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3 Types of Students Suffering from College Debt


Currently, the United States has $1.2 trillion in student loans. With 17% of borrowers behind on payments, it is helpful to see what the actual issues are based on student categories. Here are the top 3 types of student borrowers that are having the most trouble conquering their student loan debt.

1. Graduate students

Whenever the nation's student loan debt is calculated, debt from graduate level students are usually included in the total. The Urban Institute Report states, "In 2012, 65% of graduates who borrowed $50,000 or more were graduate students. Out of the 65% of students who borrowed, 17% were receiving degrees in education, 8% were receiving degrees in law and 5% were receiving degrees in medicine."

2. For-profits

It is no surprise that students with larger debts are typically graduating from four-year schools. However, the price of tuition for these schools has drastically risen over the years. According to the Hechinger Report, "In 2004 only 1% of students who received a bachelor's degree borrowed $50,000 or more. Now, that amount has risen to 10%".

3. Dropouts

Something most people do not recognize is that there are students who did not complete their degree who are also suffering from student loan debt. "Those without college degrees are less likely to pay back their student debt, not only because they often can't get a high-paying job, but also because some people feel ripped off and they shouldn't have to pay it back," explained Sandy Baum a student debt journalist.

Unfortunately, Baum also adds, "41% of students who start college fail to complete a four-year degree in six years." As you can imagine, completion rates are even lower at community colleges. However, there are programs that help students who are unable to pay their debt due to economic reasons. These programs help students make minimum payments or payments based off of their income. There is even a program that allows students that live 150% under the poverty line to have their loans be completely forgiven. To learn more about these kinds of programs, click here.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: US News | Student Loans

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