debt
42.9 million Americans owe a total of $1.57 trillion. They each owe an average of $36,510 in federal loans. 52.8% of federal student loan debt is in Stafford Loans.
The report concludes that majority of student loan debt is held in households that have higher earnings and a graduate degree. The highest-income 40% of households (those with incomes above $74,000) owe almost 60% of student loan debt. These borrowers make almost three-quarters of student loan payments.
Not surprisingly, states with larger populations have higher aggregate student loan debt. California, Florida, Texas and New York are among the four highest states for total federal student loan debt outstanding among borrowers. … Collectively, borrowers in these states owe more than $440 billion of student loan debt.
While a college degree is no guarantee of future career success, experts agree getting an education is a good investment for most people. … The data is clear: paying for a college degree with student loans may be worth it. But that doesn’t minimize the burden of a large balance.
Public and government accounts
As of July 20, 2020, debt held by the public was $20.57 trillion, and intragovernmental holdings were $5.94 trillion, for a total of $26.51 trillion. Debt held by the public was approximately 77% of GDP in 2017, ranked 43rd highest out of 207 countries.
Student debt has grown because more and more students are attending college. … The cost of college—and resulting debt—is higher in the United States than in almost all other wealthy countries, where higher education is often free or heavily subsidized.
|Year||Undergraduate Only||All Student Debt|
|Year 2020||Undergraduate Only $36,635||All Student Debt $36,510|
As of June 30,2020, total student debt in the US stands at $1.67 trillion with over 44.7 million borrowers. The average graduate in the class of 2020 left college owing $37,584 in student loan debt, with some students owing much more.
Among those who borrow, the average debt at graduation is $25,921 — or $6,480 for each year of a four-year degree at a public university. Among all public university graduates, including those who didn’t borrow, the average debt at graduation is $16,300.
Students graduating in Canada have an average student debt of $20,000, and in Germany, the average debt is only $2,400. As you can see, students in the United States are graduating with far more student debt than any other country in the world.
After you have consistently made the payments on your debts for the court ordered repayment period, any debt remaining is forgiven. You no longer owe that money. When you settle a debt, it means you pay off a portion of what you owe to the creditor.
|Country||Free Tuition (Citizens)||Free Tuition (International Students)|
|France||Yes||Available to all European Union (EU) citizens.|
The average student loan debt for recent college graduates is nearly $30,000, according to U.S News data. Sept. 14, 2021, at 9:00 a.m. College graduates from the class of 2020 who took out student loans borrowed $29,927 on average, according to data reported to U.S. News in its annual survey.
The College Debt Numbers
From a general economic perspective, it’s still worth it to earn a college degree. … The cost of a four-year degree “averages $102,000”, which means that even if you include the average $30,000 debt students graduate with, in pure numbers terms, it’s still worth it.
The average student borrower takes 20 years to pay off their student loan debt. Some professional graduates take over 45 years to repay student loans. 21% of borrowers see their total student loan debt balance increase in the first 5 years of their loan.
The United States currently owes China around $1.1 trillion as of 2021. China broke the trillion-dollar mark back in 2011 according to the U.S. Treasury report. However, China does not disclose how much debt the U.S. owes them.
Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%. Japan’s national debt currently sits at ¥1,028 trillion ($9.087 trillion USD).
Much of the focus around student debt is around rising tuition, and for good reason. … As states disinvested in higher education, tuition increased across the country. Published tuition at public four-year colleges rose by 36% from 2008 to 2018.
According to many experts, the impact of student loans on the economy is pretty bleak. But that doesn’t mean student loans don’t have any positive impact on the economy. Student loans enable many borrowers to pursue a bachelor’s or graduate degree, and higher education remains an effective pathway to economic mobility.
University of Chicago
A student at the University of Chicago pays $81,531 per year. It is America’s most expensive four-year university. Niche ranks it as America’s No.
If you racked up $30,000 in student loan debt, you’re right in line with typical numbers: the average student loan balance per borrower is $33,654. Compared to others who have six-figures worth of debt, that loan balance isn’t too bad. However, your student loans can still be a significant burden.
|Loan balance||Repayment term|
|$20,000 to $39,999||20 years|
|$40,000 to $59,999||25 years|
|$60,000 or more||30 years|
Several told me a rule of thumb is that total undergraduate borrowing should be limited to what you might expect to make your first year after graduation. By that measure, many college graduates seem to be doing well: Average debt is about $37,000 and first-year salaries are close to $40,000, on average.
They can be considered good debt because the money you’re borrowing to attend school is your ticket to earning a degree and getting hired at a well-paying job. … In fact, student loans may be the hardest type of debt to narrow down to simply “good” or “bad,” since everyone’s financial and lending needs may differ.
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