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What is student debt?
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Jul 16, 2023 · Average Student Loan Debt by Race and Gender. Although most college students take out student loans, women and people of color are more likely to have student loan debt—and higher...
- Alicia Hahn
Jun 5, 2022 · College debt is one of the most crippling financial burdens young people face today. What's more, nearly 40% of student loan borrowers don't finish their degree within six years.
- Introduction
- How Much Student Debt Is there?
- Who Owes It?
- Why Do Students Take on Debt?
- Why Does The Government Lend to Students?
- What Is The History of U.S. Student Lending Programs?
- What Is The Current Debate?
- What Has Biden proposed?
Student loan debt in the United States has grown enormously in recent years and is now one of the largest forms of consumer borrowing in the country. Though the benefits of a college education outweigh the costs in most cases, many graduates are concerned about entering a weak job market and worry that lingering debt could hinder their financial fu...
Student debt has more than doubled over the last two decades. As of September 2023, forty-three million U.S. borrowers collectively owed more than $1.6 trillion in federal student loans. Adding private loans brings that amount above $1.7 trillion, so that total student debt exceeds debt from auto loans and credit cards. Only home mortgage debt, at ...
Roughly one in five Americans holds student debt. 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. However, borrowers with smaller amoun...
Most U.S. students have an incentive to borrow because higher education is typically required for the highest-paying jobs. A worker with a bachelor’s degree earns 1.8 timesthe amount a person with a high school diploma does, while those with doctorates or professional degrees earn more than double, according to the U.S. Bureau of Labor Statistics. ...
The U.S. government invests in higher education for its people—through need-based tuition grants, student loan programs, veterans’ benefits, and research grants—because an educated and highly skilled workforce promotes national prosperity. Highly educated workers provide greater tax revenues, are generally more productive and civically engaged, and...
The federal government began taking a large role in funding higher education after World War II. The Servicemen’s Readjustment Act of 1944, commonly known as the GI Bill, provided tuition assistance and many other benefits, including low-interest home loans, to nearly eight million returning veterans. The program continues to pay tuition for hundre...
Many experts and policymakers agree that both the rising cost of college and the existing volume of loans need to be addressed. They acknowledge that surging student debt is harming younger generations of students by preventing them from reaching their financial goals while exacerbating racial inequality. While older generations were generally able...
In 2022, Biden proposed a landmark executive order to cancel close to one-third of the federal government’s student loan holding, worth $441 billion. His plan would have forgiven up to $20,000 in student debt for Pell Grant recipients and up to $10,000 for non–Pell Grant recipients making less than $125,000 per year. The program was expected to hel...
Aug 26, 2022 · The rising cost of college has come at a time when students receive less government support, placing a greater burden on students and families to take out loans in order to fund their education.
Mar 25, 2024 · Student debt refers to loans used to pay for college tuition and repaid after the student graduates or leaves school.
- Julia Kagan
Feb 6, 2024 · Soaring college costs and pressure to compete in the job marketplace are big factors for student loan debt. Student loans are the most common form of educational debt, followed by credit cards...
Share of Americans who attended at least some college and currently have student loan debt in the United States in 2022, by race and gender
