Some interesting facts right off the bat about Student Loan Debt in America:
(All information was taken from the American Student Assistance webpage)
- In each school year between 2000–2001 and 2006–2007, an estimated 60% of bachelor’s degree recipients borrowed to fund their education. Average debt per borrower rose 18%, from $19,300 to $22,700 over this time period. Average debt per bachelor’s degree recipient increased from $10,600 to $12,400. (Source: The College Board, Trends in Student Aid, 2008)
- In 2007–2008, lenders provided about $17 billion in private loans, a 592% increase from a decade earlier.(Source: The College Board, Trends in Student Aid, 2008)
- In 2008, 84% of undergraduates had at least one credit card, up from 76% in 2004. The average number of cards has grown to 4.6 per student, and half of college students had four or more cards. (Source: Sallie Mae, How Undergraduate Students Use Credit Cards, 2009)
- Undergraduates are carrying record-high credit card balances. The average (mean) balance grew to $3,173, the highest in the years the study has been conducted. Median debt grew from 2004's $946 to $1,645. 21% of undergraduates had balances of between $3,000 and $7,000, also up from the last study.
(Source: Sallie Mae, How Undergraduate Students Use Credit Cards, 2009)
So, November is coming upon us and it's time we start taking a look into a very serious issue in America, Student Loan Debt. Stay tuned for some interesting stuff! Now go to work and start paying back those loans!