The $1.5 Trillion Student Debt Bubble Is About To Pop – Nasdaq.com
Some 44 million people in the United States now owe more than $1.5 trillion in student loans, and not only do women carry the lion’s share of this burden, but they’ll also have the toughest time paying it back.
An estimated seven out of 10 students take out loans to get their degree and end up owing an average of $30,000 each. Nearly 20 percent owe more than $100,000. Recent data says that 11 percent of borrowers 90 days or more delinquent. All of this comes as the cost of higher education has risen 150 percent over the past four decades, but household incomes haven’t kept pace, having risen only 20 percent in that same time period.
Since Trump took office, the nation’s student debt burden has soared by $110 billion, to an unprecedented and dangerous $1.41 trillion, while the number of student debtors has continued to grow to 45 million Americans, up 2 million.