A new report from Credit Karma has revealed some interesting data.
According to the credit card company, a consumer is likely to borrow about $200,000 per year if they have no student loan debt.
The average debt load for a first-time borrower is $16,200.
In comparison, the average debt for borrowers with student loans is $39,400.
The report also shows that borrowers with less than $40,000 in student loans are far more likely to have a large amount of outstanding loans.
For example, a borrower with a $50,000 loan would have about $24,000 of outstanding student loans, according to Credit Karma.
If a borrower is on $40 a month in student debt, they would owe $2,500, according the report.
Students are also far more willing to borrow money than other types of consumer, according Credit Karma, with a third of first-timers with student debt having no student loans.
Student loans are also less affordable compared to other types: $3,300 less per year for those with a bachelor’s degree or higher than $11,500 for those who don’t have a degree.
While the report shows that student debt is an issue in the US, there is a lot of optimism that it will start to ease.
President Donald Trump said during his inauguration speech that the United States will see a reversal in student loan costs within five years, with his administration focusing on reforming student loans in a way that helps the nation.
Last year, the US Education Department said that the average amount of debt a student owed was $16.6 million, with the average student debt owed being $60,500.