Exploring Financial Burdens of Student Loan Holders in the United States

This study examined the profile of student loan holders in the United States. Data were extracted from the pooled dataset of the 2010 and 2013 Survey of Consumer Finances. The sample included 2,161 households with outstanding student loans. The analyses focused on: (1) amount of the outstanding balance of the student loan; (2) loan payment‐to‐income ratio, and (3) loan delinquency. Factors that were positively related to the amount of student loan debt included: education, income, and homeownership. Factors that were positively related to the loan payment‐to‐income ratio included: age, education, presence of children between aged 18 and 25, net worth, and self‐employment. In regard to loan delinquency, households with credit constraints were more likely to be delinquent on their student loans. Interestingly, education, net worth, and homeownership were negatively related to being delinquent on student loans.