College: the new 'debt sentence' College: the new 'debt sentence'\images\insights\infographic\graduation-small.jpg January 21 2020 August 26 2019

College: the new 'debt sentence'

At nearly $1.6 trillion, student debt is double the size of the Defense budget and is second only to mortgages on the list of the largest household liabilities.
Published August 26 2019
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Infographic published August 26,2019. Title: College the new debt sentence Student debt in the United States Is at 1.57 trillion dollars. This number is twice the current budget for the Defense Department and 22 times the budget for the Education Department. The top sources of consumer debt in the United States are mortgages, or home loans, at 8.94 trillion dollars; student loan debt at 1.57 trillion dollars; credit card debt at 41.21 trillion dollars; and auto loan debt at 840 billion dollars. Monthly student loan payments average 393 dollars. In the United States, 71 percent of students have loans to pay for college, which is 44.7 million Americans. At graduation, students average 37,172 dollars in loan debt. The top 6 loan providers are Federal Unsubsidized Stafford Loans composing 46 percent of loans borrowed, Federal Subsidized Stafford Loans composing 20 percent of loans borrowed, Federal Parent PLUS Loans composing 12 percent of loans borrowed, Nonfederal loans composing 11 percent of loans borrowed, Federal Grad PLUS Loans composing 10 percent of loans borrowed, and Federal Perkins Loan composing 1 percent of loans borrowed. Information sources for this graphic included: Student Debt Relief 2019, NPR 2019, Nitrocollege 2018, Investopedia 2019, and Student Loan Hero 2019.