Average Student Loan Debt In The US 

It seems everyone is talking about the issue of the student loan debt crisis in the United States. The hot topics are how difficult it is to get a college degree and how much debt a student will take on to get this education.

5 Shocking Facts About Student Loan Debt

The Total Outstanding Student Loan Debt Is $1.75 Trillion

Unfortunately, last year we reported that the student loan debt was shrinking. However, the debt has now increased to $1.75 Trillion, from a previous 1.598 Trillion in 2020.

Public Service Loan Forgiveness Is Almost A Myth

Many students graduate and get into public service or public safety jobs, promising to have their loans forgiven after ten years. In reality, a very small percentage of these students ever have their loans forgiven.

According to the Consumer Financial Protection Bureau, over three million seniors over the age of 60 are still paying off their student loans. 

Three Million Seniors Still Have Student Loan Debt

According to an article in Forbes, the price of college is increasing almost eight times faster than wages. The average cost of tuition for public universities increased from $3,190 to $9,970 since 1980.

The Cost Of A Degree Increased By 212% Over The Last 40 Years

It’s true, Americans owe about $521 billion more on student loans than they do on credit card debt, and the year 2022 is no different. With all the hype about cutting up credit cards, there should absolutely be more attention given to ways to obtain secondary education at a cheaper rate. 

Americans Owe More In Student Loans Than Credit Card Debt

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