His forthcoming study found that lower-middle-income students carry more debt load than students from either of the other economic groups, according to CNBC.
“Subjects whose families earned $40,000 to $59,000 annually racked up approximately $9,200 more student loan debt than their peers whose families earned between $100,000 and $149,000 per year, and approximately $13,0000 more debt than young adults whose families made more than $150,000 annually,” Houle tells CNBC. “Students from families with incomes of $60,000 to $99,000 also carried more debt than those from higher-income families.
“It didn’t surprise me that kids from affluent backgrounds and whites tended to have less,” he adds. “But I would have thought I’d see a straight-up negative association between debt and income, and that wasn’t the case.”
Read the full story, published 12/11/13 by CNBC.