At a staggering $1.41 Trillion, student loan debt was equal to 7.39% of US Real GDP in 2019. Already projected to $1.56 Trillion for 2020, student loan debt is projected to increase by 10.6% this year alone.
On the one hand, increasing student loan debt makes sense – with a rising population and a greater emphasis on higher education, more student equals more loans. But, on the other, student loan is an increasing burden for many families with the average outstanding balance coming in at a whopping $37,000.
So, is student debt worth it? According to the US Census Bureau in 2017, average salaries point to yes. Those with a high school diploma earned, on average, $35,256 per year. A bachelor’s degree will earn you $59,124, a master’s $69,732 and a doctorate $84,396.
Check out our student loan debt statistics infographic for some other fun facts:
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