Carrying tens of thousands of dollars in student loan debt has become the new normal.
Thanks to climbing tuition and inadequate college savings, 40 million Americans now have at least one outstanding student loan, according to new analysis from credit bureau Experian. That’s up from 29 million consumers in 2008.
On average, borrowers are carrying roughly four student loans each, up from less than three in 2008. Meanwhile, the average balance has increased to $29,000 from $23,000.
That has helped to push nationwide student loan debt to an all-time record of $1.2 trillion, an 84% jump since the recession.