Here's a number that seems huge. Americans collectively have more than $1.7 trillion in federal and private student loans.
While 54 percent of Americans do not have student loan debt, according to a GoBankingRates survey, if you are between the ages of 18 to 23, you probably do. Just 39 percent of this age group do not have any debt.
However, 31 percent young people with student loans owe less than $10,000. About 16 percent owe more than $10,000 and less than $20,000.
Here is what the GoBankingRates survey found:
* 31% owe less than $10,000
* 16% owe $10,001 to $20,000
* 11% owe $20,001 to $30,000
* 9% owe $30,001 to $40,000
* 4% owe $40,001 to $50,000
* 4% owe $50,001 to $60,000
* 3% owe $60,001 to $70,000
* 4% owe $70,001 to $80,000
* 6% owe $80,001 to $90,000
* 6% owe $90,001 to $100,000
* 6% owe more than $100,000
One surprising finding: Student loan borrowers over the age of 65 are likely to have the highest student loan debt, with 72 percent owing between $20,000 and $40,000 and 17 percent owing up to $100,000.
Older people have student loan debt for a number of reasons: They are sending their children and grandchildren to college; they are taking advanced degrees; and they are attending college themselves.
