According to the US Department of Education, the average student loan debt per person in the US is $37,172. The number has been steadily increasing over the past decade and shows no sign of slowing down.
This debt can be caused by taking out loans for college tuition, books and other school-related expenses. Additionally, many students take out loans to cover living expenses while attending school.
The amount of student loan debt in the US has been steadily increasing since 2007 when it was $18,650. In 2016, it was almost double that at $35,051. In 2018 it had risen to $37,172 and continues to rise each year.
There are several factors that contribute to the increasing amount of student loan debt in the US. College tuition costs have been steadily rising over the past decade which means students need to take out more money in loans than they did before. Additionally, students are relying more and more on loans to cover living expenses while attending school which can add thousands of dollars onto their total amount owed.
The rising amount of student loan debt is concerning as it may prevent some people from pursuing higher education due to financial constraints. It also puts a strain on graduates who may be unable to pay off their loans or struggle with making payments on time.
Conclusion:
The average student loan debt per person in the US is currently $37,172 and continues to increase every year due to rising college tuition costs and other expenses related to attending school. This mounting amount of debt can put a strain on graduates who may find themselves unable or struggling with paying off their loans.