ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Most college graduates have one major thing in common: student debt. Today, 70 percent of college students graduate with a significant amount of loans. Over 44 million Americans collectively hold nearly $1.5 trillion in student debt. That means that roughly one in four American adults are paying off student loans.

Detailed explanation-2: -The average debt for a 4-year Bachelor’s degree is $34, 100. The average 4-year Bachelor’s degree debt from a public college is $31, 900. 65% of students seeking a Bachelor’s degree from a public 4-year college have student loan debt. The average 4-year Bachelor’s degree debt from a private for-profit college is $58, 600.

Detailed explanation-3: -The average federal student loan debt is $37, 574 per borrower. Private student loan debt averages $54, 921 per borrower. The average student borrows over $30, 000 to pursue a bachelor’s degree. A total of 45.3 million borrowers have student loan debt; 92% of them have federal loan debt.

Detailed explanation-4: -Student Loan Debt vs Credit Card Debt Student loans make up $1.57 trillion of the total national debt. Credit Card Debt at $930 billion makes up nearly 6% of the national debt. The national student loan debt is $640 billion more than the credit card debt.

Detailed explanation-5: -According to the Urban Institute, 48% of student debt is held by households with graduate or other professional degrees. Dental school graduates have an average debt of 292, 169, making them the most debt laden professional degree, followed by medical school at $201, 490.