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In June 2010, the amount of student loan debt held by Americans exceeded the amount of credit card debt held by Americans. [23] At that time, student loan debt totalled at least $830 billion, of which approximately 80% was federal and 20% was private.
The amount of money owed by Americans on their student loans is staggering. According to the Education Data Initiative, student loan debt in the U.S. totals $1.753 trillion.
Average student loan debt: $54,795. Collective amount owed: $6.4 billion. ... Another factor driving up the student loan debt is the amount of students earning advanced degrees in medicine, ...
President Biden has forgiven more than $136 billion in student loan debt for over 3.7 million borrowers.. The debt relief was under multiple programs: public service loan forgiveness (PSLF ...
[41] [42] [43] There is a comparison between these accounts and the college credit card trend in America during the 2000s, though the amounts owed by students on their student loans are almost always higher than the amount owed on credit cards. [44] Student loans cannot be discharged in a bankruptcy proceeding unless the debtor can demonstrate ...
Federal student loan debt increased 267.1% between 2006 and 2023, according to the Education Data Initiative. In December, the House introduced legislation to increase the deduction limit to ...