The number of federal student loan borrowers with six-figure debts is on the rise.
In the second quarter of 2024, 2.4 million borrowers carried a federal student loan balance between $100,000 and $200,000, up from 1.8 million people who owed that much during the same period in 2017, according to new data by the U.S. Department of Education.
Meanwhile, 1 million people had a federal student loan balance of more than $200,000, up from 600,000 individuals.
Wayne Johnson, who served as the chief operating officer of the Office of Federal Student Aid from 2017 until 2019, tells CNBC he saw some eye-popping balances during his time at the Education Department.
"There are quite a number of people who owe the federal government over $2 million in federal student loans," Johnson said.
Persons:
Wayne Johnson, Johnson, IRAs
Organizations:
U.S . Department of Education, Federal, Aid, CNBC, Education Department, Finance, Wall Street