According to the Federal Reserve Americans owe over $1.6 trillion in student loan debt, with the average borrower owing $37,667 ( medium.com )

solo , 1 month ago

I wonder how much of this 1.6 trillion is just interest that the banks charge on the actual loan.

dohpaz42 , 1 month ago

Another good question would be how much of that debt’s interest is being subsidized by the government?

HubertManne , 1 month ago

im suprised the average is so low. I wonder if thats because there are a bunch who only took out small loans???

Addition1291 , 1 month ago

It's really only undergrad that's usually uber expensive. My wife is getting her master's for like $10k/year and her company is paying for half of it.

Meanwhile our undergrad was like $40-50k/year with no help.

Also this average is probably averaging current balances, not total disbursement.

medgremlin , 1 month ago

Unless your graduate school is medical or law school. I'm taking out around $90k per year for medical school for tuition and living expenses.

Sanctus , 1 month ago

Because schools part out your loan to a million different providers. These schools (like the Art Institute, or the University of Advancing Computer Technology) make money off of these tactics and make it a fucken bitch to deal with your loan. There's an entire legal sector out there that cold calls people who are victims of this strategy.

Source: went to UAT with my brother, before that he went to the Art Institute. We both got these calls, they helped him absolve his AI loan.

alquicksilver , 1 month ago

Guys, I did it! I'm finally above average!