![]() ![]() ![]() A quarter of borrowers with outstanding debt reported owing $7,000 or less, while another quarter owed $43,000 or more. The amount owed varied considerably, however. The median borrower with outstanding student loan debt for their own education owed $17,000 in 2016. About six-in-ten college seniors ages 18 to 24 took out loans for their education in the 2015-2016 school year, up from about half in the 1999-2000 school year, according to the National Center for Education Statistics.Ģ In 2016, the amount students owed varied widely, especially by degree attained. While age differences may partly reflect the fact that older adults have had more time to repay their loans, other research has found that young adults are also more likely now than in the past to take out loans to pay for their education. Roughly one-in-five adults ages 30 to 44 (22%) have student loan debt, as do 4% of those 45 and older. Student debt is less common among older age groups. (This includes those with loans currently in deferment or forbearance, but excludes credit card debt and home and other loans taken out for education.) Looking only at young adults with a bachelor’s degree or more education, the share with outstanding student debt rises to 49%. Among adults ages 18 to 29, 34% say they have outstanding student loans for their own education. ![]() Here are five facts about student loans in America, based on a Pew Research Center analysis of recently released data from the Federal Reserve Board’s 2018 Survey of Household Economics and Decisionmaking:ġ About one-third of adults under age 30 have student loan debt. The increase has come as historically high shares of young adults in the United States go to college and the cost of higher education increases. Americans owed about $1.5 trillion in student loans at the end of March 2019, more than two times what they owed a decade earlier. ![]()
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