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Research from EducationData.org shows that almost 44 million Americans hold an average federal student loan debt balance of $37,717. Combined, student loan debt in the U.S. adds up to $1.744 trillion.
The federal student loan program was criticized for not adjusting interest rates according to factors under students' control, such as the choice of academic major. Critics have contended that flat-rate pricing contributes to inefficiency and misallocation of resources in higher education and lower productivity in the labor market. [ 15 ]
The U.S. Department of Education’s newly announced federal student loan interest rates for the 2024-25 academic year broke longstanding records. Experts and policymakers alike predicted a jump ...
These loans have an average interest rate of 11.92%, but rates can go up to 35.99% depending on your credit score. ... Average Student Loan Debt, Education Data Initiative. Accessed October 25 ...
The average interest rate for a private loan in 2017 was 9.66%. [46] The Economist reported in June 2014 that U.S. student loan debt exceeded $1.2 trillion with over 7 million debtors in default . In 2014, there was approximately $1.3 trillion of outstanding student loan debt in the U.S. that affected 44 million borrowers who had an average ...
Graphic 1: Total number of dollars (in billions) entering default, 2009-2018, data source: CRS Graphic 2: This graph portrays the changes in the interest rate for direct subsidized loans, 2004-2019. Default and delinquency are increasingly common and are a large risk the government bears when giving out low-interest rate loans.
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