A number of current political candidates have promised a big government solution to ‘forgive’ or ‘cancel’ student loan debt – which means that those loans would then get ‘dumped’ on tax-paying Americans. And, those thousands upon thousands of American families that worked hard and saved to pay off (or pay down) student loans would NOT get reimbursed.
There is a much better way to deal with this...
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U.S. Average Student Loan Debt Statistics [January 2020]
www.credible.com › blog › Nov 18, 2019 – Excerpts:
U.S. Student Loan Debt Statistics
Matt Carter Updated November 18, 2019
Statistics about average student loan debt in the U.S. make for frightening headlines, and it’s no wonder — there are some pretty big numbers being thrown around in 2019:
- Average student loan debt → $33,654
- Average monthly student loan payment → $393
- Total student loan debt → $1.598 trillion
- Number student loan borrowers → 43 million
- Number of borrowers who owe $100,000 or more → 2.8 million
Average student loan debt
According to Credible’s analysis of statistics compiled by the U.S. Department of Education, as of Dec. 31, 2018:
- Average student loan debt → $33,654
- Total student loan debt → $1.45 trillion
- Number of student loan borrowers → 43 million
Analysis: Note that these statistics are for all student loan borrowers, not just recent graduates. They are for federal student loans only, and exclude borrowing from private lenders. But private loans account for less than 10% of outstanding student loan debt, and most private borrowers also hold federal student loan debt.
Private student loan debt
According to data collected by MeasureOne, a consortium of lenders, as of Sept. 30, 2018:
- Private student loan debt → $119.3 billion
- Private loans as a share of total student loan debt → 7.6%
- Share of all private student loans made to undergraduates → 88.5%
- Share of all private student loans made to graduate students → 11.5%
Analysis: MeasureOne’s data shows that 92.4% of private student loans made to undergraduates for the 2018-2019 academic year were cosigned, compared to 63.4% of grad school loans. Click here for statistics on average interest rates for private and federal student loans.
Average student loan debt for recent graduates
According to an annual survey of thousands of colleges by the College Board, two-thirds of students who earned a four-year degree in 2017 borrowed for college. Among those who borrowed to get a bachelor’s degree:
- Average student loan debt, recent graduates → $28,500
Department of Education statistics show that graduate students have considerably more debt at graduation:
- Average student loan debt, graduate school → $84,300
- Average debt for recent law or medical school graduates → $186,600
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Student loan debt cancellation: Where 2020 Democrats stand – Washington Post We asked, “Should the government cancel existing student debt, and if so, for everyone or based on income?”
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The average student loan debt for undergraduates is currently in the range of $28,500 to $33,564.
The Leviticus 25 Plan is America’s #1 economic acceleration plan – whose primary focus is debt reduction / elimination.
The Plan provides for each participating U.S. citizens to receive a direct credit extension of $50,000 into that person’s family account (FA) and $25,000 into that person’s Medical Savings Account (MSA).
Every college graduate would have sufficient funds to either pay student loans off completely or maintain ‘currency’ in their payment schedules.
Every college graduate would also have $25,000 in an MSA, to assist with health insurance premiums and month-to-month primary health care needs. The Plan would make it possible for participants to secure a higher-deductible health insurance plan with lower premiums.
The Leviticus 25 Plan treats all U.S. citizens equally, and it doesn’t take the debt burdens from some and load them onto the backs of others.
The Leviticus 25 Plan, with its massive debt-elimination effects all across America, will re-ignite a powerful, sustainable economic growth phase – which will also generate a continuing flow of millions of new job opportunities for all Americans in the decades to come.
“He who will not apply new remedies must expect new evils.” – Sir Francis Bacon
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
$75,000 per U.S. citizen – Leviticus 25 Plan 2020 (3523 downloads)