According to a new infographic provided by Frozen Pea Fund many Americans in all age groups are bogged down by student loans. In an economy where jobs are hard to come by and good paying jobs are almost non existent the future of students that are now accumulating this debt is shaky at best.
The infographic shows that each year over 20 million Americans attend college and of these students, 60% take out loans to cover their costs. Currently there are 37 million Americans with outstanding loans. As it stands today, the total price of the outstanding loans is between $902 billion and $1 trillion, with approximately $864 billion in federal loans and $150 billion of the loans privately held.
The largest portion of this debt is owed by students or former students 30 years of age or under that individually borrow more than $28,000 and together owe $14 million. The debt held by 30-39 year olds is not much better at $10.6 million with an average debt of $54,000. Americans 40 to 49 years old owe an average debt of more than $100,000 and make up $5.7 million of the total debt, while 50 to 59 year olds now owe more than $200,000 on average and $4.6 million in outstanding loans.
There are several choices former students have for paying back the loan and it all depends on their ability to pay. The economy has not produced the jobs necessary for repayment overall as the infographic shows. Defaults and delinquencies for the first half of 2013 are the highest they have been since 2003 with $52 billion worth in loan payments delinquent and 21.8% of former students defaulting within their first two years of leaving school.
The main cause for the delinquencies is unemployment or underemployment. Even if a graduate with a Bachelors Degree can find a meaningful job, he/she will be paid 3% to 4% less in this economy.
Distributed by Iterate LLC
Company Name:Frozen Pea Fund
Contact Person: Benjamin Wrights
Email:media@vytalnet.com
Phone: 4157669098
City: San Francisco
State: CA
Country: United States
Website: http://frozenpeafund.com/
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