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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.
Total sample size was 3,684 U.S. adults, of whom 1,400 have ever had a student loan and 588 currently have student loan debt. Fieldwork was undertaken on June 12-15, 2023.
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.
President Joe Biden has been fighting for student loan debt forgiveness over the past few years of his term. In 2023, the Supreme Court rejected his initial plan to wipe student loan debt totaling...
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.
A borrower is a "new borrower" if, when receiving a federal student loan on or after October 1, 2007, the borrower did not have an outstanding balance on another federal student loan. [2] The Revised Pay As You Earn Plan is available to all Direct Loan borrowers regardless of when the money was borrowed.