Here are some fun facts about those predatory unsecured student loans targeting adolescent borrowers. This industry comprises 1.8 Trillion in debt. Average loan repayment adds a total of 128%.
1 in 4 Americans have a student loan. These student loans average $37,172 at $393 per month.Unfortunately, average graduation rate is only 59%. And even still, only 27% of college graduates use their degree’s and a whopping 40% are to fall into default 2023.
By the time a person’s student loans fall into default, they will see their credit score tank around 60 points, to an average of around 550, which is considered “very poor,”
The average time frame for a 4 year degree is now 6 years.
Average Annual Cost of College – / AVG interest paid on student loan debt 28%/ Minimum AVG interest paid over 4 years
- 1 Year Tuition /After interest/ total est 4 year interest paid.
- Private 4-Year Not-for-Profit: $50,900 /$65,152 / $57,008
- Public 4-Year Out-of-State: $40,940 /$52,403 / $45852
- Public 4-Year In-State: $25,290 /$32,371.2/ $28,324
In the last 30 years, the cost of tuition has tripled. Far outpacing inflation rates. On average, it takes bachelor’s students 12 years until they recoup the costs of tuition plus these lost wages. By age 34, most students will have finally caught up to their peers
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