Who owes the most student loan debt?

Asked by: Miss Margarett Kuhlman PhD  |  Last update: February 9, 2022
Score: 4.4/5 (28 votes)

Forty-three million Americans have student loan debt — that's one in 8 Americans (12.9%), according to an analysis of May 2021 census data. Those ages 25-to-34 are the most likely to hold student loan debt, but the greatest amount is owed by those 35 to 49 — more than $600 billion, federal data shows.

Which state has the highest student loan debt?

Utah tops the list for states with the least student loan debt while West Virginia comes in last place, according to recent report. West Virginia tops the list of states with the most student loan debt and Utah has the least, according to a report from WalletHub.

Which profession has the highest debt?

Chiropractor. Our experience advising chiropractors suggests they have the highest average debt to income ratios of any profession. That's unfortunate because chiropractors go to four years of schooling.

What is the average student debt in 2021?

For borrowers with federal student loans, the average student loan debt in America is $37,062 according to the most recent data from March 2021 according to the Department of Education.

What is the current US student loan debt?

Student loan borrowers in the United States owe a collective $1.6 trillion in federal and private student loan debt as of March 31, 2021, according to the U.S. Department of Education. Here are key student loan debt statistics to know: How much borrowers owe, the types of loans they have and how they're repaying them.

“I Owe About $90,000 in Student Loans” | VOA Connect

28 related questions found

Which country has the highest student debt?

College Expense Elsewhere on the Globe.

The United States is certainly not the only country to produce college graduates with student loan debt, but they are at the top of the list for overall student debt load.

What country has the least student debt?

Sweden. Though tuition is free in Sweden, students are still graduating in debt.

What is the average federal student loan debt for 23 and under?

Borrowers 24 and younger owe an average of $16,500 in student loan debt. 350,000 35- to 49-year-olds owe more than $200,000 in student loan debt. 34% of 18- to 29-year-olds have student loan debt. 49% of adults under 30 with a bachelor's degree or higher have student loan debt.

At what age should you be debt free?

A good goal is to be debt-free by retirement age, either 65 or earlier if you want. If you have other goals, such as taking a sabbatical or starting a business, you should make sure that your debt isn't going to hold you back.

Is America the only country that makes you pay for college?

According to a report released by the Organization for Economic Cooperation and Development (OECD) last year, a third of the 28 developed countries it gathered data for offer free college. And the only country that charges more for tuition than the U.S. is the United Kingdom.

What country has free college?

9 Countries Where American Students Can Study Free or Affordable Degrees
  • Germany. In case you didn't know, most public universities in Germany charge no tuition fees, especially for Bachelor's. ...
  • France. ...
  • Luxembourg. ...
  • Austria. ...
  • The Czech Republic. ...
  • Norway. ...
  • Iceland. ...
  • Sweden.

Does the US have the highest student debt?

The U.S. has a record-breaking $1.73 trillion in student debt—borrowers from these states owe the most on average. In the United States, student debt has grown significantly over the past several decades.

Is college in Canada free?

College isn't free in Canada, but it's more affordable than in many other English-speaking countries.

Why does US have so much student debt?

Student loan borrowing is often tied to the cost of college tuition and fees, which, per U.S. News data for the last 20 years, has more than doubled across ranked private and public National Universities – schools that are often research-oriented and offer bachelor's, master's and doctoral degrees.

Why colleges should not be free?

One of the worst arguments against free tuition is that it is unfair to force all Americans to pay for higher education. The truth is the nation as a whole would benefit from a system that provides accessible and affordable degrees to as many people as possible.

What is the Harvard of China?

Beida is China's most selective university and is nicknamed “the Harvard of China.” It made a natural starting point for what the students hope grows into a multinational exchange. Beida's Student International Communication Association, or SICA, hosted the Harvard students.

Is university free in China?

Nine-Year Compulsory Education in China

The policy is funded by government, tuition is free. Schools still charge miscellaneous fees. Senior secondary school (grade 10 to 12) and college education are not compulsory and free in China.

Which country has the cheapest university fees?

1. Norway. Although all of the Nordic countries are relatively affordable study destinations, Norway is our pick as it remains free for everyone, from both within and outside the EU, at public universities, with the exception of a few specialized programs.

Why is college so cheap in Europe?

There really are two reasons. One is that European countries spend a lot of money to support their public universities. This is one of the things that the high taxes in Europe go to support. The other reason is that when the European governments subsidize universities, they also limit how the money is spent.

How much does 4 years of college cost on average?

The average cost of tuition at any 4-year institution is $28,775. At public 4-year institutions, the average in-state tuition and required fees total $9,349 per year; out-of-state tuition and fees average $27,023.

Is being debt free the new rich?

Is being debt-free the new rich? Yes, as long as you have money and assets, in addition to no debts. Living loan-free is a fantastic way to stay financially secure, and it is possible for anyone.

Are most people in debt?

Even though household net worth is on the rise in America (at $141 trillion in the summer of 2021)—so is debt. The total personal debt in the U.S. is at an all-time high of $14.96 trillion. The average American debt (per U.S. adult) is $58,604 and 77% of American households have at least some type of debt.