Americans collectively have more than $1.7 trillion in federal and private student loans. While 54 percent of Americans do not have student loan debt, if you are between the ages of 18 to 23, you probably do. Over 60% in this age group are saddled with debt.
Here is what a recent survey found:
* 31% owe less than $10,000
* 16% owe $10,001 to $20,000
* 11% owe $20,001 to $30,000
* 13% owe $30,001 to $50,000
* 7% owe $50,001 to $70,000
* 10% owe $70,001 to $90,000
* 6% owe $90,001 to $100,000
* 6% owe more than $100,000
One surprising finding: Student loan borrowers over the age of 65 are likely to have the highest student loan debt, with 72 percent owing between $20,000 and $40,000 and 17 percent owing up to $100,000. Why? Not only are they financing the loans of family members, but many are also seeking advanced degrees themselves.
Sincerely,
