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Student DebtFor decades, higher education has been a key step to middle- and upper-class prosperity for millions of Americans. But the rising costs of a degree—tuition, fees, living costs, and more—have left many with significant debt burdens after leaving school.
As of the first quarter of 2024, roughly 43 million Americans held a cumulative $1.6T in federal student debt—a sum equal to the 12th largest economy in the world. Factor in private loans, and the total rises to $1.74T.
The average household with student debt owed around $55K, with estimated payments of $500 per month. Average annual tuition now ranges from around $10K for an in-state public university to almost $40K for a private institution. Those figures have tripled since 1970, accounting for inflation.Explore Student Debt
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The US-led global debt settlement market is expected to expand from $4.8B in 2024 to $7.2B by 2032While debt settlement companies aren't technically allowed to charge fees until after lowering a consumer's debt, a loophole in the Telemarketing Sales Rule (a mix of federal and state laws) gives predatory firms the opportunity to exploit consumers. BankrateA 'debt trap' refers to the need for loans or credit to cover the expenses incurred from other debtDebt traps can be caused by unforeseen expenses or inadequate savings and can be a brutal cycle to break. At the end of 2025, total household debt in the US reached $18.8T, according to data from the Federal Reserve of New York. Alaska has the highest lifetime credit card debt of all US states at $484,620That's 21.8% above the national average, partly due to Alaska's high cost of living and remote nature, which makes shipping in food and fuel more expensive. Iowa had the lowest average lifetime credit card debt out of all the states in the US at $319,740. Visual CapitalistCheap debt and relatively minimal regulation fueled private equity's expansionLow interest rates in the 2010s made taking on debt cheap, making leveraged buyouts incredibly lucrative. Private equity firms were able to make large deals quickly, in part because they don't face the same disclosure requirements and shareholder approval processes as public companies. These two factors juiced the growth of private funds. SpotifyThe average US household carries $105,056 in total debtThis article breaks down the average household debt by category, including credit card debt ($6,523), personal loans ($11,274), and more. The Motley FoolThe US national debt is is currently equal to roughly 125% of its GDPAs of 2025, the US debt was roughly $37.6T. Interest costs alone are forecast to reach $952B this year. Visual CapitalistGen X has the most student debt per borrowerGen X is the generation that came of age in the 1980s and 1990s. A podcast episode explains how this came to be. SpotifyA bankrupt flour merchant in debtor’s prison helped inspire the Erie CanalIn 1807, Jesse Hawley, jailed for debt after struggling with high transport costs, published essays under the pen name “Hercules.” His writings laid out the canal’s route and benefits, galvanizing support for the project. News10NBCWhen the US hits the debt ceiling, the Treasury uses emergency measures to avoid defaultAfter the US reached its debt ceiling in January 2023, the Treasury deployed "extraordinary measures" to keep paying obligations. This article explains the steps, how they work, and why they last only for a limited time. (Some readers may experience a paywall.) VoxThe debt ceiling is a legal cap on how much money the US government can borrowSet by Congress, the debt ceiling limits total federal borrowing. This guide explains why the cap was created, how it has evolved, and why raising or suspending it has become a recurring political flash point. TIMEThe national debt is the total amount the US government owes its creditorsThis US Treasury page explains what the national debt is, how it accumulates from annual deficits, and why rising debt can affect interest costs, fiscal flexibility, and long-term economic stability. Treasury.gov The US national debt has become more important in recent monthsIn a moment of deep economic uncertainty, the national debt now matters more than ever. Listen to this podcast to find out why and also explore answers to questions like, "Who does the US owe money to and why?" Search EngineKey moments that shaped the national debt include the Civil War, both World Wars, the 2008 recession, and the COVID-19 pandemicThe US national debt has grown alongside wars, recessions, and policy shifts—from $75M after the Revolutionary War to over $34T today. This visual timeline walks through key moments that shaped the debt. 1440Japan has one of the largest debt-to-GDP ratios among developed countriesOn the face of it, this appears to be a bad sign. But a closer look at Japan’s investment strategies reveals that its relatively high debt might be more sustainable than meets the eye. ReutersOver three-fourths of US debt is held by domestic and foreign investorsOf the domestic investors, the Federal Reserve is the largest holder. And, of the foreign investors, Japan is the largest holder, followed by China. Peterson FoundationVisualizing $102T of global debtWhich countries have the most debt? And how does it stack up against their gross domestic product? This visualization, based on data from the International Monetary Fund’s October 2024 outlook, has answers. Visual CapitalistMinting a coin that can pay off the federal debt has been proposed as a quick fix to rampant borrowingIt’s uncertain how financial markets would react to such a large cash injection. Some economists warn it could trigger massive inflation. Others say the nation needs a clean slate. MarketplaceSome economists argue the national debt is not a critical concernThe US has the largest national debt and one of the highest debt-to-GDP ratios. These vitals have long been considered a sign of poor fiscal health, but economists are beginning to shift their attention to interest rates to evaluate national debt. Bloomberg QuicktakeThe debt ceiling is the threshold Congress sets for federal borrowingIf the US reaches this limit and Congress doesn’t pass a bill to raise it, the government cannot repay its debts. Suddenly, investors would lose assurance that the Treasury would make good on its securities, which have long been considered the safest type of investment. The Wall Street JournalThe national debt consists of public debt and intragovernmental debtThe national debt consists of money owed to private investors who have purchased Treasury securities and money owed by one sector of the government to another. They’re respectively called public debt and intragovernmental debt. US Department of the TreasuryAndrew Jackson was the first and only president to eliminate the national debtAfter Jackson slashed spending and began selling federal land, the government was accumulating more money than it was spending. The situation was unprecedented, but it didn’t last. Too much money was being printed and land prices rose to unsustainable levels. Within a year, the economy tumbled into a depression. NPRAlexander Hamilton consolidated states' debts, implemented a tax system, and established a national bankWhile the US was only 12 years old when Alexander Hamilton was tapped as the first secretary of the Treasury, it already owed almost $80M. With the country bringing in just $4.4M in taxes, that was not nearly enough to cover government operations and pay debts. Smithsonian MagazineThe national debt of the US has been trending upward for over a centuryThe national debt of the US fluctuates. A federally managed database is updated daily and shows how the debt constantly changes over a 24-hour period. It’s broken down by what the government owes individual investors (debt held by the public) and what’s due to one sector of the government by another (intragovernmental holdings). US Department of the TreasuryHow to balance paying down debt vs. investingWhen someone has extra money in their pocket, they're quickly faced with a decision: Is it a better idea to use that money to pay down debt, or invest it? While the answer depends on each individual's financial situation, this video explains which solution works best depending on the circumstances. Watch it here. VoxHow to get out of debtThis article provides a few helpful tips for getting out of debt, such as learning more about the debt itself and asking for better interest rates. It also explains the popular "debt snowball" and "debt avalanche" methods for getting out of debt. Curious to learn more? Read the full article here. MoneySee the growth of US consumer debtAmericans 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. Visual CapitalistDoes Social Security contribute to the national debt?Social Security operates through a trust fund built from payroll taxes. When costs outpace revenue, as they have since 2021, the program redeems Treasury bonds to cover the gap. To repay these bonds, the government often borrows more money, indirectly adding to the national debt and impacting fiscal policy. 1440The US has carried debt since 1791After 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. 1440Student loan debt differs from state to stateWhile 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. Visual CapitalistFor some debtors without assets that can be sold or returned, filing for bankruptcy can provide a path toward a clean slateHowever, the bankruptcy process does not apply to several types of common debt, including money owed toward child support or alimony payments. Most debtors also do not qualify for relief from student loan payments. NoloShould you pay off debt or invest?Some experts say you should put aside 20% of each paycheck and use that money for future goals, such as saving, investing, and paying off debt. But which should you prioritize first? It all depends on where you are in your financial journey. This article outlines the steps you should take depending on what your finances look like right now. Read it here. EllevestCollege majors ranked by median resulting student debtAs of 2023, student loans were the third-largest category of US household debt at $1.6T. But not all student debt is created equal. Statistically, some majors incur more debt than others. Behavioral science majors, for instance, had the highest median student debt as of 2022. Visual Capitalist America’s looming debt spiralThe United States has a debt problem. In 1989, the national debt was almost $3T. As of 2023, that number had ballooned to more than $30T. This video explains why the national debt grew so quickly, and what America's options are going forward. It also explores why the problem is trapped in political gridlock. Watch it to find out more. Bloomberg OriginalsIf the US government paid off its debt, it could disrupt the entire bond marketTreasury bonds are some of the most common bonds for investors, and the majority of the national debt is in bonds. CNBCRoughly 43 million Americans hold a cumulative $1.6T in federal student debtAbout 43 million Americans hold a cumulative $1.6T in federal student debt. That's more than the country's combined credit card balance, according to data from in the first quarter of the year 2024. 1440Student debt has a widespread economic impactStudent 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. InvestopediaStudent loan debt isn’t evenly distributed across age groupsMillennials and Gen X borrowers account for more than 70% of outstanding federal student debt ($1.1T). The discrepancy is driven by several factors, including a drop in college enrollment by younger Americans and older cohorts having more years to pay off balances. InvestopediaJust 7% of student loan borrowers account for 40% of outstanding student loan debtMost 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. StudentAid.GovTotal student debt has ballooned to $1.7T, up almost 150% since the Great RecessionWhile 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. NerdWalletEnslaved and in debt: the French roots of Haiti's strugglesThis investigative infographic details how Haiti was forced to pay for its freedom twice: once in blood and once in cash.
In August 1791, Haiti's enslaved population launched a revolt against French colonists, successfully establishing Haiti as a... The New York TimesThe federal debt ceiling 101The debt ceiling periodically takes center stage as Congress debates whether to increase or suspend this self-imposed limit on its borrowing authority. Learn the basics on this crucial feature of US fiscal policy with this Q&A. Committee for a Responsible Federal BudgetVizualize global debt by countryGlobal debt reached $226T by the end of 2020—the biggest one-year jump since World War II. This graphic compares the debt-to-GDP ratio of various countries. Visual CapitalistTotal national debt as of yesterdayDebt to the Penny is the total debt of the U.S. government and is reported daily. It is made up of intragovernmental holdings and debt held by the public. U.S. Department of the TreasuryThe US national debt is over $31TThe US national debt is at its highest level ever. Learn how the national debt grew to that level and what it means for US economic growth with charts and simple explanations. The BalanceThe national debt dilemma 101Catch up on the history of the national debt and how it's impacting today's partisan and financial debates with this official backgrounder from the Council on Foreign Relations. Council on Foreign RelationsThe current federal budget, deficit, and debt, in chartsThe US Treasury regularly publishes updated data on the federal budget, and this site hosts visualizations of that data. See reports on spending, revenues, deficits, and where the national debt stands. U.S. Department of the TreasuryThe US is one of two countries that abide by a predetermined borrowing limitWhen the Treasury hits this “debt ceiling,” Congress has to pass a bill increasing the borrowing threshold. Failure to do so may lead to a financial crisis. VoxA study followed a cohort of Black graduates beginning in the 1995–96 school yearWhile 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. Brandeis UniversityGraduate/professional schools often cost more to attend than undergraduate schoolsGrad and professional school cost more than undergraduate schools. Individuals with advanced degrees owe many times more than graduates with bachelor’s degrees. For example, the average student debt held by a PhD was around $125K in 2023, while those with undergraduate debt averaged $37K. Education Data InitiativeCongress often uses stopgap bills to keep the government runningWhen lawmakers fail to pass a full budget, they rely on continuing resolutions to fund the government temporarily. This guide explains how CRs are enacted, how they function, and why they disrupt normal operations. Bipartisan Policy Center
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