22 Not so Fun Facts about Student Loans

Posted on by Alan F. Dauphin in Student Loans
  1. Student loan debt is currently at 1.4 trillion and climbing.
  2. 27% of college students move back in with their parents after graduation.
  3. The CT average debt for graduating public college seniors is $34,773.
  4. The CT average debt for graduating private non-profit college seniors was $34,596.
  5. The lowest CT average debt for graduating private non-profit college seniors was Yale.
  6. Student loans are accruing nationally at a rate of $3,000 per second.
  7. Since 1999, student loan debt has increased by 500% while incomes for young workers have decreased by 10% since the year 2000.
  8. The Congressional Budget Office projects that the Federal Government made about $66 BILLION on student loans in 2015, which is more than Exxon-Mobile made.
  9. Americans owe more in student loan debt than credit card debt.
  10. 40% of student loan borrowers are delinquent at some point on their loans within the first 5 years.
  11. More than 40 million Americans have student loan debt.
  12. It is nearly impossible to shed federal or private student loan debt through bankruptcy.
  13. 71% of students that graduate from four year colleges have student loans.
  14. 65% of high-debt student loan borrowers didn’t understand the terms of their loans.
  15. 15% of student loans are held privately.
  16. 15% of undergraduate and graduate students have over $100,000 in debt.
  17. College tuition costs rose 275% from 1970-2013 (after adjusting for inflation).
  18. The U.S. Government can garnish wages and withhold tax-refunds to satisfy unpaid student debt.
  19. Only 28% of student loan borrowers know about fact #18.
  20. Student loans are causing young people to get married later and delay major purchases.
  21. 37 million people have outstanding loan balances.
  22. Private student loans can be passed on to your family after your death.