The amount of student loan debt has risen by 149 percent over the past decade to $1.4 trillion. Delinquencies have risen 62 percent for the same period. However, since 2007 delinquencies have declined by 3 percent, showing that borrowers are getting better at managing their debt.
Meanwhile, an Economic Policy Institute survey based on 2013 statistics shows that the wealthiest 1 percent of US families had over $1 million saved for retirement while median working-age families had only $5,000 saved.
VACo Contact: Vicky Steinruck, CPA