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Source: U.S. Department of Education Federal student loan debt by age. As of the second quarter of 2024, Gen X, followed by baby boomers, are among the most affected generations by student loan debt.
According to Bankrate’s 2024 Home Affordability Report, ... Nearly 40% of federal student debt is owed by graduate students, according to student loan debt statistics collected by Bankrate.
Millions of Americans are living in the clutches of student loan debt, which, according to LendingTree, now totals $1.77 trillion. ... May 31, 2024 at 7:01 AM. zimmytws / Getty Images/iStockphoto.
In April 2024, the Biden administration initiated the forgiveness of $7.4 billion in student loan debt for 277,000 borrowers, as part of its broader strategy to address the issue. This action added to the $153 billion already forgiven for nearly 4.3 million individuals, reflecting the administration's ongoing efforts in tackling student loan debt.
Student loan debt rose from $480.1 billion (3.5% GDP) in Q1 2006 to $1,683 billion (7.8% GDP) in Q1 2020. Student loans play a significant role in U.S. higher education. [50] Nearly 20 million Americans attend college each year, of whom close to 12 million – or 60% – borrow annually to help cover costs. [51]
Student loans totaled more than $1.3 trillion, averaging $25,000 each for 40 million debtors. The debtors average age was 33. Forty percent of the debt was owed by people 40 or older. [37] In a 2017 report by the National Center for Education Statistics, the researchers found that 27% of all student loans resulted in default within 12 years. [33]
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