 In 2014, there was approximately $1.3 trillion of outstanding student loan debt in the U.S. that affected 44 million borrowers who had an average outstanding loan balance of $37,172.As of 2018, outstanding student loan debt totals 1.5 trillion.The interest rates are a major factor in the alarming debt numbers, however, the booming of prices of college is another major factor for US tremendous student debt.