“student Loan Borrowing Trends: A Look At The Data” – Making progress in data visualization was one of my New Year’s resolutions for 2020, and I decided to start a #100day project in data visualization. Today is the first day and I’m going to visualize US student loans using ggplot2.
The data comes from the Survey of Consumer Finances, which has been conducted every three years since 1989.
“student Loan Borrowing Trends: A Look At The Data”
The first data is a line chart overlayed on a bar chart. It shows the increasing trend of student loans in the number of borrowers and the average value of student loans among US households.
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I put the legend in the upper left corner and decorated them as they appear in the graph so the reader will know
The second graph focuses on the change in the loan-to-income ratio over time. My goal is to emphasize the steep rise since 2007, and I hope the background color and line color make you notice the trend.
I’m also interested in comparing student loans to other types of debt in terms of absolute value and changes over time. So I created line plots for each type of debt and combined them into one graph
Since the line plots share the same x scale (ie year), I only notice it once in the upper left corner.
Pdf) Financing Higher Education And Education Loans In India: Trends And Troubles
Although the survey was taken at a household level, which limits our inference about individuals, I still found it interesting to explore the relationship between certain household characteristics and indebtedness.
This graph combines a violin plot and a box plot to show that people with higher education levels have more student loans.
As with many monetary data, the data is highly skewed, making it difficult to plot. But
Help transform the scale of the y-axis (and add a nice dollar sign to each number), which saves the plot.
Pdf) Financing American Higher Education: Reviewing The Trend In Student’s Perceptions Of Their Student Debt
This is a waterfall chart that categorizes student loan borrowers by their graduation year and visualizes the increase/decrease in average student loan debt. Although it looks like a bar chart, all the ‘bars’ here are actually generated
The relationship between wealth, education, and student loans is a complex one. On the one hand, we might expect households with higher incomes to be less indebted in general. On the other hand, higher income may be the result of longer (and more expensive) education.
, which aims to visualize the complex relationship between income, education and student loans. Deeper blue colored dots mean higher education level and we can see deeper blue dots on the top (ie more debt) and on the right side (ie higher income level).
The final visualization is a grouped bar chart. All debts except student loans are marked in gray, and the bars are kept in the same order as the legend, so that if someone is interested in another type of debt (although I don’t want to emphasize that), he or she will know. Its type with reference to epic.
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Today is the first day of my #100day project on data visualization. Hope you enjoyed it. The code can be found on my github. If you like it, please share it or give me a clap. Comments and feedback are very welcome.
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D3Blocks: Python library for creating interactive and standalone D3js charts. Create interactive, stand-alone charts built on d3 JavaScript (d3js) graphics but configurable in Python. The balance was in excess of what was borrowed and held privately.
Line charts showing how student loans with balances greater than the original borrowing amount due to interest have increased over time until the 2020 pandemic pauses repayments and the loans freeze.
Here’s a picture of America’s student debt over time, focusing on loans with higher balances than the original amount borrowed as interest accrues.
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Generally, borrowers begin repaying their loans slowly after completing college. Therefore, an older loan is less likely to have a balance greater than the amount borrowed.
But this system is collapsing. 2013 was the first year a loan union had more than half of their student loan balances than they actually borrowed.
Recognizing the increase in struggling borrowers, the government expanded the income-based repayment program in 2015. Borrowers do not have to make full payments under that plan. But their unpaid interest is piling up fast.
The line is high and flat in 2019, showing that most student loan borrowers can’t keep up with the interest.
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The 2020 student loan repayment freeze shook this unhealthy dynamic. Since then, the youngest loans have never accrued unpaid interest, and the overall share of loans with balances greater than the amount borrowed has begun to decline.
In 2022, recent borrowers still benefit from the moratorium. When the pause ends in September, the balance is expected to return to the 2019 plateau.
Laura Beamer is a higher education finance researcher at the Jane Family Institute. Marshall is a senior research fellow at the Steinbaum Institute and an assistant professor of economics at the University of Utah.
In the early days of the Covid-19 pandemic, the federal government stopped requiring regular payments on student loans — a pause that lasted more than three years. But student loan repayments continued to decline for at least a decade before pausing.
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You can think of the stock of outstanding student debt as an overflowing bathtub: rising tuition costs, more students getting more undergraduate and advanced degrees are running water from the faucet, and non-repayment is a clog in the sewer. Despite what economists, policymakers, and education administrators claim, the spillover is stemmed because a college degree doesn’t always “pay off.”
In recent years, many Americans with student loans are not making enough money to even pay the accrued interest on their debt, let alone make progress on the principal. Wage stagnation is a long-term phenomenon that worsened after the Great Recession. But a major additional source of student loan distress is the breadth and diversification of Americans who take them out. Low-income people have higher levels of student debt regardless of their educational attainment — think of low-paid teachers who earned expensive master’s degrees for only modest pay raises. The promise of higher education leading directly to higher incomes is hollow.
Regardless of what happens after scheduled payments resume in September and the Biden administration’s plans to partially forgive student debt after a June Supreme Court ruling, most of the outstanding balances — not to mention nearly $100 billion in new loans — remain. Issued every year – never repayable. Meanwhile, as the administration and courts wrangle over the executive branch’s ability to write off student debt under existing law, student borrowers are being forced to scale back their life plans. They delay or forgo marriage and family formation, home ownership, retirement, and their children’s education: a profound failure of social reproduction.
Our student debt research uses credit reports from an annual, representative cross-section of student borrowers and a group of borrowers we’ve followed since 2009. We’ve found that deferring repayment is the best thing ever to help pay off student loans. That’s because, in normal times, student loan debt tends to pile up, thanks to monthly interest payments that many borrowers can’t keep up with. In 2020, 60.7 percent of outstanding student loans had a higher balance than when they were originally paid off. By 2022, that number had dropped to 53.7 percent, as interest was waived during the pandemic and some borrowers were paying down their principal.
Pdf) National Trends In Federal Student Loan Borrowing By Income Group And First Generation Status
The chart below compares the repayment progress of loans in our 2020 cross-section with the progress in 2022. The group with increasing balances decreased significantly when repayment was suspended. Notably, black and Latino borrowers had more loans with increasing balances before being suspended; They benefit proportionately while it remains in effect.
Loans that had previously increased balances remained stable, and some borrowers continued to default.
Student loan borrowers are not a monolithic group, and some demographic groups fare much better with their education debt than others. From the 2009 cohort of borrowers we followed, we learned that female, black, and Latino borrowers continued to increase their loan balances over 2009 levels; Male, white, and Asian borrowers can make progress in paying off their balance (though not zero – the typical repayment term for federal loans).
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