One in five U.S. households have student loan debt

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by KING 5 News

KING5.com

Posted on September 27, 2012 at 7:21 AM

Updated Thursday, Sep 27 at 7:34 AM

A new Pew Research Center states that the number of households with student loan debt has doubled in just over two decades.

The research, released September 26, found that since 1989 the number of households owing student loans has risen from about one in 10 up to almost one in five (19 percent).

Additionally, there has been a significant increased since 2007, prior to the period Pew calls "the Great Recession." In 2007, 15 percent of households owed student loans.

For more information read the full report from Pew Research.

With total student debt nationally passing $1 trillion last March, more people hold college loan debt than ever before.

Student debt exceeded credit card debt in 2010 and auto loans in 2011.

The relative burden of student debt is greatest for the bottom fifth of the income spectrum, or those making less than $21,044.

The Pew reports states a record 40 percent of recent graduates, those under 35 years old, have student loan debt.

On average, 2010 graduates owe $26,682 in student loans, up over $3,000 from 2007.

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