The interest rate will double Monday on new federally subsidized Stafford loans, which currently account for one-third of all student borrowing. Here are some other student debt numbers:
- Two-thirds of recent graduates have student loan debt, and carry an average balance of $27,200.
- Total student debt has nearly doubled since the beginning of the recession, jumping from $550 billion in 2007 to just under $1 trillion this year. Credit card, car and home debt have all declined or remained steady in the same time period.
- For the 2011-2012 school year, students borrowed $41 billion in subsidized Stafford loans, and more than $115 billion total.
- Students who borrow the maximum $23,000 in subsidized Stafford loans will pay an additional $4,500. The average borrower will pay an additional $2,600.
- The average price of a four-year public university education has increased by 86 percent since 2000.
- Private institutions have increased tuition by 36 percent.
Source: Congress' Joint Economic Committee report.
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