Student Loan Debt is a massive problem for 42.7 million borrowers, totaling $1.773 trillion and compounding at an annual rate of 6.87%.
The Leviticus 25 Plan offers a powerful and fair solution to all of this – the only viable solution on the table anywhere in the U.S.. It is a solution that cleans up massive amounts of debt across the board, in both the public and private sectors.
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Student Loan Interest Rates: Federal, Private, Refinancing
Dec 16, 2024 — The average student loan interest rate is 6.87% among all households with student debt, according to the Education Data Initiative, an organization that collects statistics on the U.S. education system. That includes both federal and private student loans — 94.81% of all student debt is federal.
With a 6.87% interest rate on $30,000 of student loans, a borrower would pay about $11,500 in interest over 10 years….
The federal student loan interest rate for undergraduates is 6.53% for new loans taken out for the 2024-25 school year, effective from July 1, 2024, to June 30, 2025. Federal rates for graduate student loans and PLUS loans are higher — 8.08% and 9.08%, respectively. These rates are the highest they’ve been in at least 16 years.
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Student Loan Debt Statistics – Education Data Initiative
By Melanie Hanson | Last Updated: January 15, 2025 – Excerpts:
Report Highlights. Student loan debt in the United States totals $1.773 trillion; annual growth resumed in 2024 following year-over-year (YoY) declines that began in 2023.
- The outstanding federal student loan balance is $1.693 trillion; 42.7 million student borrowers have federal loan debt.
- Federal student loan debt represents 92.4% of all student loan debt; 7.57% of student loan debt is private, including $29.3 billion in refinance loans.
- The average federal student loan debt balance is $38,375, while the total average balance (including private loan debt) may be as high as $41,520.
- 4.86% of federal student loans dollars were in default as of 2024’s fourth financial quarter (2024 Q4); 1.61% of private student loans were in default as of 2024 Q1.
- The average public university student borrows $31,960 to attain a bachelor’s degree.
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The Leviticus 25 Plan grants qualifying U.S. citizens direct liquidity extensions via a Fed / U.S. Treasury Citizens Credit Facility.
Each qualifying U.S. citizen who wishes to participate will receive $60,000 deposited directly into a Family Account and $30,000 deposited into a Medical Savings Account.
Students with loan debt wishing to participate would have their existing student loan balance subtracted from their $60,000 direct deposit, leaving the average student not only ‘debt free,’ but also with an average of $20,000 in excess reserve, plus $30,000 in reserve for primary care medical needs.
This plan is far superior to any ‘student loan forgiveness’ plan, in that it properly rewards $60,000 / $30,000) the millions of college and technical school graduates who worked hard and paid back their loans. The same direct credit extensions would be granted to qualifying U.S. citizen children into a family custody account, setting them up for a college education or other life career path when they graduate from high school.
And it properly and fairly rewards ($60,000 / $30,000) each and every other qualifying hard-working, tax-paying (including now-retired) U.S. citizens across all sectors of society (military, law enforcement, construction, service-sector, industry, small business…).
The Leviticus 25 Plan will generate $36.568 billion federal budget surpluses during each of its first five years of activation (2026-2030). And it will restore financial security for millions of American families.
The most powerful debt-busting economic acceleration plan anywhere in the world.
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
$90,000 per U.S. citizen – Leviticus 25 Plan 2026 (25332 downloads )