If you are struggling with student loan debt (like me), then know that you are not alone. In fact, a lot of Americans graduate with some college loan debt. Some of those people (like me) owe six figures for their education and others owe only a few thousand. But the average amount is quite high.
As of December 2013, the average student loan debt in the United States comes in at $29,400! That is almost $30,000 in college loan debt per person! Yikes!
Now that number is based on 2012 figures, and historical data shows that the average debt load when it comes to college debt has been steadily increasing. That means that today’s average is likely OVER that 30K mark!
So, what is causing the increase in student loan debt?
For some people, it is the rising cost of college tuition. The more it costs to go to college, the more loan students have to take out to cover those college expenses.
The poor economy is also playing its part in increasing the average student loan debt load. This is because people are unable to make their monthly payments, so they are either defaulting on student loans or getting the payments temporarily stopped until they can afford to start paying on the loans again. While this is offering some immediate financial relief to those people, it is just increasing their outstanding student loan debt since interest is likely being added to those balances (in most cases).
If you want to read more about the recent student loan debt data, you can check out this article.
And if you are one of those people dealing with student loan debt right now, then you might want to consider checking out ways that you might qualify for some student loan relief, like the student loan forgiveness programs that are available to qualified borrowers.