Chances are, if you went to college in the United States, you have student loan payments to think about every month — approximately 70 percent of grads leave college with student debt.
Over 44 million Americans hold a total of $1.4 trillion in student loan debt. In fact, the amount of student debt held by Americans has increased dramatically over the past 30 years, and one generation is feeling the pressure the most — millennials.
According to the Federal Reserve, there are over 17 million student loan borrowers under the age of 30 in the U.S. These 17 million people hold a total of $376.3 billion in debt. The average monthly student loan payment for a borrower in their 20s is $351, and the median monthly payment is $203.
That means that Americans in their 20s with student loan debt each have an average balance of about $22,135.