There are of course many Americans who are weighted down by the enormity of their student loans, but as indicated by recent research from the Federal Reserve Bank of Cleveland, many are not.  Three quarters of borrowers pay no more than four hundred dollars a month in student debt bills. 

The typical borrower between the ages of twenty and thirty pays a bit more than two hundred dollars a month toward student debt.  As indicated by writer Josh Mitchell, these figures are likely to surprise many who have been monitoring public discourse regarding student debt in recent years. 

After all, total student debt nearly tripled over the last decade even controlling for inflation.  Today, total student debt in the U.S. is a bit north of one point two trillion dollars according to the Federal Reserve Bank of New York.  But in many cases, monthly bills for individuals and households are quite manageable according to recent research, roughly in line with what people pay on an auto loan. 

There is at least one important caveat to the research.  Many borrowers in their twenties are still in college or graduate school and thus aren’t yet required to make payments yet.  What’s more, many borrowers are reducing monthly payments by extending the period over which they will repay them.