(SCHIFF GOLD) – Student loan debt continues to surge despite falling college enrollment.
In Q3, student loan balances rose by $23 billion from the second quarter, according to the latest Federal Reserve data. Forty-five million Americans now owe $1.7 trillion in student loan debt. Total outstanding student loan balances have surged by $54 billion year-on-year.
Enrollment in colleges and universities dropped by over 231,000 students to a total of 17.97 million between 2018 and 2019. The drop in enrollment between those two years continued a trend we’ve seen since university enrollment peaked in 2011. That year, 20.14 million students were enrolled in colleges and universities. Since then, enrollment has dropped by 10.8%.
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