by Nate Wooley | September 27, 2012 11:27 am
A new study by the Pew Research Center this week shows that the percentage of American households holding student debt has doubled over the last 20 years. The study, which analyzed newly available 2010 government data, revealed that 19% of households held some level of student debt. That’s up 4% from a similar 2007 study.
The burden is higher on younger households, with 40% of homes led by those under 35 holding such debt. The poorest 20% of homes saw their indebtedness increase as their outstanding student debt topped 24% of total income, while the upper 10% carried a student debt burden of just 2% of income.
For all households owing student debt, the average amount came to more than $26,000. That’s up from more than $23,000 in 2007. Ten percent of debtors owed more than $54,000 in 2007, while in the latest figures the same group owed more than $61,000.
The nation’s total current loan debt is more than $1 trillion, reports Business Insider. That’s more than auto and credit debt, and is exceeded only by mortgage debt.
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