Student loans have become a necessity in the past few decades in order to attend college of any type. According to the American Student Assistance, approximately 20 million Americans attend college each year and about 60% of these students borrow throughout the entire year.
As of today, there is roughly about $900 billion to $1 trillion of student loan debt throughout the nation. That puts the average debt for each student at about $24,300.
About 30% of all students that take out student loans end up dropping out without receiving a degree or certificate. Out of the students that take out loans to enroll in two year colleges, more than half of these students drop out and never receive a degree. The students that borrow and drop out of college are the ones that have the biggest trouble paying off their debt.
This giant amount of national student loan debt is greatly effecting the economy also. About 37 million Americans have outstanding student loan debt and 14% of them have at least one past due student loan account. In 2011, first-time home buyers fell to the smallest percentage of total home purchasers since 2006 because of the large amount of national student loan debt.
These are some scary and true statistics about the reality of student loans. I guess it shows that if we start college we better finish, otherwise we will be in a lot or worse financial trouble.
American Student Assistance
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