According to the Federal Reserve, the level of outstanding student debt in the United States reached $1.75 trillion by the end of 2021.
As the chart shows, the student debt burden has more than tripled over the past 15 years, which is one of the reasons for the calls for student debt relief to grow louder and more frequent.
Student loans are the second largest category of household debt in the U.S., trailing housing debt by a wide margin.
Auto loans are the third largest category, currently standing at $1.3 trillion.
#economy #debt #stu
Source: Board of Governors of the Federal Reserve System (US)
President Biden today cancels federal student loans of $10k