The percentage of households with student loan debt has more than doubled in the past 24 years, according to an Employee Benefit Research Institute analysis of the Federal Reserve Board's Survey of Consumer Finances. In 2016, 22.3 percent of American households had outstanding student loans, up from 10.5 percent in 1992. The percentage of households with student loans increased substantially in every age group during those years...
Percentage of households with student loans in 2016 (and 1992)
Under age 35: 44.8% (24.4%)
Aged 35 to 44: 34.3% (11.7%)
Aged 45 to 54: 23.7% (5.7%)
Aged 55 to 64: 12.9% (2.9%)
Aged 65-plus: 2.4% (1.2%)
Among households with student loans, the median amount owed has more than tripled, after adjusting for inflation—rising from $5,363 in 1992 to $19,000 in 2016. In the 35-to-44 age group, debt has quadrupled...
Median amount owed for student loans by debtors in 2016 (and 1992); in 2016 dollars
Under age 35: $18,500 ($5,363)
Aged 35 to 44: $20,100 ($4,860)
Aged 45 to 54: $20,000 ($6,201)
Aged 55 to 64: $18,000 ($12,234)
Aged 65-plus: $12,000 ($10,223)
While households with and without student loans are equally likely to have saved in a defined-contribution retirement plan, those without student loans have saved much more. Among householders aged 45 to 54 with a college degree, those without student loans had a median balance of $126,000 in their defined-contribution retirement plan in 2016. Those with student loans had a median balance of $46,000.
Source: Employee Benefit Research Institute, Student Loan Debt: Trends and Implications
No comments:
Post a Comment