Loan Debt facts
While investigating facts about Loan Debt Consolidation and Loan Debt Calculator, I found out little known, but curios details like:
Student loans have passed credit cards and auto loans to become the second biggest source of personal debt in the U.S., trailing only mortgages.
how to get out of student loan debt?
United States student loan debt exceeds US credit card debt and auto debt
What is a debt consolidation loan?
In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across answering what is the average student loan debt in 2019. Here are 37 of the best facts about Loan Debt To Income Ratio and Loan Debt Forgiveness I managed to collect.
what is the average student loan debt?
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A loan of £1000 at the rate of 6% p.a. was given by a UK school to the city of St Albans in 1722. St. Albans City council, despite acknowledging the loan, has not made any repayments on it. As of 2012, the debt stands at £21,800,000,000 (21.8 billion GPB).
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Sir James Dyson started his vacuum company in his 40’s when he had three young kids and was in debt by putting up his home as collateral on a loan and now owns 100% of his company and has a personal net worth of over 7 billion dollars!
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Britain incurred so much debt fighting World War II that it didn't make its final loan payment until 2006.
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There are alternative options to filing for bankruptcy that can help a person avoid it. These options can include debt consolidation loans (where debts are paid off by a loan, which can help get rid of high interest rates on credit card loans), debt management plans, and consumer proposals (when a portion of debt is paid off and the rest is erased).
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In 1998, during one of the worst financial crashes in Korean History, South Koreans donated their private gold to the gov't to prevent a $58B loan from IMF from defaulting. Koreans donated $3B of their private gold and paid off their debt in 3 years, ahead of schedule.
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Augustus Caesar was rich enough that he could pay off every single student loan in the US, Pay off all credit card debt for every citizen in the US, All debt held by US states to the federal government, Pay of the debt of the lowest owing 120* countries and still be the richest man alive today
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In 2018 69% of college graduates took out loans, amounting to over 1.56 Trillion dollars in debt.
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Some debts are not erased when an individual files for bankruptcy. These debts can include child support payments, legal fines, some student debts, car loans, mortgages, and alimony payments, depending on where the individual lives.
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In the UK with the average funeral costing £3675 people are turning to loans, which has led to a "funeral debt" of £147m
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The purchase of $15 million did not include the $3.75 million debt from France being paid off. Therefore amount the U.S. had to come up with was $11.25 million, but all they had was $3 million in gold. Once the loans for the $8.25 million balance were paid off in 1823 the total cost of the Louisiana Purchase was more than $23 million.
Loan Debt data charts
For your convenience take a look at Loan Debt figures with stats and charts presented as graphic.
Why is student loan debt so high?
You can easily fact check why can't i get a debt consolidation loan by examining the linked well-known sources.
A financial institution estimated the average millennial with student debt had 75 percent less net worth than their debt-free peers. The median net bank account balance (checking+savings) of all grads under 35 who had loans, they found, was $5,500, while it was some $10,180 for those who didn't.
Debt is illegal in Dubai which could result in jail time if the borrowed money isnt repayed. About 40 percent of the prison population in Dubai have been convicted of defaulting on bank loans. - source
Student loans asset-backed securitization—or SLABS—means student loan agencies package student debts and sell them to investors who expect to get their money back, plus interest, as students pay back their loans. - source
During the presidency of Jânio Quadros, Brazil was faced with high inflation and large debts. Quadros negotiated for Brazil to receive 1.64 billion dollars of new loans, greatly mitigating the debt crisis that it had been facing. He also banned women from wearing bikinis on the beach
When maintenance loans were added to the debt, the researchers calculated that it would take 30 years for UK doctors on an average salary to repay their debt - source
What happens to student loan debt when you die?
Germany made its final payment of loans debts related to WWI reparations on October 3rd, 2010.
How to reduce student loan debt?
A 21 year old broke college student, who feared the burden of student loan debt, created a single page website. From it, he made $1.2 million in about 6 months.
Discharging Student Loan Debt Used to be an Option
When all household debts (mortgage, education, autos, healthcare, small business loans) are combined and adjusted for income, American households are less indebted than their Canadian, Danish, Dutch, or Norwegian counterparts.
The cost of college has risen 4 times faster than the rate of inflation, that the cost of higher education is higher than the cost of health care, and that there is one trillion dollars in student loan debt- more than there is credit card debt in our country.
Mark Cuban owns the domain www.collegedebt.com, which publishes a live update of how much college loan debt is held by students.
Loan debt infographics
Beautiful visual representation of Loan Debt numbers and stats to get perspecive of the whole story.
Visualization of estimated student loan debt for the next 8 years of my life
