America Counts: Stories Behind the Numbers
Student Debt Weighed Heavily on Millions Even Before Pandemic
Ballooning student debt was already a concern prior to COVID-19 but the widespread economic hardship brought on by the pandemic, including a spike in unemployment, has left some groups in even more precarious financial conditions than before.
Student loans are among the largest contributors to household debt. The U.S. Department of Education estimates that in 2017 the total amount owed in federal student loans was $1.37 trillion.
Experiences prior to and during the pandemic provide insight into what we can expect going forward.
In 2017, 15% of adults (33 million) who had completed at least a high school degree had student loan debt, according to the Census Bureau’s Survey of Income and Program Participation (SIPP), which provides detailed info about debt holders in the years preceding the pandemic (all subsequent SIPP estimates are limited to those with at least a high school degree).
Continue reading to learn more about:
- Education and debt go hand in hand
- Who is most likely to have student loans?
- How much student debt do people owe?
- COVID-19 adds layers of economic hardship
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