Discover the Surprising Side of Debt: Top 11 Fun Facts About Student Loans You Never Knew!

1. Loanopoly: Federal vs. Private Debts

You might think that student loans are just a game of "who's loan is it anyway?", given the boggling numbers people owe, but deep down, it's more like "are you smarter than a fifth grader?" when handling them wisely: On average, federal student loan debt is $37,338 per borrower in the United States, while private student loan debt clocks in at an eye-watering $54,921 per borrower, with a whopping 92% of borrowers opting for federal loan debt and only 8% cosying up to private student loan debt.
Source => educationdata.org

2. Student Loans: The Real-life Board Game

Who needs Monopoly money when you've got student loans? It turns out that the game of life has a lot more in common with the board game than we thought: The US Federal Reserve reveals that outstanding student loan debt in the US has reached a staggering $1.75 trillion, equating to 6.5% of U.S. GDP. That's nearly three times more student debt than in 2008, though college graduations have only seen an 8-9% increase since. I guess passing Go doesn't always pay off!
Source => leverageshares.com

Did you know the world's first multi-purpose charge card was introduced in the 1950s by Diners Club? It allowed elite New York members to enjoy 28 classy eateries and two swanky hotels, while also paving the way for travel insurance perks and corporate card options. Discover more fascinating credit card history!

=> Fun Facts about Credit-Cards

3. Paging Dr. McDebty: Med School Loan Costs

Who needs Dr. McDreamy when you're Dr. McDebty? No shortage of student loans here: Medical school graduates owe on average $250,990 in total student loan debt, nearly 7 times the amount owed by the average college graduate – talk about a pricey prescription for success!
Source => educationdata.org

4. Netflix vs. Loan Payments: A Monthly Showdown

Ever felt like there was a Netflix fairy emptying bags of cash on your behalf? Hold on to your wallets, folks: the median monthly payment for student loan borrowers is $222, which is roughly equivalent to a monthly subscription to a popular streaming service, while the average monthly payment is even higher at $393, depending on factors like the repayment plan and income of the borrower.
Source => thecollegeinvestor.com

5. Millennial Homeowners Crush Loan Stereotypes

Who said student loans are the millennial kryptonite to homeownership? It seems many of our indebt-superheroes still have their capes securely fastened: A recent Rocket Mortgage® survey of over 2,000 millennials found that 56.8% of millennial borrowers own a home, surpassing the general population's homeownership rate. Interestingly, 55.9% of them are still paying off student loans, and 63% of millennial home purchases between 2017-2022 were made by those with student loan obligations. Talk about having your American dream and eating it too!
Source => rocketmortgage.com

6. Income-Driven Repayments: A 10-Minute Game Changer

When life gives you lemons, make student loan repayments: Enrolling in an income-driven repayment plan for federal student loans can take merely 10 minutes through the U.S. Department of Education's online form, requiring only basic personal information and using the IRS Data Retrieval Tool to transfer tax info. But don't forget to recertify annually or when your income takes a roller-coaster ride to maintain your eligibility for those sweet, income-based reduced payments.
Source => tateesq.com

7. Forever Young and Forever Indebted

Feeling young at heart, but still shouldering the weight of student loans? Don't fret, you're not alone: Borrowers 50 years and older are responsible for an astonishing 22 percent of the total US student loan debt, which amounts to roughly $336.1 billion and has increased by more than fivefold since 2004.
Source => aarp.org

8. Creative Employer Benefits: Loan Assistance Edition

Put down that latte and grab your PTO: Employers are getting creative in the battle against student loans! Brands are mixing up their benefits with direct repayment programs, discretionary programs, and even offering PTO trade-ins, matching contributions, signing bonuses, and recurring payments. These inventive menu options may have employees saying, "Keep the bean bag chair, I'll take loan assistance!"
Source => uschamber.com

9. Student Loan Interest Rates: A Congress Concert

Don't be "bored of education" thinking about student loan interest rates – Congress sure isn't! They change their tune more often than a One Direction fan at karaoke night: Between 2006 and 2013, rates were fixed at 6.8%, before the Bipartisan Student Loan Certainty Act linked rates to the 10-year Treasury note. Rates even dipped to a "recession special" of 5.6% in 2009 – sounds almost too good to be true, right?
Source => finder.com

10. Law School Loan Debts: Order in the Bankruptcy Court!

When it comes to student loans, you know what they say: with great knowledge comes great financial responsibility. But for law school graduates, knowledge comes at a price that might make you want to practice your "objection!" in bankruptcy court: the average student loan debt for a law school graduate is $130,000, which is over four times the average debt for those with a mere bachelor's degree.
Source => nerdwallet.com

11. Student Loans: The Heavyweight Debt Champion

If student loans were a heavyweight boxing champion, they'd be packing a serious financial punch to the gut of our nation: The average federal and private student loan debt in the US sits at $37,338 and $54,921 per borrower, respectively. Plus, with Americans borrowing over $30,000 to score a bachelor's degree and still owing $20,000 on their education's outstanding tab 20 years later, you might want to drink to forget those repayment stats!
Source => educationdata.org