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Student Loan facts

While investigating facts about Student Loans and Student Loan Forgiveness, I found out little known, but curios details like:

A student in China can secure a loan by providing nude images of themselves holding their student ID as collateral to be released online in case of a loan default

how student loans work?

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.

What student loan can i get?

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 student loans are federal. Here are 50 of the best facts about Student Loans Company and Student Loan Calculator I managed to collect.

what student loan plan am i on?

  1. There's a company that takes donations to purchase student loans at pennies on the dollar just to wipe them out and has wiped $32m to date.

  2. Skyrocketing college tuition prices began in 2005, when Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act, that made it essentially impossible to discharge or declare bankruptcy on federal or private student loans.

  3. United States student loan debt exceeds US credit card debt and auto debt

  4. Student loans have hit a record high of $1.2 trillion in the United States

  5. Yale Cost of Attendance is $63,250 but if you cannot afford it then they allow you to attend free of charge through a "need-based grant" Yale does not require students to take out loans to attend.

  6. Iowa and Montana will revoke your driver's license if you can't pay back student loans

  7. In the 1950s, hundreds of babies were on loan from orphanages to various U.S. universities. There, students could practice the latest child-rearing theories of the day on a real newborn. After a year or two, the babies would leave their multiple mothers to find homes in adoptive families.

  8. After obtaining "atleast" 3 billion USD in fraudulent student loans, University of Phoenix was fined only 78.5 million USD.

  9. Student loans that are "forgiven" after 25 years of payments, are treated as TAXABLE INCOME; meaning huge taxes due IMMEDIATELY, and could be 5 + figures.

  10. More students at University of Phoenix, ITT Institute schools default on their student loans than graduate

student loan facts
What student loans can be forgiven?

Student Loan data charts

For your convenience take a look at Student Loan figures with stats and charts presented as graphic.

student loan fact data chart about I just finished paying off my student loan! 📉💸🎉
I just finished paying off my student loan! 📉💸🎉

student loan fact data chart about 10 years of my student loan payments. Current balance: $0
10 years of my student loan payments. Current balance: $0

Why student loans?

You can easily fact check why student loan forgiveness by examining the linked well-known sources.

Following graduation from law school Marco Rubio had approximately $100,000 worth of student loans which were paid off in 2012.

Oxford college students in the Middle Ages got loans from a literal chest, where they deposited books as collateral; the system worked until someone broke into the chest in 1544 - source

Grove City College does not accept any federal student aid for their students, including loans. - source

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

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.

When student loan written off?

The US Department of Education made around 51 Billion dollar profit off of government student loans, equivient to the profit of PMorgan Chase, Bank of America, Citigroup and Wells Fargo combined.

How student loan interest is calculated?

More than 3 million Americans ages 50 to 64 are in default on their student loans, putting them at risk of having their benefits garnished when they claim Social Security

Students at for-profit institutions represent only 11 percent of college students, but they make up 44 percent of students who default on their loans.

Iowa and Montana will revoke your driver's license if you can't pay back student loans.

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.

In the USA, 1 in 4 of the more than 41 million people with student loans is in default or struggling to make payments.

Student loan infographics

Beautiful visual representation of Student Loan numbers and stats to get perspecive of the whole story.

student loan fact infographic about I took out ~$50K in student loans for my first year of medic

I took out ~$50K in student loans for my first year of medical school, here's how I spent it.


student loan fact infographic about My student loan debt, and forecasted repayments (UK)

My student loan debt, and forecasted repayments (UK)


When student loans default?

If students in Toronto volunteer for the Pan Am games, they get a six month grace period for repaying their student loans

Only 0.6% of US student loans default - by charging a simple 2.4% fee (vs today's 4.29-6.84% interest rates) taxpayers would still be protected 4X the expected default rate

The Average Student Loan Balance in the U.S. has Reached Nearly $30,000

Federal student loans were introduced in response to the recent success of the USSR's space program, and the fear that the US was falling behind in technology.

There is already a student loan forgiveness program; you only need to pay 10% of your discretionary income for 10 years, then the balance is expunged

How student loans can be forgiven?

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.

Even though higher education in Denmark is free and even though the Danish government gives grants to college students, many Danish college students still require modest student loans.

All “totally and permanently disabled” people are eligible for full federal student loan forgiveness. Hopefully this saves someone $50k!

The University of Victoria library loans out canine companion to students - BC

In 2006, Congress eliminated the option for married couples consolidating student loans because of the high divorce rate

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.

In 2013 the US government booked $41.3 billion in student loan profits. Third only to Apple ($41.7B) and Exxon ($44.9B)

Discharging Student Loan Debt Used to be an Option

Leaving the UK does not make you exempt from student loan repayment

Colleges in America can withhold the transcripts of students who default on their loans

Mark Cuban owns the domain www.collegedebt.com, which publishes a live update of how much college loan debt is held by students.

The U.S. Government is on target to produce $66 billion dollars of profit on student loans taken out between 2007-2012

Department of Education makes $50 Billion in profit off of student loans. ED makes more in profits than Exxon Mobile, the most profitable company in the US

There's a game show called "Paid Off" that pays off contestants' student loans

This is our collection of basic interesting facts about Student Loan. The fact lists are intended for research in school, for college students or just to feed your brain with new realities. Possible use cases are in quizzes, differences, riddles, homework facts legend, cover facts, and many more. Whatever your case, learn the truth of the matter why is Student Loan so important!

Editor Veselin Nedev Editor