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42.3 Million Americans Struggle with $1.67 Trillion Student Debt

10/5/2025

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Summary

Story summary

42.3 million Americans owe $1.67 trillion in student loans, averaging over $39,000.
Rhode Island and Connecticut have among the highest median payments at $217 and $227.
Vermont has the highest median payment in New England at $248.
Teachers and healthcare workers may qualify for specialized loan forgiveness.
WalletHub recommends budgeting, boosting income with side jobs, and refinancing.

History

Historical Context

The Higher Education Act of 1965 expanded federal student loan programs, significantly increasing student borrowing. By 2021, approximately 45 million Americans held student debt, averaging around $30,000 each. Rising tuition costs, driven by reduced state funding and increased enrollment, have led to calls for reform in student loan policies, as many borrowers struggle to repay their loans, impacting their financial futures.

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Story summary

42.3 million Americans owe $1.67 trillion in student loans, averaging over $39,000.
Rhode Island and Connecticut have among the highest median payments at $217 and $227.
Vermont has the highest median payment in New England at $248.
Teachers and healthcare workers may qualify for specialized loan forgiveness.
WalletHub recommends budgeting, boosting income with side jobs, and refinancing.

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