Here are some shocking student loan debt numbers:
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$1.1 trillion:
The amount of outstanding student loan debt, which first exceeded $1 trillion in March 2012.
37 million:
The number of Americans who have student loan debt.
2:
The ranking of student loan debt compared to other types of consumer debt, second only to mortgages.
$101.8 billion:
The Department of Education’s estimated profits generated from student borrowers over the last five fiscal years.
Nearly 300 percent:
The amount student loan debt has grown over the past eight years.
$26,600:
The amount the average college graduate (of the class of 2011) owed in college loans.
40 percent:
The share of households headed by someone under 35 that owed college debt in 2010.
More than 80 percent:
The percentage of bankruptcy attorneys who reported that the number of their clients with student loan debt increased “significantly” or “somewhat” in a February 2012 survey.
Nearly 1 in 5:
The number of households that had student loan debt in 2010 – double the share of households burdened by college debt in 1989!
6.8 percent:
The new interest rate on subsidized student loans starting July 1 if Congress does nothing. The new interest rate would be double the current interest rate.
More than 1 in 10:
The number of borrowers that defaulted on their student loans in the three years leading up to Sept. 30, 2011.
22.7 percent:
The default rate in the three years leading up to Sept. 30, 2011 for borrowers that attended for-profit colleges, compared to a default rate of 11 percent for borrowers that attended public colleges.
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