Student loan debt in the United States today is about $1.74 trillion. About 90 percent is federal student loan debt, while the rest is private.
In the past academic year, more than half of the bachelor’s degree students who attended four-year schools had student loans averaging almost $30,000, according to the nonprofit College Board. The cost of college has doubled over the past four decades, with student loan borrowing rising along with it, as 42.2 million Americans currently hold federal student loan debt.
