November 5, 2024 9:37 am
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Average Family Spends More on Student Loan Debt than Health Care

By Mike Sunnucks | Rose Law Group Reporter

New data from JPMorgan Chase (NYSE: JPM) shows just how much of a financial burden student loan debt can be.

Chase Bank released new research this morning showing many households spend more paying off student loans than they do on health care and transportation.

Chase found the 4.6 million U.S. households making student loan payments spend more than 5 percent of their take-home pay or more on their higher education debt. The median household student loan debt payment each month is $179, according to the JPMorgan Chase Institute.

The bank found that 1 in 4 young people spend almost 17 percent of their take-home pay on debt.

The student loan debt problem has prompted forgiveness plans from Democratic presidential candidates Bernie Sanders and Elizabeth Warren.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.