August 23, 2016
A new survey of over 1,000 student loan holders by Credit Karma working with Qualtrics finds that the majority are carrying $10,000 to $50,000 for their educational experience and many of them are using payments above the minimum, refinancing, consolidation or federal repayment programs to manage the burden.
- One in five have paid off their debt, but almost the same percentage still owe between $10,000 and $20,000.
- Almost half hoped to pay off their loans in five years, an equal number said it could take as much as 10 or 20 years. And almost one in 10 said it could take more than 20 years.
Methodology: Credit Karma, in partnership with Qualtrics, surveyed 1,050 21-40 year-olds who have taken out 1 or more student loans. Research was conducted between June 1 and 6, 2016. All data was aggregated and anonymized.