The Student Loan Debt Epidemic

By Arkansas Next staff on Tuesday, September 3, 2019

$1.6 TRILLION

total student loan debt in the United States.

(That's $1,598,112,980,000, if you're counting.)


Student loan debt has doubled in the past 10 years, $521 billion more than total U.S. credit card debt.

There are 45 million U.S. borrowers with student loan debt. $35,514 is the average amount students owe nationwide.


54%

of young adults who went to college took on some debt.


22%

of U.S. adults who went to college are still paying off loans.


20%

of U.S. adults are behind on their student loan payments.


What does your student loan debt look like?

Student debt: $17,000
Interest rate: 6.80%
Loan term (in years): 10
Monthly payment: $195.64
What you’ll pay by the end of term: $23,476.21
Annual salary needed: $23,476.80


Student debt: $26,859
Interest rate: 6.80%
Loan term (in years): 10
Monthly payment: $309.09
What you’ll pay by the end of term: $37,091.53
Annual salary needed: $37,090.80


Student debt: $26,859
Interest rate: 6.80%
Loan term (in years): 20
Monthly payment: $205.03
What you’ll pay by the end of term: $49,204.84
Annual salary needed: $24,603.60


Student debt: $32,371
Interest rate: 6.80%
Loan term (in years): 10
Monthly payment: $372.53
What you’ll pay by the end of term: $44,703.60
Annual salary needed: $44,703.60


$10 Billion

Arkansas student loan debt

55%

of all Arkansas residents have some student loan debt.


338,000

borrowers in Arkansas.


$26,799

Average amount Arkansas students owe.


6th

Little Rock’s ranking in the nation for student loan debt in 2018.


12.2%

Arkansas default rate.


Where The Jobs Are: Job Growth by Industry

Northwest Region: Fastest growing job market in Arkansas at 16.7% growth, which is higher than the national average.

Sources: Board of Governors of the Federal Reserve System, FRED; U.S. Department of Education; the Arkansas Student Loan Authority; The Project for Student Debt; BeProBeProud.org; LendingTree; FinAid.or. "Where the Jobs Are": ExpectMoreNow.org Projections through 2023