- The amount of total student debt outstanding is not precisely known, but is estimated to be over $1 trillion
- Barclays warned that the financial burden of defaults and income-based subsidization though 2020 is currently underestimated by more than $225 billion
- Only almost half of all borrowers were making payments in Q3 of 2011, while other borrowers were either still in school or in deferral, forbearance or grace period
- 15.5% of outstanding student debt is held by borrowers who are 50 years of age or older, who hold 16.9% of past due loan balances
- 4.2% outstanding student debt is held by borrowers who are 60 years of age or older, who hold 4.8% of past due loan balances, and have an average student loan debt burden of $18,250
- The median education debt belonging to households where the head of household is retired increased 62% from 2007 to 2009
- The governments new income based repayment programs are estimated to cost the U.S. government $190 billion, due to write-offs
The above facts are staggering and require that this situation be addressed swiftly.