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Student Loan Statistics

Graduation hat on pile of US currency

A Look at Student Debt Today

More than two-thirds of all college graduates take on debt while they’re in school. Recent student debt statistics estimate that, in 2018, America’s students and graduates now owe approximately $1.2 trillion in student loan debt.

Of the 44 million + students that carry debt, 11% of these borrowers may be considered delinquent — that’s nearly 5 million people edging toward a personal debt crisis.

Today, both the number of students in debt and the amount of student debt is growing.

The average borrower pays approximately $350 per month toward student loans.

The Problem of Rising Debt

Payments of this size, depending on one’s income, often limit other options like buying a car or saving for a home down payment. Add this to risings costs of living across the country alongside rising consumer credit debt, and it’s easy to see why some are calling the current situation a “debt crisis.”

When you spend more than you make, you create debt and a deficit that can be hard to recover from. If this is you, you’re not alone.

The Danger of Consolidation Loans

Many companies today offer student loan debt consolidation loans. These promise one easy payment and a manageable interest rate. The truth is, the interest rate could be higher than your current rate. For direct subsidized loans disbursed on or after July 1, 2017, the interest rate is 4.45%. Depending on your lending history and credit factors, these third party lenders could raise your interest rate above 8%, essentially doubling the amount of interest you’ll owe on your student debt!

How CreditGUARD Can Help

At CreditGUARD of America, we’ve helped thousands just like you— struggling to make multiple debt payments each month while making ends meet and trying to get ahead. If you’re getting harassing collections calls over your late bills, there is a way out. Read more about student loan debt in our financial education section.

While CreditGUARD cannot help manage or consolidate your student loans, we do credit counseling and debt management services that work for credit debt. Without a single penny in new debt, we can help you start the process of regaining control over your credit debt.

With CreditGUARD’s nonprofit debt management program, people who would’ve spent 15-20 years making debt payments at the minimum amount often pay off their debt within several years instead of decades.

If you’d like a free consultation about your credit debt with one of our certified credit counselors, Call CreditGUARD Today to learn more about our credit counseling and debt management programs.

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