A new report suggests that Americans’ student loan debt now totals $1.5 trillion.
New figures revealed that student loan debt is hovering at an astonishing $1.5 trillion. According to the statistics, the average college graduate owes $28,400. To make matters worse, approximately 20 percent of graduates are behind on their loan payments.
According to the CNN report, women hold approximately two-thirds of all student loan debt. It’s unlikely that this is a result of a high number of women who can’t afford to attend university without taking out a loan. It is much more likely that it is the result of the fact that far more women are enrolling in degree programs than men.
Women in the Class of 2017 will earn “141 college degrees at all levels for every 100 men (up from 139 last year),” according to American Enterprise Scholar Mark J. Perry. This equates to a whopping 659,000 college degree gap in favor of women, who will outearn men in every degree type. Women will earn far more associates, bachelors, masters, and doctoral degrees than men in 2017.
A 2017 report from LendEDU revealed that half of American college students believe that their loan will be forgiven after they graduate. “The fact that many students do not understand this means that they may be significantly underestimating the cost of financing a college education,” LendEDU co-founder Nate Matherson said.