Number with student loan debt increasing

Nearly one out of every five U.S. households _ 19 percent _ owed some student debt as of 201o, an increase from 15 percent in 2007,  just before the onset of the recession, the Pew Research Center said.

Pew, using government data, also determined that 40 percent of all households headed by a person younger than 35 have student debt, a record.

The relative burden of student debt is greatest for households in the bottom fifth of income, even though people in this group are less likely to attend college.

Since the recession, student debt has increased in nearly every demographic and economic category.

The average outstanding student loan balance for those with the debt increased to $26,682 in 2010 from $23,349 in 2007.

In 2007, 10 percent of student debtors owed more than $54,238. By 2010, 10 percent owed more than $61,894, adjusted for inflation.

8 comments Add your comment

Let's Get Retarded

September 28th, 2012
11:16 am

So who’s gonna jump in here with the first dumb “we have too many students majoring in art history and gender studies” comment, despite the fact that less than one percent of grads have degrees in these subjects combined?

Dum-Bass

September 28th, 2012
3:17 pm

What’s going to really P me O is for Obama to pull one of his stupid “feeling sorry” for these people and wipe out a lot of it. I just go through taking 20 yrs. to pay off a student loan. It was hard, and had several deferments, but never once got behind on it. Somebody will have to pay back these loans, DON’T LET IT BE ALL THE TAXPAYERS! It’s yours, you pay it, like I did!

Dum-Bass

September 28th, 2012
3:18 pm

Sorry, should be “got through” in 2nd line.

[...] the Pew Research Center said. Pew, using government data, also determined that … Read more on Atlanta Journal Constitution (blog) This entry was posted in Education Loan and tagged Continues, debt, Explode, Fact, Loan, Student, [...]

electedface

September 29th, 2012
10:00 am

Student debt is stunting the growth of the economy. Student loans have increased by 275% over past decade. As the next generation graduates from college, they are plagued by insurmountable debt that places demands on their income, limiting their ability to spend their earnings in ways that stimulate the economy.
http://www.youtube.com/watch?v=mRA9ndc1pCM

Vertigo19

September 29th, 2012
4:24 pm

When the economy starts to go bad and you can’t get a job out of undergrad a lot of people decide to continue on to graduate school. They do this with the hope that the economy will rebound by the time they are done and/or they will be more marketable than other people going after the same jobs.

Also, states have reduced their financial commitments to the universities forcing them to raise tuition prices.

Last but not least, text books are extremely expensive and the costs keep going up.

Bob Walters

October 1st, 2012
2:07 am

The government needs to enact laws against freeloaders that aren’t paying back their student loans. Jail time would be great motivator for most of these young grads to go get a job instead of lying around mom and dad’s house for a few more years.

A vote for Romney/Ryan is a vote to get tough on student loan repayment.

Nail em to the Wall

October 3rd, 2012
8:31 am

Jail would be appropriate for anyone with bad debts, you borrow it, you pay it back or you go to jail. Let us make the debtor jails as inhumane as possible, bread and water only, hard labor for 12 hours per day, with frequent beatings with the greatest innovation in labor-management relations, the cat-of-nine-tails! Make it so……