What are the latest statistics on student loans?
An example of an AI chatbot conversation about student loan statistics and trends.
What are the latest statistics on student loans?
As of 2023, over 45 million Americans owe about $1.7 trillion in student loans. The average debt per borrower is around $37,000.
How has the student loan debt changed over the years?
Student loan debt has increased significantly over the past decade, rising from about $1 trillion in 2010 to $1.7 trillion in 2023.
What percentage of borrowers are in default?
Approximately 10% of borrowers are in default on their student loans, which can lead to serious financial consequences.
Are there any trends in student loan repayment?
Yes, many borrowers are opting for income-driven repayment plans, which adjust monthly payments based on income.
What impact does student loan debt have on the economy?
Student loan debt can hinder economic growth by limiting borrowers' ability to buy homes, start businesses, or save for retirement.
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