December 22, 2024 8:56 pm
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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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