How Bad Is The Student Loan Crisis?
Americans have acquired more student loan debt than ever before. It is now the second highest consumer debt category behind only housing. Student loan debt is higher than both credit card and auto debts. The staggering debt is the only form of consumer debt that continued to grow during the Great Recession. To see just how grave the situation is, let’s break down the most recent national student loan debt statistics according to Student Loan Hero.
- $1.48 trillion in total U.S. student loan debt
- 2 million Americans with student loan debt
- 11.2% student loan delinquency rate (90+ days delinquent or in default)
- $351 average monthly student loan payment (for borrower aged 20 to 30 years)
The unsettling student loan debt crisis sweeping our nation doesn’t seem to be going away anytime soon. The average balance among the 70% of college graduates with student debt is more than $37,000. Unless the government intervenes with some type of forgiveness program, our nation can count on the worst recession in history with no middle class able to resurrect the economy. Because the economy has gone up and unemployment has gone down, people forget how this student debt is affecting the U.S. economy – but it is, and drastically so.