(CNBC) This year, U.S. student debt levels set a new record. According to the St. Louis Federal Reserve, borrowers collectively owe over $1.5 trillion in student loans.
Debt has become an inevitable part of going to college for millions of Americans. The most recent Survey of Household Economics and Decision-making (SHED) from the Federal Reserve Board indicates that 42 percent of Americans who attended college, and 30 percent of all adults, have incurred debt in order to finance a degree.
Based on SHED figures, Americans with education debt owe between $20,000 and $25,000 on average. The typical monthly payment is between $200 and $300 per month.
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