We Tell You Five details about figuratively speaking

We Tell You Five details about figuratively speaking

Kadija Yilla

Senior Research Assistant – Hutchins target Fiscal & Monetary Policy, The Brookings organization

David Wessel

Director – The Hutchins Center on Fiscal and Monetary Policy

Senior Fellow – Economic Studies

People in america owe about $1.5 trillion on the pupil loans–more than they owe on the credit cards. The rise as a whole pupil financial obligation, stories of families suffering six-figure loans, together with reaction of politicians to anxiety about student financial obligation among young voters have actually turned student debt as an issue that is high-profile. To share with that discussion, listed here are five factual statements about student education loans drawn from an event – student education loans: a glance at the evidence – hosted by the Hutchins Center on Fiscal and Monetary Policy at Brookings.

1. Six per cent of borrowers owe a 3rd of the many outstanding financial obligation.

A tremendously fraction that is small of education loan borrowers have quite big loans. Six % of borrowers owe a lot more than $100,000 with debt, with 2 per cent owing a lot more than $200,000. This 6 per cent owes one-third of this outstanding $1.5 trillion of financial obligation. In the other extreme, 18 % of borrowers owe lower than $5,000 in education loan financial obligation. They collectively owe 1 % associated with the financial obligation outstanding. Continue reading