Of the 2.2 million, roughly 43% are middle-class Americans. For those earning below $54,600 annually, their student loans, on average, shake out to about $58,000. What’s worse is that 14% of older people carrying these debts have no degree, despite previously attending a college or university.
This could further drive down college attendance rates
Recent years have already seen a decline in college enrollments. Judging from the number of Americans who still find themselves saddled with student loans decades after attending college or university, enrollment rates could further decrease.
Today, many young people feel uncertain about the future ahead of them. Homeowners are struggling to keep up with mortgage payments. Plenty of Americans currently renting property also worry they’ll never reach homeowner status.
With inflation and overall living costs standing at pretty high levels, people find themselves needing to make increasingly pragmatic financial decisions. All things considered, one of these decisions may be abstaining from colleges and universities that come with student loans which often take a lifetime to finally pay off.
