End Student Loan Debt!
Student loan debt in 2020 has reached $1.68 Trillion, with almost 46 million (18% of adults) in the US with some kind of student loan debt. 62% of the class of 2019 graduated with some type of student loan debt, with the average debt for the Class of 2019 being $28,950.
Overall the average household that holds student debt owes $47,671. This means that households that owe student loan debt often have multiple family members carry the debt. Concentrating the impact of the crisis even more acutely on young families.
And the numbers get even worse for those who attend graduate school or receive medical degrees.
- Average debt for medical school graduates: $201,490.
Average debt for dental school graduates: $292,169.
Average debt for pharmacy school graduates: $179,514.
Average debt for graduate students: $82,800.
92% of student debt is Federal Student Loans. 42.3 million people, representing $1.54 trillion in student loans, owe the US Department of Education. The remaining 8% are private student loans.
That means that the solution to the student debt crisis, which is drowning a generation for life, lies in the hands of the federal government.
9.7% of borrowers have defaulted on their loans, which means they are 270 days or more past due. 17.94% of borrowers are in an income-based repayment plan.
Forgiving student loan debt can be a economic engine to help drive us out of the COVID recession. A generation will be unshackled from their debt and allowed to spend money to reinvigorate an economy devastated by a failed response to the COVID pandemic.
TEll us your story
While these numbers tell their own story of the big picture, the human side of the story is just as important. We are asking you to share your story with us as we work to build a movement towards the abolition of student loan debt (and lifelong free education).
Share what you are comfortable with. We will be taking the Total Borrowed and Total Still Owed numbers and publishing that data.
There is a section of the form below asking if we may use parts of your story. When doing so we will never publicize your full name or contact information.