The student loan debt crisis in the United States has become a hot topic in recent years, as more and more young adults are facing crippling debt after completing their higher education. Here are some facts, figures, and statistics that highlight the magnitude of this crisis.
1. Total student loan debt in the United States
According to the Federal Reserve Bank of New York, as of the first quarter of 2022, the total outstanding student loan debt in the United States was $1.67 trillion. This is a significant increase from $619 billion in 2009.
2. Average student loan debt per borrower
The average student loan debt per borrower in the United States was $39,950 in 2020, according to the Institute for College Access & Success. This figure varies widely by state and by type of institution.
3. Percentage of college graduates with student loan debt
As of 2020, 45 million borrowers owed money on their student loans, which translates to roughly 1 in 4 American adults. The percentage of college graduates with student loan debt is even higher, at 70%, according to the Federal Reserve.
4. Student loan delinquency and default rates
As of 2020, 7.7 million borrowers were in default on their federal student loans, according to the U.S. Department of Education. In addition, 3.7 million borrowers were in forbearance or deferment, and 1.1 million borrowers were in default on their private student loans.
5. Impact on young adults and the economy
Student loan debt has a significant impact on young adults and the economy as a whole. Many borrowers are delaying major life milestones such as getting married, having children, and buying a house because of their debt. In addition, student loan debt can limit career choices and hinder entrepreneurship, which has broader implications for economic growth.
The student loan debt crisis is a complex issue with no easy solution. However, employers and organizations such as Ficus Group are starting to take action by offering employer-sponsored higher education programs to help alleviate the burden of student loan debt on their employees. By working together, we can begin to address this issue and provide more opportunities for financial success for future generations.
