In Texas, the average debt is $26,292 and 56 percent of residents hold student loan debt. But one company found a way to make it go away faster.
In 1995, about a quarter of adults aged 20-29 had student loan debt. In 2016, it had increased to 47 percent. The percentage who had less than $10,000 went from 16 to 12 percent, while those owing $10,000 to $24,999 rose from 8 percent to 15 percent. Former students owing $25,000 to $49,999 also jumped from two percent to 12 percent and those owing over $50,000 from one percent to eight.
We also know that it takes the average college-educated person with student loan debt until around age 35 to reach the homeownership rates of their peers without debt. Student loan debt is one of the biggest reasons the Millennial generation took so long to purchase a home. And what about Generation Z, whose oldest have just drank their first legal beer while waiting for their even larger student loans to come due?