With overall student debt in the U.S. at more than $1 trillion, many lawmakers are pushing legislation to lower graduates' repayment costs.
Here’s a look at some facts about student loans in the United States today.Or take this brief quiz to see how much you know.
1. Americans owe more in student loans than auto loans.
Americans owe $1.3 trillion on student loans, less than the $892 billion they owe on auto loans.
2. Still, they owe more on home mortgages.
The $1.3 trillion in student loans is still small compared to the $13.3 trillion they owe on mortgages.
3. Many student loans are late or in default.
The percent of student loans that are 90 days late or in default is 11 percent, higher than the 9 percent of Florida mortgages that are 90 days late.
4. Tens of millions of Americans have student loan debt.
About 39 million Americans have student loan debt, greater than the 35 million people who live in Canada.
5. Student loan debt is increasing.
It took only seven years for the overall amount of student loan debt in the United States to double, from $621,176 in the third quarter of 2007 to $1.3 trillion in 2014.
6. Today’s graduates could buy a house instead.
The average debt for a member of the class of 2014 is $33,000 -- the same as the average listing price of a three-bedroom home in Detroit.
7. A small percentage of graduates owe six figures.
About six percent of borrowers have more than $100,000 in student loans.
8. The vast majority of them were graduate students.
About 90 percent of six-figure student loans were for graduate school.
9. Many of the rest went to for-profit schools.
Of those who racked up more than $100,000 in student loans for undergraduate degrees, 72 percent went to for-profit schools.
10. It is not easy to get rid of student debt in a bankruptcy.
Borrowers have to prove that they would suffer "unique hardship" in order to reduce their student debt in bankruptcy.