The number of federal student loan borrowers with six-figure balances is rising fast, raising alarm among consumer advocates.
"There are quite a number of people who owe the federal government over $2 million in federal student loans," said Wayne Johnson , who served as the chief operating officer of the Office of Federal Student Aid from 2017 until 2019.
In the second quarter of 2024, 2.4 million borrowers carried a federal student loan balance between $100,000 and $200,000, up from 1.8 million people who owed that much during the same period in 2017, according to new data by the U.S. Department of Education., who served as the chief operating officer of the Office of Federal Student Aid from 2017 until 2019, tells CNBC he saw some eye-popping balances during his time at the Education Department.
"There are quite a number of people who owe the federal government over $2 million in federal student loans," Johnson said."There are several factors that have contributed to the increase in the number of borrowers carrying six figures in student loan debt," said Betsy Mayotte, president ofThe annual sticker price for certain schools, after factoring in tuition, fees, room and board, and other expenses, is now nearing $100,000.
Graduates of dental programs owed an average of around $307,0000 in 2019-2020, Kantrowitz found, while veterinarians were about $170,000 in the red.Nearly 80% of those who owe between $130,000 and $139,000 report feeling a "high" or "very high" amount of stress from their debt, compared to around 25% among those with a balance under $10,000, according to data analyzed by Kantrowitz.
"Seeking to help their children find upward mobility through higher education, low-income and low-wealth parents taking out these loans risk making themselves downwardly mobile, a consequence no family should suffer in the name of college opportunity," the Foundation
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