Student loans leaving trillions in debt - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Student loans leaving trillions in debt

(Source: AP Images) (Source: AP Images)

MYRTLE BEACH, SC (WMBF) - Students are drowning in student loan debt leaving trillions in debt for their future. The average balance is at least $29,000.

Nearly 40 million people across the United States have large amounts of student debt, according to CNN.

Student loans have increased by 84% since the recession (from 2008 to 2014) and are the only type of consumer debt not decreasing, according to a study from Experian, which analyzed trends in student loans from 2008-2014.

On average, student borrowers who graduate this year will owe $35,051, according to Mark Kantrowitz, a student financial aid policy expert and publisher. 

The analysis also found that in total, $1.2 trillion is leaving students dry, according to collegeusatoday.com.

Men and women laboring under student debt are postponing marriage, home purchases, and limiting the percentage of young people who start a business or try to do something entrepreneurial,

Of all of the open student loan accounts, says Experian, 39% ($417 billion) are in deferment (the period during which payments are not obligatory) and 61% ($727 billion) are in repayment.

Students who graduated from college in the class of 2014 earned median starting salaries of $45,478, according to a new report from the National Association of Colleges and Employers.

According to, Bankrate.com, the general rule of thumb for student loan borrowing is that the total amount of student debt should not exceed the borrowers anticipated annual salary for the first year out of school. 

Copyright 2015 WMBF News. All rights reserved.

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