Grim Student Debt Statistics – Historic Levels

Student debt is now at a historic high in the United States.

Last month the Wall Street Journal reported the following grim student debt statistics:

  • Student loan debt was $364 billion in 2004 and over $1 trillion in 2013.
  • The Federal Reserve Bank of New York reported that as of the fourth quarter of 2012 only about 40% of student borrowers were paying down their loans.
  • 17% of all loans were delinquent, defined as 90 days past due.
  • 14% of borrowers who were not officially delinquent had the same balance as the previous quarter.
  • 30% had increases in their balances.
  • More students are attending college and taking out bigger loans and a weak job market has impacted student re-payment.

There are ways to graduate with manageable debt but you must take the necessary steps before you turn in a single college application.

College GuideI devote many pages in my book, The New College Guide: How to Get In, Get Out, and Get a Job to avoid graduating with a student loan bill that will impact your life after graduation.

Read the book and don’t become a negative statistic.

How Much Debt Ratio Is Too Much?

How much debt is too much?

 

 

 

 

 

On March 28th, the Boston Globe reported:

According to the New America Foundation and The Wall Street Journal:

  • The average undergraduate student loan bill was nearly $30,000 last year.
  • 2012 medical school graduates owed an average of almost $162,000.
  • 2012 law school graduates owed, on average, almost $141,000.
  • Business school graduates in 2012 owed an average of, $42,000.
  • Education majors with a master degree owed almost $51,000.
  • Graduate students’ debt loads increased 43% from 2004 and 2012. In 2012, one out of every 10 graduate students owed about $150,000.
  • Undergraduate students’ debt loan increased 39% from 2004 to 2012.

Implications for colleges and universities