Student Debt Weighed Heavily on Millions Even Before Pandemic

COVID-19 adds to economic hardship of those most likely to have student loans. Learn more in this America Counts story.

America Counts: Stories Behind the Numbers Student Debt Weighed Heavily on Millions Even Before Pandemic Ballooning student debt was already a concern prior to COVID-19 but the widespread economic hardship brought on by the pandemic, including a spike in unemployment, has left some groups in even more precarious financial conditions than before. Student loans are among the largest contributors to household debt. The U.S. Department of Education estimates that in 2017 the total amount owed in federal student loans was $1.37 trillion. Read More Experiences prior to and during the pandemic provide insight into what we can expect going forward. In 2017, 15% of adults (33 million) who had completed at least a high school degree had student loan debt, according to the Census Bureau's Survey of Income and Program Participation (SIPP), which provides detailed info about debt holders in the years preceding the pandemic (all subsequent SIPP estimates are limited to those with at least a high school degree). Continue reading to learn more about: Education and debt go hand in hand Who is most likely to have student loans? How much student debt do people owe? COVID-19 adds layers of economic hardship Help us spread the word about America Counts. Share this story on social media or forward it to a friend. Share This You May Be Interested What's the Financial Condition of Households Getting Government Benefits? The Survey of Income and Program Participation shows that many families that received government aid in 2017 lacked assets but had similar levels of unsecured debt. Learn More About America Counts America Counts tells the stories behind the numbers in a new inviting way. It features stories on various topics such as families, housing, employment, business, education, economy, emergency preparedness, health, population, income and poverty. Contact our Public Information Office for media inquiries or interviews. Don't miss an America Counts story! Subscribe here.

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