Jason Spencer Dallas Texas Blog

2013 Shocking New Student Loan Debt Crisis Stat’s

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Here are some shocking student loan debt numbers, via the Huffington Post:
$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.

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.

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.

Keep your fingers crossed for a swift solution on the student loan crisis because numbers of this magnitude don’t just resolve themselves.


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