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Where is there a source - is there a source - for less aggregated student loan data? For example, not everyone gets the same amount loaned. What does that dist

Where is there a source - is there a source - for less aggregated student loan data? For example, not everyone gets the same amount loaned. What does that distribution look like? Map it to higher edu schools? Map it to tuition? Map it to high schools? Etc. The point is, there are a lot of students and therefore a lot of debt. Naturally, such a big pool is going to have outliers. When the media parades a student loan "victim" is that (e.g.) $100k of debt typical or atypical?

anonymouskimmer 3y ago
> When the media parades a student loan "victim" is that (e.g.) $100k of debt typical or atypical? It's atypical. Only 10% owe $100k or more: https://www.federalreserve.gov/publications/2022-economic-well-being-of-us-households-in-2021-student-loans.htm https://www.federalreserve.gov/publications/2022-economic-we... > Most student loan borrowers owe less than $25,000 on their loans. The median amount of education debt in 2021 among those with any outstanding debt for their own education was between $20,000 and $24,999. One-quarter of student loan borrowers had less than $10,000 in outstanding student debt (figure 40). Student debt balances vary across different demographic groups. Borrowers with an income of less than $50,000 a year were more likely to carry lower balances of student loan debt.
- 35997279 3y ago
  This is what has always confused me about the student debt conversation. $25,000 is not a lot of debt. That's about what it cost to get a brand new Toyota Corolla. On top of which, the terms of this debt is very favorable. PAYE, low interest rates (mind were 6.8%, which was outrageous at the time but now we're entering a more inflationary / normal interest rate world), and are termed for 20+ years. There is also a lot of debt taken on by graduate students. To be clear, only around 30% of Americans overall have even a bachelor's degree. The need to take on graduate school debt just simply isn't there in the way the taking on debt for undergraduate is. So I think these numbers should break out graduate students, especially those who went into high-earning professions with credential gatekeepers, like medicine (law is debatable -- we've minted way too many lawyers).
  - anonymouskimmer 3y ago
    To be fair, I think those loans numbers are current balances, not original balances. So much of it represents originally larger balances that have now been paid down to less than $25k (while others represent balance increases due to capitalized-interest). Otherwise I agree with you. Grad-degree credentialism is a problem, especially in the STEM fields. Plenty of people, including some with student debt, can't afford a new Corolla (even ignoring the debt). They buy used.
agloe_dreams 3y ago
This is a firm misunderstanding of the issue at hand. The real problem is less the large universities but the area under the curve. Notably...community colleges. These ask for only ~$20k for a degree but the degree is sold to be worth more than it is (virtually valueless) and the Finance departments basically shovel students in, have them fill out a form, and tell them "you were approved" and the student never sees the interest rates, payments, or rough estimated profit of the degree. A large college has to answer to regulatory pressure..the little ones though are the real evils.
- everybodyknows 3y ago
  Not doubting this, but -- sources?
- chiefalchemist 3y ago
  The Higher Edu Industrial Complex and the society has created the perception of a need (for a four year degree) and has stigmatized alternatives (i.e., trades). It's been a collective effort. The fact that so many of the students taking on the loans have no concept of debt, compound interest, costs of living, etc. boggles the mind. And sacrafic? And adversity? Not even on their radar.

anonymouskimmer 3y ago

> When the media parades a student loan "victim" is that (e.g.) $100k of debt typical or atypical? It's atypical. Only 10% owe $100k or more: https://www.federalreserve.gov/publications/2022-economic-well-being-of-us-households-in-2021-student-loans.htm https://www.federalreserve.gov/publications/2022-economic-we... > Most student loan borrowers owe less than $25,000 on their loans. The median amount of education debt in 2021 among those with any outstanding debt for their own education was between $20,000 and $24,999. One-quarter of student loan borrowers had less than $10,000 in outstanding student debt (figure 40). Student debt balances vary across different demographic groups. Borrowers with an income of less than $50,000 a year were more likely to carry lower balances of student loan debt.

35997279 3y ago
This is what has always confused me about the student debt conversation. $25,000 is not a lot of debt. That's about what it cost to get a brand new Toyota Corolla. On top of which, the terms of this debt is very favorable. PAYE, low interest rates (mind were 6.8%, which was outrageous at the time but now we're entering a more inflationary / normal interest rate world), and are termed for 20+ years. There is also a lot of debt taken on by graduate students. To be clear, only around 30% of Americans overall have even a bachelor's degree. The need to take on graduate school debt just simply isn't there in the way the taking on debt for undergraduate is. So I think these numbers should break out graduate students, especially those who went into high-earning professions with credential gatekeepers, like medicine (law is debatable -- we've minted way too many lawyers).
- anonymouskimmer 3y ago
  To be fair, I think those loans numbers are current balances, not original balances. So much of it represents originally larger balances that have now been paid down to less than $25k (while others represent balance increases due to capitalized-interest). Otherwise I agree with you. Grad-degree credentialism is a problem, especially in the STEM fields. Plenty of people, including some with student debt, can't afford a new Corolla (even ignoring the debt). They buy used.

agloe_dreams 3y ago

This is a firm misunderstanding of the issue at hand. The real problem is less the large universities but the area under the curve. Notably...community colleges. These ask for only ~$20k for a degree but the degree is sold to be worth more than it is (virtually valueless) and the Finance departments basically shovel students in, have them fill out a form, and tell them "you were approved" and the student never sees the interest rates, payments, or rough estimated profit of the degree. A large college has to answer to regulatory pressure..the little ones though are the real evils.

everybodyknows 3y ago
Not doubting this, but -- sources?
chiefalchemist 3y ago
The Higher Edu Industrial Complex and the society has created the perception of a need (for a four year degree) and has stigmatized alternatives (i.e., trades). It's been a collective effort. The fact that so many of the students taking on the loans have no concept of debt, compound interest, costs of living, etc. boggles the mind. And sacrafic? And adversity? Not even on their radar.