Stats that put the student loan crisis in perspective
- Taxpayers could be in in big trouble
- Lots of debt is becoming a common problem for grads
- Student loans are skyrocketing
- More and more people are defaulting on their loans
Taxpayers could be in in big trouble
The federal government currently backs over $1 trillion in student loans. If those don’t get paid back by borrowers, taxpayers will be on the hook instead.
Lots of debt is becoming a common problem for grads
The vast majority of students who graduated from college in 2016 had student loans. On average, those with debt owe about $37,000 each.
Student loans are skyrocketing
Americans now have more student loan debt than they have credit card or auto loan debt. The only greater kind of debt? Mortgages.
More and more people are defaulting on their loans
The default rate is becoming a big problem. Already, roughly 1 out of every 6 student loan borrowers is in default.