OfTheCross
Veteran
How Student Loan Borrowers Have Changed since 2008
The overall number of federal student loan borrowers increased by 43 percent between 2008 and 2020, and the average outstanding debt per borrower increased by 83 percent, from $19,300 to $35,400. This growth was likely spurred by increased enrollment in higher education during the 2008 recession and the introduction of the graduate PLUS loan in 2006, which replaced much of the private lending to graduate students.
This growth was not uniform; some groups increased their borrowing rates (and borrowing amounts) more than others.
The overall number of federal student loan borrowers increased by 43 percent between 2008 and 2020, and the average outstanding debt per borrower increased by 83 percent, from $19,300 to $35,400. This growth was likely spurred by increased enrollment in higher education during the 2008 recession and the introduction of the graduate PLUS loan in 2006, which replaced much of the private lending to graduate students.
This growth was not uniform; some groups increased their borrowing rates (and borrowing amounts) more than others.
