College degrees today were yesterday's high school diplomas. And the numbers show it. At least the cost side.
Note to student loan holders: Hurry up and pay off your loans with the abundance of jobs available (see the government's unemployment data for Jan. and Feb., they're great!) and buy some houses in the stabilized housing market (unless you call a triple-dip in national prices an unstable market) with record low interest rates (market-driven, not government manipulated, of course).
Note to student loan holders: Hurry up and pay off your loans with the abundance of jobs available (see the government's unemployment data for Jan. and Feb., they're great!) and buy some houses in the stabilized housing market (unless you call a triple-dip in national prices an unstable market) with record low interest rates (market-driven, not government manipulated, of course).
According the the NY Fed:
- The outstanding student loan balance now stands at about $870 billion, surpassing the total credit card balance ($693 billion) and the total auto loan balance ($730 billion).
- The average outstanding student loan balance per borrower is $23,300.
- The median balance of $12,800 is roughly half the average level, which indicates that a small fraction of people have balances significantly higher than the median.
- Of the 37 million borrowers who have outstanding student loan balances as of third-quarter 2011, 14.4 percent, or about 5.4 million borrowers, have at least one past due student loan account. Together, these past due balances sum to $85 billion, or roughly 10 percent of the total outstanding student loan balance.
- Adjusting for loans in deferral and forbearance periods we find that 27 percent of the borrowers have past due balances, while the adjusted proportion of outstanding student loan balances that is delinquent is 21 percent—much higher than the unadjusted rates of 14.4 percent and 10 percent, respectively.
Damnit! Bad news, according to the WSJ (March 22, 2012): Total student debt outstanding appears to have surpassed $1 trillion late last year, said officials at the Consumer Financial Protection Bureau, a federal agency created in the wake of the financial crisis. That would be roughly 16% higher than an estimate earlier this year by the Federal Reserve Bank of New York.
Damnit! Bad news, according to the WSJ (March 22, 2012): Total student debt outstanding appears to have surpassed $1 trillion late last year, said officials at the Consumer Financial Protection Bureau, a federal agency created in the wake of the financial crisis. That would be roughly 16% higher than an estimate earlier this year by the Federal Reserve Bank of New York.
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