Americans owe more than $1.3 trillion in student loans and a new Pew Research Center study has uncovered some interesting facts about the people who owe that debt.
Pew reviewed recently released data from the Federal Reserve Board’s 2016 Survey of Household Economics and Decision making.
Data showed that nearly 40 percent of adults under the age of 30 have student loan debt, according to Pew. The study also found that students with loans are almost twice as likely to have a second job.
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Below are the other key points Pew determined from analyzing the data.
1. Who has student loan debt?
53 percent of young adults with at least a bachelor’s degree have outstanding student debt.
37 percent of people between 18 and 29 years have outstanding student loans.
22 percent of adults between the ages of 30 and 44 have student loan debt
4 percent of people 45 and older have student loans.
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2. How much do they owe?
$45,000 was the median amount someone with a graduate degree owed.
$25,000 was the median amount someone with a bachelor’s degree owed.
$17,000 was the overall median student debt a borrower owed in 2016.
$10,000 was the median amount of student loan debt a person with less than a bachelor’s degree owed in 2016.
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3. Who has a second job to pay off loans?
21 percent of adults aged 25 to 39 with student loans have a second job.
percent of adults aged 25 to 39 without student loans have a second job.
4. Is the college degree paying off?
51 percent of adults with debt aged 25 to 39 and at least a bachelor’s degree had a positive opinion of their degree.
69 percent of adults between the ages of 25 and 39 without debt had a positive opinion of their degree.