The student loan debt crisis is worsening in ways that go well beyond the size of the debt that has ballooned to more than $1.4 trillion, according to a new report from the CFPB.
More than 40% of borrowers leave school owing $20,000 or more, double the percentage from 2002, and the share of borrowers owing $50,000 or more has more than tripled over the same time period, from 5% to 16%.
In addition, half of student loan borrowers are over 34 when they start to repay their loans, twice the percentage since 2003, and the share of borrowers who have failed to reduce loan balances after five years in repayment has also doubled, from 16% in 2008 to 30% in 2016.
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
