Gerry Canavan

the smartest kid on earth

Lost Generation

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The total balance of all outstanding US student loans (given as $730 billion in DIY U, based on OMB estimates) is now estimated by Mark Kantrowitz of Finaid.org at more like $830 billion—$605.6 billion in federally guaranteed student loans, which have interest rates fixed and in some cases interest subsidized by the government, and a further $167.8 billion in private student loans, with interest rates that hover around 18-20%. Furthermore, Kantrowitz says, $300 billion in federal student loan debts have been incurred in the last four years.

This means the total balance of student loans has just surpassed the total balance of credit card debt for the first time in history.

Written by gerrycanavan

September 3, 2010 at 8:52 am

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