Student Loan Debt Skyrockets, Hits Black Borrowers Hardest

Student loan debt has grown much faster than other types of household debt like mortgages and auto loans since 2003.

Most borrowers owe less than $40,000, but debt levels are higher among graduate degree holders.

Black borrowers have seen their debt grow the fastest and have a harder time paying it down compared to white borrowers.

The percent of borrowers in delinquency or default spiked after the Great Recession but has remained steady around 10% in recent years.

It's unclear how the end of the payment pause will impact defaults, but new repayment plans may help lower payments for some borrowers.