If you want a scary story before bedtime, just read up on the student debt crisis. As of 2018, students in America owed a collective total of $1.5 trillion (with a “t” for twelve zeros, if you were wondering), according to the Federal Reserve. That’s an increase of over $80 billion from 2017. And as tuition costs keep growing and growing, so will that debt.
Average Student Loan Debt
Not surprisingly, the student loan debt statistics for the average student are also pretty scary.
According to the Federal Student Loan Portfolio, the national average student loan debt per student is $27,975. The loan default rate is 11.5 percent, and the student loan delinquency rate is 5.41 percent.
Of course, the average student loan debt varies depending on what state you look at. In 2016, the average borrower from New Hampshire faced the worst student debt crisis and owed $36,101 in student loan debt. Pennsylvania, Connecticut, and Delaware were not far behind.
At the other end of the scale is Utah, where the average student loan debt for 2016 was $19,975.
In fact, students in the mountain west seemed to fare much better. The average student loan debt in Wyoming was $25,378 and the average student loan debt in Idaho was $27,130, according to the Federal Reserve Bank of New York.
How We Can Help
The fact is, most college students take out a loan and incur a debt of some sort. So chances are, you might be considering a loan to help pay for your education or the education of someone you care about. But here’s the good news: The student debt crisis doesn’t have to be my own personal scary story.
At Lift Credit, our goal is to give you the best financial services. That’s why we provide same day, personal loans to residents in Utah, Idaho, and Missouri. No matter what your credit standing is, see how Lift Credit works and find out exactly how we can help you pay for your education.