{"id":15715,"date":"2013-07-01T00:01:21","date_gmt":"2013-07-01T05:01:21","guid":{"rendered":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/%year%\/%monthnum%\/%day%\/248455\/"},"modified":"2024-04-14T03:30:35","modified_gmt":"2024-04-14T08:30:35","slug":"248455","status":"publish","type":"short-read","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/2013\/07\/01\/248455\/","title":{"rendered":"Households owing student loan debts at record levels"},"content":{"rendered":"

The rates for government-backed student loans — known as Stafford loans<\/a> — are set to double today after lawmakers on Capitol Hill failed to reach a compromise for heading off the increase. An estimated 7.4 million university students<\/a> will be affected and the added cost for the average borrower<\/a> will be $2,600 over 10 years, according to the congressional Joint Economic Committee.<\/p>\n\n

\"\"<\/a><\/figure>\n\n

The weight of debt from college loans has already made a substantial impact on U.S. households. A Pew Research Center analysis of government data that became available last year found that 19% of the nation\u2019s households owed student debt in 2010, more than double the share two decades earlier, and a significant rise from the 15% that owed such debt in 2007, just prior to the onset of the Great Recession.<\/p>\n\n

A record 40% of all households headed by someone younger than age 35 owed such debt, by far the highest share among any age group, the analysis also found.<\/p>\n\n

As of 2010, the average outstanding student loan balance increased to $26,682 in 2010 from $23,349 in 2007 among households owing student debt. Most debtor households had less than $50,000 in outstanding student debt in 2010, but the share of households owing elevated amounts has increased. In 2007, 10% of student debtors owed more than $54,238. By 2010, 10% of student debtor households owed more than $61,894 (all dollar figures adjusted for inflation and in 2011 dollars). Read more<\/a><\/p>","protected":false},"excerpt":{"rendered":"

About one out of five of the nation\u2019s households owed student debt in 2010, more than double the share two decades 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