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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
What we've found
Gen 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. SpotifyCollege 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 Roughly 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 is a trillion-dollar questionFormer 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. FreakonomicsJohn Oliver explains the student debt problemFrom 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). Last Week TonightStudent 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. InvestopediaTotal 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. NerdWalletAlaska 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 CapitalistOne study suggests that dark matter may have originated from a dark Big BangA student-faculty team at Colgate University modeled the event as occurring months after the conventional Big Bang and determined the potential gravitational wave signal that would have been left behind. Future gravitational wave detectors are expected to be sensitive enough to observe this signal, if it exists. Colgate University43% of Americans don't have savings to pay for a $1K emergencyThat's according to data from January 2026 shared by US News. Among those who did have an emergency fund, the median balance was $5K. US News & World ReportThe first interferometric gravitational wave detector was invented in 1972Robert Weiss completed the designs after his students asked about an earlier apparatus that used stretched aluminum cylinders to detect passing gravitational waves. Unfamiliar with general relativity and hoping to keep the course focused on experimental tests rather than mathematics, Reiss later asked his students to consider his device for homework. (Some readers may experience a paywall.) ScienceSome medical schools have phased out human cadavers for digital alternativesAI-based anatomy tools and digital cadavers are increasingly used to teach students, bypassing the ethical and consent concerns around the use of real bodies. Digital cadavers have also become less expensive than real ones, though the tactile and sensory experiences of real dissection may be irreplaceable. Smithsonian MagazineHeadache disorders have historically been neglected and under-researchedConfusion between the variety of headaches—from mild discomfort to debilitating pain—and gender bias—migraines primarily affect women—have led to widespread misunderstandings of the medical issue. Medical students in the US may get as little as 30 minutes of instruction on the three major types: migraines, cluster headaches, and tension-type headaches. Science QuicklyBlurriness in the James Webb Space Telescope's infrared imaging was fixed by AIAustralian researchers developed the Aperture Masking Interferometry Generative Observations AI algorithm to sharpen images affected by electronic distortions in the JWST's Aperture Masking Interferometer. Space.comMost part-time MBA students finish the degree in about 2 to 4 yearsIn addition to the classic full-time MBA, there are a few variations to this degree. These include Executive MBAs (for senior managers), 4+1 MBA programs, and more, which are detailed in this article. College AdvisorTech, finance, and consulting industries hire roughly 70% of students from top MBA programsHowever, hiring in these sectors has slowed in recent years due to overhiring and other factors, making the job search more difficult for recent MBA grads. This Wall Street Journal podcast episode has more details. YouTubeRat taxidermy can be a tender, if unsettling, communal activityAt a rat taxidermy class in Chicago, participants use previously deceased rats, usually from lab experiments, as they learn the art of preservation step-by-step. Despite the gore, the act can engender tenderness toward the animal and prompt healthy reflection on death and dignity. OutsideThe belief that classical music enhances intelligence is mostly incorrect"The Mozart Effect" was based on a 1993 study by psychologist Francis Rauscher. Rauscher played a Mozart Piano Sonata for college students and then assessed their spatial reasoning, finding it improved for 10 to 15 minutes. The media ran with a simpler story: listening to classical music made you smarter. NPRSome people believe Paul McCartney died in 1966The "Paul is dead" theory proposes the famous Beatle died in a car crash and was replaced by a McCartney look-alike. The idea gained traction after a student's article exploring the topic was published in 1969. Some fans believe The Beatles left clues of McCartney's passing in their songs. The Beatles Story Museum, LiverpoolEvery track from Moby's 'Play' was licensedThe electronic album was floundering on the charts before the artist began licensing its songs for advertisements and films. Eventually, all 18 of its tracks were sold for use in other media, a move that led to significant airplay and sales, with more than 12 million copies sold. American SongwriterThe Turritopsis dohrnii jellyfish can reverse its life cycleDiscovered in the 1980s, this creature has been dubbed the "immortal jellyfish" for its ability to revert from medusa to polyp form and back, preventing it from dying of old age. However, the jellyfish remains prey to fish and turtles and is defenseless to sea slugs as a polyp. Natural History MuseumNine Shakespeare paintings by pre-Raphaelite John Everett MillaisIn the 19th century, pre-Raphaelites like Millais sought to showcase life and nature honestly, using common references like the Bible, ordinary people and Shakespeare. Explore some of Millais' better known paintings inspired by the Bard here, including his world-renowned "Ophelia." DailyArt MagazineThe United States faces a sizeable teacher shortageTeacher vacancies have surged since 2017, with each year opening more positions than hires. Educators are quitting in record numbers, citing low pay and burnout. Today, there are 567,000 fewer education professionals than before the pandemic. National Education Association15 states offer school voucher programs, serving nearly 350,000 studentsVoucher programs direct public K–12 funding to families in the form of tuition grants for private schools and are typically targeted to low-income or special-needs students. Education WeekThe game 'Counter-Strike' was developed in a dorm roomCollege student Minh Le designed the game through "modding," effectively building on the code of a preexisting game, the game "Half-Life" in his spare time. The New York TimesESPN’s College GameDay show has been a Saturday staple since 1987Debuting in 1987, College GameDay has become college football’s premier pregame show—broadcasting live from campuses nationwide, featuring spirited fan signs, and setting the stage for the day’s biggest matchups. The RingerThe 'dupe' economy is fueled by the youthful thrill of thriftHistorically, you don't want people to know you have a knock-off luxury item. But today's younger generations are embracing the "dupe" economy, an open celebration of luxury knock-off items where consumers are proud to pay less for something roughly equivalent to premium brand offerings. Salon.comThe mystery of the declining US birth rateThe rate of births in the US has dropped by 20% in the last two decades after 30 years of relative stability. After the Great Recession, the birth rate across all demographics began to drop and has not recovered since, and no single factor has been identified as the key cause. EconofactCredit cards were the fourth-highest source of US consumer debt as of 2024US consumer debt nationwide totaled $17.9T as of 2024 Q3. Mortgage debt ranked as number one, with student loan debt coming in at number two. Education Data Initiative529 plans can affect college financial aidIncome affects FAFSA financial aid determinations. FAFSA also takes 529 college savings plans into account. The percentage of savings it uses in its calculations depends on who owns the account (parent, student, or someone else). Other schools use a program called CSS to determine financial aid, and those determinations vary. Morningstar, Inc.How to calculate your net worthSomeone's net worth is the value of their assets minus their liabilities. Assets may include a home or a retirement savings account, whereas examples of liabilities include student or credit card debt. KiplingerShould you pay off your student loans early?While paying off student loans can feel like a big achievement, some experts argue that it’s not a good idea to pay off student debt early if you have to sacrifice retirement or emergency savings to do so. BankrateSee 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 CapitalistA 15th-century university student documented a surprisingly detailed fitness planModern fitness stems from the revolution in the knowledge we have of the human body, its cardiovascular systems, how muscles work, and more. Nonetheless, people through the centuries have had fitness regimes—including one university student whose fitness plan was preserved in an obscure document found between a manuscript. Medievalists.netA Yale student wrote a critical essay about the consulting industry's influence on college studentsMarina Keegan was a recent Yale graduate set to start her career writing for The New Yorker when she died in a car accident. But before her death, she wrote an essay criticizing the consulting industry's impact on not only her classmates' lives but also their ability to impact the world at large. Yale Daily NewsStudent 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. NoloWatch city kids encounter the national parksPart of Ken Burns’ "The National Parks: America’s Best Idea" film series, this video follows students from Las Vegas and Miami as they visit national parks. In Death Valley, the students get hands-on lessons in geology, while in Biscayne, they canoe through secluded groves and past coral reefs. PBSStudent loan forgiveness is a contentious topicPresident Joe Biden’s plan to forgive up to $20K of student debt per borrower was ultimately struck down by the Supreme Court. But at the center of the debate about his proposal sat one core question that persists today: Is student loan forgiveness fair? VoxCalculate your student loan paymentsAs of summer 2024, interest rates on federal student loans ranged from 6.5% for undergraduates to above 9% for loans taken out by parents (private loans can exceed 17%). The interest rate determines how quickly the amount owed grows. Use this calculator to estimate your monthly payments. Sallie MaeMore than 3 million student loan borrowers were in default at the end of 2021More 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. BestColleges.comA 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 UniversityStudent 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. InvestopediaGraduate/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 InitiativeJust 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.GovPlay the role of a student as you try to navigate college and remain debt-freeA simulator lets you select different income levels, high school experience, race and ethnicity, and more. How does meeting with a counselor alter your trajectory? Should you emphasize extracurriculars or test scores? The Hechinger ReportThe cost of college has more than tripled over the past five decadesDetermining the all-in cost for each student’s specific circumstances can be tricky. But what is behind the rise in price? Analysts point to a number of factors—lack of transparency around cost, expansive government support, increased administrative burdens at schools, and more. Kite & Key MediaThe federal government uses the FAFSA to determine student's eligibility aid Apply for billions of dollars in scholarships, grants, loans, and Federal Work-Study funds using the Free Application for Federal Student Aid form. Get an overview of how the FAFSA form can help you finance your education with money from the federal government, your state, and school; understand when to apply; and find out what you'll need to fill it out. Federal Student AidHow student loans became incredibly prevalentAs of 2024, the total outstanding federal student loan debt sat at $1.6T, held by almost 43 million borrowers. Explore the history of student loans and how they became prevalent in the US, as told by several influential actors in the creation of the program over the years. Lumina Foundation