A new report published by the Manhattan Institute states that as Democrats attempt to paint the picture that millennials are “drowning” in student debt which must be “forgiven,” most of them have none at all.
The analysis finds 66 percent of millennials actually have no student debt, “either because they did not attend college or did not acquire debt in the process,” says the report by Beth Akers, Manhattan Institute senior fellow.
The student debt crisis is overblown: most millennials are not drowning in student debt. 66% of millennials have no student debt at all. And those who do have debt tend to have modest burdens relative to their income. https://t.co/MHkgJ3Qzip via @BethAkers_
— Manhattan Institute (@ManhattanInst) October 16, 2019
“The typical graduate will have borrowed $28,500 in pursuit of a bachelor’s degree,” the report continues. “That can be repaid with monthly payments of $181 on a standard, 20-year repayment plan.”
Secondly, only 6 percent of student borrowers have more than $100,000 in debt. Most of these borrowers have graduate or professional degrees and often come from families with higher income.
“More than one-third of outstanding student debt is held by individuals who are themselves in the highest income quartile,” with individual income greater than $97,000, the report observes. “Typically, those in trouble are not the ones with high debt but those who never completed college – default rates are highest for those with less than $5,000 in debt.” – READ MORE