Debt seems to be quite a common word in 2012, perhaps because there is plenty of it. Millions of Americans have become so submersed in debt that they have chosen to file bankruptcy.
In this infographic, we'll look at the prevalence of these loans and what percent of the nation's debt consists of student loans.
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While the vast majority of debt is tied up in mortgages, it has become apparent that student loan debt is troubling many Americans.
While credit card debt remained consistent last year, student loans grew by 3% between the second and fourth quarter. The majority of bankruptcy lawyers have noted an increase in the number of student debt filings from years before and warn against those who may be on the cusp of accepting a financial obligation in the name of education
| Academic Year|| Total Federal Loans||Total Fed. Loans Total $ - Finance Post-secondary Education|
| 02-03||$52,023 ||$125,742|
The total amount of money loaned out by the federal government for education costs has increased by $139% over the past 10 years
In the 2010 to 2011 academic year, 39%, or $70 billion, of undergraduate student aid was disbursed as a federal loan.
|Subsidized Stafford ||41% ||32% || 35% |
|Unsubsidized Stafford||33% ||31%||41%|
|Parent PLUS Loans ||9% ||11%||9%|
|Grad PLUS Loans ||0% ||0%||6%|
|Perkins and Other Federal Loans ||3% ||2%||1%|
|Nonfederal Loans ||13% ||23%||7%|
Total Student Loan Amounts:
|Rank ||State||Average Debt||% Of Graduates with Debt|
|Repayment without faltering|| 35% |
|Deferment or Forbearance ||15%|
|Repayment without faltering || 26% |
|Deferment or forbearance ||15%|
When taking on a loan, it's important to understand the ramifications of not repaying the amount and options available should you need more time to do so.
Provided by Total Bankruptcy.
For federal loans, there are many ways to enter your repayment without stressing yourself or your finances out.
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