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Student debt averages $20-27K ($24K in Michigan).
National student debt now exceeds the nation’s credit card debt.
Results suggest that there is a causal relationship between student loans, household financial resources, and college graduation, meaning that the amounts of student loans and household net worth cause young people to experience certain educational outcomes. This can be somewhat misleading, as it is challenging to examine causality within these relationships. Randomized controlled trials (RCTs) are often considered the gold standard in research because they allow researchers to get closer to the question of causality; however this study was not an RCT. While this study used advanced analytic techniques with a reputable, longitudinal dataset, we should remain cautious about inferring causal relationships between student loans, household financial resources, and college graduation from any one research study. Instead, readers are advised to reference the entire body of research that finds support for these relationships rather than basing arguments for or against student loans on any one research study. Readers interested in this topic may be particularly interested in Elliott & Friedline's paper available , entitled You Pay Your Share, We'll Pay Our Share: The College Cost Burden and the Role of Race, Income, and College Assets.
College Students and College Debt - Essay by …
Two out of five student loan borrowers – or 41%- are delinquent at some point in the first five years after entering repayment.
Students who drop out of college before earning a degree often struggle most with student loans
Why do they struggle?
48% of 25-34 year-olds say they’re unemployed or under-employed.
52% describe their financial situation as just fair.
70% say it has become harder to make ends meet over the past four years.
42% of those under 35 have more than $5000 in personal debt that does not include a mortgage.
Student loans account for the most common form of increasing debt among ages 18-24 (54% have seen increased school loan debt) while those in the older group attribute increased debt equally to school loans (37%) and credit cards (37%)
How is student debt impacting borrowers – and the U.S.