Latest Student Loan Data Paint A Grim Picture

On March 31, 2018 the United States crossed a milestone. As of that date, Americans' student loan debt topped $1.5 trillion, exceeding the share of consumer debt held by auto loans ($1.1 trillion) and credit cards ($988 million), and jumping by more than $521 billion in roughly six years.

A report released in May by the Board of Governors of the Federal Reserve System laid bare the grim details behind this headline:

• 42% of people who have gone to college took out debt. While a majority of this percentage took out student loans, 30% had some other form of debt, like card credit debt or a home equity line of credit. Additionally, a larger percentage of recent graduates have taken on student debt. Still, borrowing has declined since its peak during the 2010-11 school year.