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The Student Loan Debt in the United States Just Hit an All-Time High…And How There Might Be Nothing We Can Do About It

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Student loan debt in the United States has hit a new all-time high, a new analysis says.

From Daily Caller:


According to a report from Bloomberg, outstanding student debt has now reached $1.465 trillion, more than double what it was during the great recession nearly a decade ago. The outstanding debt was $675 billion in June 2009 during the Obama presidency. 

According to Bloomberg’s analysis, students who took out loans in 2012 ran into the most trouble; loans taken out that year have spiked to the second-highest default rate on record and the highest of any rate since the recession.

According to Bloomberg, borrowers between the ages of 25–34 owed $489 billion in loan debt as of the third quarter, while borrowers between the ages of 35–49 owed $530 billion.

But, as Bloomberg’s study found, it’s not just young people still straddled with debt. Borrowers between the ages of 50–61  owe $213.6 billion, according to data Bloomberg cited from the Department of Education, while those over the age of 62 owed $62.5 billion.

Bloomberg also found that the amount owed by borrowers over the age of 50 increased by $28.8 billion, which is an 11.6 percent over the past year.


 

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