Published Review of Economic Dynamics Published Jan 2026Sources of rising student debt in the U.S.: College costs, wage inequality, and delinquencyHeejeong Kim · Jung Hwan KimU.S. outstanding student debt rose roughly 20-fold, from about $50 billion in 1985 to nearly $1 trillion in 2014 (about 7% of GDP), making it the second-largest form of household debt after mortgages.