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Plan Well, Retire Well

Saving and investing your money

The Student Loan Chronicles: The Average Amount of Debt

The Student Loan Chronicles: What is the average amount people owe?

Back in May, I started the Student Loan Chronicles blog series. Last month I covered "What is it?" trying to define what is a student loan, and how does it work. This month we will be exploring how much the average person owes in student loan debt.

Young people today have pressure put on them to start the American dream. Go to college, get a degree, find a job, find a spouse, get married, buy a house, and have kids. Here's a case example. A young millennial has just come out of college with $30,000 in student loan debt. Started their new job making $42,000/year, living in Illinois. Do you know how much the standard repayment for this loan is? $341/month! Plus that $30,000 loan with interest just became $40,877 over the standard repayment period of 10 years. According to the PEW Research Center, as of 2016, 15 percent of 25 to 35-year old millennials were living in their parent's home. 27 percent of those millennials have some form of college education, including a bachelor's degree or more.

Student loans, while they may not be the next financial crisis, they are hindering some young adults from moving out and becoming financially stable on their own. Join me next month as we hear from some young adults about their student loan journey!

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