How student loans became incredibly prevalent

The first federal student loan program began in 1958

As the Cold War heated up, federal officials recognized the need to provide financial aid to students pursuing degrees in areas critical to national security, like science, math, and engineering. These programs evolved to broadly support the general population, both increasing access to college while acting as a driver of increased costs. This six-part series takes a deep dive into the history of federal student aid.

Total student debt has ballooned to $1.7T, up almost 150% since the Great Recession

While the burden falls across roughly 43 million Americans, the debt load itself is not uniform—millennials and those pursuing graduate or professional degrees represent an outsized portion of loans.

Just 7% of student loan borrowers account for 40% of outstanding student loan debt

Most student loan debt went to support graduate studies. Total student loan debt in the US is more than $1.6T. Downloadable tables show the raw data behind federal student aid.

Around two in five students in any given academic year take out some form of student loans

Among the nearly two in five students who take out loans, 90% of those students rely on federal loan programs. These federal loans come in three flavors—subsidized, unsubsidized, and options for parents and graduate students. Each option has its own financial considerations; see an overview of each, along with what to consider when borrowing funds to cover higher education costs.

See the growth of US consumer debt

Americans reached an all-time high debt burden in 2024. Data compiled from The Kaplan Group shows the evolution of auto loans, mortgages, credit card debt, and student loans from 2003 to 2023, and finds that after a brief decline after 2008, the total debt burden grew rapidly.

Student debt has a widespread economic impact

Student debt is no different than the big rent or car payment that comes out of someone’s paycheck every month: Its presence affects that household’s purchasing power. Multiply that household by the 43 million Americans who had outstanding federal loan debt in September 2023, and student debt’s impact becomes considerable.

See how the cost of college tuition has changed overtime

Since the middle of the 20th century, higher education has been viewed as a stepping stone to well-paying professional careers for millions of Americans. But, it can be costly. As of 2024, annual tuition currently ranges from around $10K for an in-state, four-year public university to almost $40K for private institutions.

More than 3 million student loan borrowers were in default at the end of 2021

More than 3 million student loan borrowers were in default at the end of 2021. While default rates have declined since pandemic-era payment pauses, failing to pay off student debt can still have serious consequences, from a low credit score to the government withholding wages.

Student debt is a trillion-dollar question

Former Purdue University president Mitch Daniels and others discuss the student debt crisis. This episode digs into how we got here, whether college is worth borrowing for, how to address the economic drag of student debt, and whether alternative routes to a four-year degree could be part of the solution.

A study followed a cohort of Black graduates beginning in the 1995–96 school year

While access to higher education led to improved outcomes across minority groups in the US, a significant gap exists in the average amount of debt held and the time it takes to pay back loans. This study found median Black borrowers still owed 95% of the principal two decades later.

Student loan debt differs from state to state

Washington, DC, has the highest average federal student loan debt in the country at $54,795 per borrower. North Dakota has the country's lowest average at $29,647 per borrower.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

See a census of college students dating back to 1850

The first mention of college students in census surveys dates back to 1850, when officials realized a sizeable proportion of Americans lived on campus. More modern data from the National Center for Education Statistics capture the growth in the student population, with a breakdown beginning at the end of World War II with gender and type-of-institution data.

John Oliver explains the student debt problem

From serious policy approaches to novelty giveaways from fast food chains, paying down student loans has become a central issue in public consciousness. John Oliver takes an entertaining look at the problem, how it became a political hot potato, why it’s difficult to solve, and more (warning—strong language).

Private credit grew from a $250B asset class in 2010 to around $1.5T in early 2024

That's partly due to the industry's rising interest rates that created more upside for investors. Interest rates have increased in recent years alongside the Federal Reserve's interest rate hikes beginning in 2022. Private credit loans typically stretch over multiple years (typically between five and seven years, although term lengths vary).

The largest university endowments in the US

This US News article ranks the 20 universities with the largest endowments in the United States, based on data from the 2022 fiscal year. Harvard tops the list at more than $50B, followed by Yale, Stanford, and Princeton. Check out this snapshot of how these financial resources support academic programs, research, and student aid.

Modern payday lending came about in the late 1990s

In the early 1900s, unlicensed "salary lenders" used to give consumers one-week loans at annualized percentage rates of more than 100%. But wage garnishment and financially abusive practices led some states to create special licenses for lenders and implement rate caps to protect consumers. In the 1990s, a series of deregulations in various states opened the door for the modern payday lending industry to take off.

The university system has an enrollment problem

Enrollment has dropped over the past few years—especially for men. In this Freakonomics podcast episode, educators and economists explain why they think college enrollment has been on the decline. They also offer solutions and make predictions for the future of college.

Bills passed during the Civil War shaped postwar America

Despite the war with the South, Congress passed transformative laws like the Homestead Act and the Morrill Land-Grant College Act, which encouraged westward settlement and expanded higher education.

9 states still offer prepaid tuition plans

Prepaid tuition plans, a type of 529 plan that locks in tuition rates when opened, are only offered in nine states for new enrollment. In addition to the nine states’ plans, there’s also a national plan for a network of 300 private colleges.

The business major became increasingly popular in the 1980s

Women were the primary driving force behind the increase. In 1966, slightly more than 2% of all women in college studied business—but by 1985, that percentage had increased to almost 22%.

How World War II affects your wallet today

The world's deadliest conflict also impacted social programs extensively, including ways that still affect your money today. World War II is responsible for the practice of employers withholding tax payments and sponsoring health insurance, as well as the norm of providing school lunches for the nation's schoolchildren. Watch this brief video to learn more.

Roughly 68.5 million Americans were enrolled in Social Security benefits in December 2024

That amounted to nearly 90% of people ages 65 and older. The federal government spent $1.5T on Social Security in fiscal year 2024 (nearly a quarter of the total federal budget). This article details how these figures contribute to the perception that Social Security is “running out.”

US school distrists have greatly consolidated since 1940

Consolidation significantly decreased the number of independent school districts from approximately 117,000 in 1940 to just over 13,000 today, mainly driven by efforts to boost efficiency and balance funding across communities.

Why financial literacy education in the US sucks

If you don't remember learning anything about basic financial literacy in school, you're not alone—that's the common sentiment among those who have passed through the American school system. This video explains the history of financial education in the US and points out what can be done in the future to make the financial lessons children learn in school stick with them past recess. Watch it here.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The US Constitution is widely regarded as the longest-standing written national constitution still in force—see how it has influenced rights worldwide.

About 2,000 US babies are born annually without some portion of their limbs, potentially leading to a lifetime of pricey prosthetics.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

In 2019, a laptop loaded with six of the worst malware in history and described as 'an exhibit of historical weaponry' sold for $1.3M.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

Explore fun facts from the USPS, including unique post office buildings, a stamp that traveled past Pluto, and more.

Fireworks-related ER visits are on the rise—in 2024, they increased by 52% as compared to the prior year.

Children are now three times more likely to say they want to be a YouTuber when they grow up than an astronaut, with some even attending 'YouTube camps' that teach kids how to create content for the platform.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

Experimental hantavirus vaccines and therapies, still under development, have long been funded by the US military.

View the ten deadliest tornadoes in US history.

Researchers believe the brain consolidates memories, processes emotions, and plans for the future during dream states

Sunflowers have long been a symbol of nuclear disarmament because they can extract large amounts of radioactive cesium from soil.