How Many Millionaires Still Have Student Loan Debt?
When it comes to making big life decisions, one of the most important choices to consider is college and how to pay for it. Pursuing higher education can prepare you for the workforce, help you land your dream job, connect you to a strong professional networking system and make lifelong friendships. But it can also land you in serious debt. Over 43 million Americans have racked up student loans totaling more than $1.7 trillion as of last year, and the statistics from the Education Date Initiative break down what the average borrower owes:
Check Out: Check Your $2 Bills — They Could Be Worth a Ton
Read Next: 7 Unusual Ways To Make Extra Money (That Actually Work)
“The average federal student loan debt is $37,338 per borrower
Private student loan debt averages $54,921 per borrower
The average student borrows over $30,000 to pursue a bachelor’s degree
A total of 45.3 million borrowers have student loan debt; 92% of them have federal loan debt
20 years after entering school, half of the student borrowers still owe $20,000 each on outstanding loan balances.”
According to the Education Date Initiative, the more money you make, the more in student loans you will likely owe.
Income Bracket | Annual Income | Average Student Debt |
Lowest quartile | $0-$27,000 | $33,694 |
Second quartile | $27,001 – $52,000 | $44,320 |
Third quartile | $52,001 – $97,000 | $44,968 |
75th to 90th Percentile | $97,001 – $173,000 | $52,392 |
≥90th Percentile | $173,001+ | $60, 510 |
Student Loan Forgiveness
With so many in college debt, the idea of student loan forgiveness has been a hot topic of conservation on political platforms that continues to be contentiously debated. President Joe Biden has eliminated nearly $132 billion of student debt for more than 3 million people but is still trying to forgive more after the Supreme Court denied his $400 billion relief plan. Meanwhile, former President Donald Trump is opposed to student loan forgiveness and stands with the Supreme Court ruling.
“Today, the Supreme Court also ruled that President Biden cannot wipe out hundreds of billions, perhaps trillions of dollars, in student loan debt, which would have been very unfair to the millions and millions of people who paid their debt through hard work and diligence; very unfair,” Trump said at a campaign event in June 2023.
Millionaire Ron DeSantis Owes Student Loans
Learn More: How Can You Withdraw Money From a Bank Account? 3 Ways To Know
Just because you’re a millionaire doesn’t mean you’re debt-free. Governor of Florida Ron DeSantis is now a millionaire according to a recent financial disclosure form. However, as of last year, he still owes over $18,000 in student loans from his college days at Yale University and Harvard Law. DeSantis does not believe in student debt forgiveness and stated, “It’s very unfair to have a truck driver have to pay back a loan from somebody that got like a PhD in gender studies,” last August. “That’s not fair. That’s not right.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: How Many Millionaires Still Have Student Loan Debt?
