In the U.S., pursuing higher education has also often meant adding on another type of debt burden. Since The Great Recession, rising tuition at U.S. universities has contributed to student loans growing at rates unseen with other forms of personal debt.
To better understand how student loan debt has grown over time,compiled data collected from student loan holders from across the country and government data dating back to 2009. The average loan balance used in the analysis represents the average debt among all student loan borrowers.
Historical data shows how average student loan debt balances have increased faster than inflation. In fact, student debt has also grown to equal more than credit card and auto loan balances combined.As of Q2 2021, the average student loan debt balance has grown by nearly 92% since 2009, according to Experian data. Student loan debt averages saw the biggest year-over-year increase from summer 2012 to summer 2013 when they jumped nearly 10%.
Since the summer of 2012, the average student loan balance has grown much more rapidly. Over the three-year period preceding 2012, the average student loan balance grew by just under $2,000. Since 2012, student debt rose steadily at a much faster rate than income.The median household income in the U.S. fell in the years following the financial crisis of 2008, and then saw modest year-over-year growth from 2015 to 2020, according to the U.S. Census Bureau.
Comparatively, the average student loan debt balance has increased at more than twice the rate of the median household income since 2009. By 2020, the median household income had grown from $49,777 to $67,521, or about 36%, not adjusting for inflation. Between 2009 and June 2022, the average student loan balance held by U.S. consumers grew about 92%, from $20,560 to $39,381.For at least a decade, college tuition has become increasingly expensive, according to data from BLS and the U.S.
The rate at which the average student loan debt balance in the U.S. has increased actually slowed from 2020 to 2021, according to Experian data. This is largely due to a nationwide
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