Updated: May 1, 2018
It’s 2018 and Americans are more burdened by student loan debt than ever. In fact, the average student loan debt for Class of 2017 graduates was $39,400*, up six percent from the previous year.
You’ve probably heard the other scary statistic: Americans owe over $1.48 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt.
But how does this break down at a more granular level? Are student loans being used to attend public or private universities? Is it mostly from four-year or graduate degrees? What percentage of overall graduates carry debt? Are more grads utilizing private student loan consolidation and refinancing?
Let’s take a look.