Forever in Your Debt: Who Has Student Loan Debt, and Who's Worried?

According to a recent report from the Urban Institute, one-fifth of U.S. adults 20 and older have student loan debt and more than 50 percent of borrowers are concerned about their ability to repay that debt. Individuals without a college degree are not excluded from student loan debt. In fact, 9% of people with only a high school degree and 25% of those with some college education (but no degree) carry debt burdens.

Among the report’s other findings:

• 2 out of 3 college students who graduated in 2011 have student loan debt, and owe an average of $27,000.
• Student loan debt increased dramatically since 1989, while other debt, such as credit card and car loan debt has increased at much smaller rate in the same time period.
  • Student loan debt rose over $10,000 in the last 25 years and now is the second biggest component of debt held by 29-37 year olds (next to mortgage debt).
• Borrowers from across the income spectrum carry debt, though the amount of debt does decrease as the average income increases.
  •  20% of low-income individuals (defined as having an income below $25,000) and 18% of high-income individuals (defined as having an income above $100,000) have student loan debt.
• The likelihood of having student loan debt declines with age.
  • 40% of individuals who are 20-29 years old have debt, 19% of individuals 40-49 years old have carry, and 4% of those who are 60 years old or older have student loan debt.
• Hispanics and African Americans are twice as likely to have student loan debt as whites.
  • 16% of whites have debt, compared to 34% of African Americans and 28% of Hispanics.
• Borrowers who are the most concerned about their ability to repay their debt tend to fit into one or more of the following groups:
  • Low-income earners (72% of individuals earning below $25,000 are concerned about repaying their debt, compared to 26% of high-income earners).
  • Women (61% of women are concerned about repaying their debt, compared to 52% of men).
  • Part-time employees (71% of part-time employees are concerned about repaying their debt, compared to 48% of full-time workers).
  • Parents with dependent children (61% of parents with at least one child are concerned about repaying their debt, compared to 54% of adults without children).
  • Adults without a college degree ( 60% of adults with no degree are concerned about repaying their debt, compared to 50% of degree holders).