what is the average college debt in the us
Student debt There were around 37 million student loan borrowers with outstanding student loans in 2013. According to the Federal Reserve Bank of New York, outstanding student loan debt in the United States lies between $902 Billion and $1 Trillion with around $864 Billion in Federal student loan debt.[11] As of Quarter 1 in 2012, the average student loan balance for all age groups is $24,301.[11] About one-quarter of borrowers owe more than $28,000; 10% of borrowers owe more than $54,000; 3% owe more than $100,000; and less than 1%, or 167,000 people, owe more than $200,000.[11] Of the 37 million borrowers who have outstanding student loan balances, 14%, or about 5.4 million borrowers, have at least one past due student loan account.[11] For every student loan borrower who defaults, at least two more borrowers become delinquent without default.[11] In 2010 for the first time ever, student loan debt exceeded credit card debt and in 2011 student debt surpassed auto loans (both of which were decreasing).[12] According to Mark Kantrowitz, publisher of FinAid.org, student loan debt is growing by $3,000 per second.[12] According to a report by The Institute for College Access and Success the average debt from those who graduated in 2013 topped $30,000 in six states and was only below $20,000 in one state.[13] Data released by the Federal Reserve Bank of New York showed that in the fourth quarter of 2014 delinquency rates for students dipped to the point where approximately one in nine student loans is past due.[14] As of 2015 over half of outstanding student loans are in deferral, delinquency or default.[15] Rising student loan debt is exacerbating wealth inequality.[16]