Based on the latest data, the student debt crisis in America isn’t about to end any time soon.
US household debt climbed to a record $13.54 trillion in the fourth quarter of 2018. Student loan debt makes up a sizeable chunk of that total. In fact, student loan debt now ranks as the second-largest consumer debt category, trailing only mortgages.
More than 44 million American student loan borrowers owe nearly $1.5 trillion, according to statistics compiled by Zack Friedman for an article published by Forbes. Students who graduated from college in 2017 left school with an average debt of $28,650, according to the Institute for College Access and Success.
The vast majority of student loan borrowers owe less than $100,000, but 2.5 million Americans owe more than $100K, and 610,000 borrowers have run up more than $200,000 in student loan debt.