HIGHEST INCOME HOUSEHOLDS COMPRISE THE MAJORITY OF STUDENT LOAN DEBT

Key Points:

  • The Survey of Consumer Finances (SFC) recently released data showing the student debt situation in America.
  • The data show that 21.37% of Americans had student loan debt in 2019.
  • The top 2 income quintiles account for 53.9% of student loan debt, leaving the bottom 3 income quartiles with 46.1% of student loan debt.
  • Americans with at least a Bachelor’s degree comprise 36.3% of the U.S. population but hold 68.1% of student loan debt.
  • Additionally, white Americans hold nearly 65% of student loan debt, followed by Black Americans with 23.3%, Latino Americans with 7.6%, and other races with 4.4%.
  • The Right Facts will continue to monitor student loan forgiveness policies.
Source