At the end of June 2021, 43 million borrowers or about 14% of all adults in the U.S. owed approximately US$1.59 trillion in outstanding federal student loans. Although in many cases the media has focused on borrowers with extremely large balances such as the orthodontist who owes over $1 million in student loans the average balance is a more modest $39,351 per borrower with an average monthly payment of $393 per month. The standard repayment period for $39,351 in student loans is 20 years.
The amount of student debt outstanding varies greatly based on the type of degree pursued. The average bachelors degree debt is under $29,000 while the average dental school debt is more than 10 times higher at over $290,000. In general, those who…
Read the full article at: https://theconversation.com/canceling-student-loan-debt-will-barely-boost-the-economy-but-a-targeted-approach-could-help-certain-groups-162076
