Student Debt Hits Record Level in 2018
December 29, 2018
U.S. student debt levels hit a new record this year. The St. Louis Federal Reserve says that students now owe a total of $1.5 trillion. Student debt has more than doubled since the recession, with debt totaling $675 billion in 2009.
According to the Fed’s Survey of Household Economics and Decision-making (SHED), 42 percent of college students take out loans to cover the cost of tuition. This amounts to 30 percent of all adults.
SHED reports that those who have student loans, on average, owe between $20,000 and $25,000, and face a monthly payment of between $200 and $300.