Since college costs have climbed at such an alarming rate in the United States, the total amount of student loan debt has reached $1.7 trillion this year after topped $1 trillion just nine years ago.
This trend is well on its way to topping $2 trillion by the time current college freshmen graduate from a four-year degree program.
According to the College Board, full-time tuition at in-state public universities increased by a double from 2000-2001 to $10,560 for the 2020-2021 academic cycle.
With room and board, books and supplies, and other expenses included, the most affordable bachelor’s degree in the U.S. easily tops $40,000 in tuition alone.
A private university or out-of-state college can cost more than twice as much as a public university. This is a list of the costliest colleges in every state.
Consider that a college education can cost a lot more than an average adult’s annual income as a full-time worker.
The heavy burden of student debt that so many Americans carry into their careers when they start their careers should not be a surprise — it may follow them for years even if their degree doesn’t lead to higher earnings immediately after graduation. The following is a list of the 20 best colleges in America.
A 2019 report by New York Life found people’s top financial regret was taking on too much student loan debt. Those surveyed reported taking an average of 18-and-a-half years to pay down the debt.
A lot of factors affect whether you can pay off your student loan debt, notably whether or not the degree you borrowed against led to a good job in the current field.
Those who have been granted a diploma from a prestigious college in a large city with a wide variety of job opportunities are more likely to pay off their debt than those who live in a less-populated area with limited career prospects.
Students are struggling to repay their student loan debts with so much student debt sloshing around the nation.
In analyzing which counties have the most student loan debt in collections, 24/7 Wall St. examined the median student loan debt in collections among residents of every state where such debt is in the collection, as reported by the Urban Institute‘s Debt in America 2021 report. Data from 2020 was used by the Urban Institute.
According to the Urban Institute, the percentage of individuals with open, deferred, and sent out to collect student debt is a share of total student debt that is in collections.
The Survey 5-year estimates are from the American Community Survey providing the educational attainment.
