The National Association of Student Financial Aid Administrators (NAFAA) has released a report that finds that about 9% of all student loan borrowers in the U.S. are paying a significant amount of their income toward their loans.
And, according to the NAFAA, the vast majority of those borrowers are making between $50,000 and $75,000 per year.
According to the report, more than 1.6 million student loan graduates and new grads were working in 2015.
But, that’s a fraction of the total student loan population.
While a quarter of graduates earn between $100,000 to $150,000 annually, only about a third of graduates with $50K or less in loans are working.
And the number of graduates who are making at least $75K annually is even lower.
About 3.5 million graduates are making $75k or less annually.
And only a third are making that much at all.
For more than a decade, the NAFA has been trying to track student loan income, but the latest data from the Bureau of Labor Statistics doesn’t track how much borrowers have earned over the past few years.
Instead, it’s based on the number and percentage of students that have completed at least half of their degree.
The numbers are based on a person’s earnings and earnings over their entire education.
But for those making less than $25K, the numbers are only based on those who graduated from high school.
For borrowers making more than $75000, the bureau’s latest figures don’t show any changes in their average earnings, but instead they’ve been moving up the income scale.
According to the latest BLS figures, those earning between $75-100K annually have seen their average annual earnings rise about 8.6% over the last year.
But even with these higher earnings, the gap between borrowers and students is still growing.
The new figures also show that, while the average earnings for new grad graduates are up more than 10% over last year, those making between the $50-75K range are up only 6.7%.
That’s because they have been moving out of the higher earnings bracket, according the NAFFA.
But those who have been in the lower earnings bracket are making more money.
And those who are in the middle of the income range are making less money.
As we’ve reported on several occasions, borrowers are getting worse debt than their parents.
The most recent figures show that borrowers with $100K in student loans have the second highest debt load, with an average debt of $1,082 per student.
That’s more than twice the average debt for new graduates, who have an average of $931 per student in their loans and $1.938 for those with between $40,000-75,00 in debt.
The NAFFAA’s latest report also found that new grad borrowers have the highest percentage of total debt outstanding at 45%, while graduates with less than a high school diploma have the lowest.
And, despite the rising debt, new grad students are not the only ones struggling.
Many graduates are also struggling to repay their student loans because they don’t have the cash to pay them off on their own.
According the latest figures, more borrowers with student loans are in default than ever before.
The most common reason borrowers don’t pay their loans off on time is because of student loan debt.
According a recent report by the Federal Reserve Bank of Atlanta, about three-quarters of all borrowers with federal student loans had defaulted on their loans within the last six months.
And borrowers who default on their student loan payments can have a significant impact on their ability to pay back their loans in the future.
According of the report , about 40% of students with a student loan have taken out student loans more than three years in total.
And a staggering 67% of those who default are still waiting on their payments.
The latest NAFFSA report also shows that borrowers in families making more are more likely to default.
The report shows that students with two parents with a bachelor’s degree or higher are nearly three times more likely than those with no family members to default on student loans.
And those who owe more are also more likely, with nearly one in five borrowers in debt, to be delinquent on their loan payments.
In short, it looks like it’s not just students that are facing a debt crisis.
For those who don’t make enough to cover their payments, the stress can be especially overwhelming.
And that stress can make it harder for students to finish their education, which can have negative repercussions on their future finances.
And it’s that stress that has some students facing foreclosure.
According in the report the vast bulk of those with student loan balances are in foreclosure.
And according to some experts, foreclosures are on the rise, as more people are choosing to get out of their loans early.