There seems to be no end to student loan debt, and now with the average student loan debt being over $30,000 per student borrower, it feels like we will be paying for school for quite some time. But can we use these statistics to understand a pattern and figure out how to slow down this huge American debt?
In this post, you will find everything you need to know about the average student loan debt, the total student loan debt, borrower statistics, and much more.
Top Student Loan Debt Statistics:
TABLE OF CONTENTS
Average Student Loan & College Debt Statistics
Number Of Americans In Student Loan Debt
Average Graduate Student Loan Debt Statistics
Student Loan Debt Statistics By Income, Age, Gender, & Race
Average Student Loan & College Debt Statistics
What Is The Average Student Loan Debt In America?
The average student loan debt in America is more than $30,000 per student borrower, which is more than a 26% increase in the amounts students have borrowed in the past. This is no surprise since the average total student loan debt has jumped more than $1,000 some years over the last decade.
Key Statistics:
How Much Student Loan Debt Is There In The U.S.?
In 2020 the national student loan debt was over $1.7 trillion, about a 4% increase from 2019. The student loan debt was around $1.6 trillion. This isn’t good news when you consider that 2 out of 10 students in 2018 who took out student loans are behind on their payments.
Key Statistics:
How Much Has Student Debt Increased?
Student loan debt has increased by 4% as of the third quarter of 2020. This is based on a comparison of the third quarter of 2019. However, this number seems small when you look at the past decade, which saw a 107% increase in student debt.
Key Statistics:
Growth of Student Loan Debt (in trillions):
Year | Debt (in trillions) |
---|---|
2020 | 1.7 |
2019 | 1.4 |
2018 | 1.3 |
2017 | 1.3 |
2016 | 1.2 |
2015 | 1.1 |
2014 | 1.1 |
What Percentage Of Student Loan Debt Is Federal?
92% of all student loan debt is Federal, and of that, 52.8% is in Stafford Loans. Just around 35.5% of federal student loan debt is in the form of direct consolidated loans. Parents account for about 6.4% of student loan debt through Parent PLUS loans.
Key Statistics:
What Is The Average Private Student Loan Debt?
$29,000 was the average private student loan debt in America during the 2017 to 2018 school year. The Average debt for private non-profit colleges and universities was $33,500. In total, there is $135 Billion in private student loan debt.
Key Statistics:
What Is The Private Student Loan Default Rate?
Around 10.1% of private student loan debt is in default, down from 10.8% in previous years. Colleges that were for-profit had the highest default rates at 15.2% and public colleges had 9.6% default rate. The lowest default rate went to private colleges with a rate of 6.6%.
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Number Of Americans In Student Loan Debt
How Many College Students Are In Debt?
There are 44.7 Million college students in debt, and on average, each of them owes more than $37,000 in education debt. 6.5% of that student loan debt is at least 90 days past due or in default.
Key Statistics:
How Many Student Loans Are In Default
20% of student loans are in default, and according to the U.S. Department of Education -- default is defined as having gone 270 days without a payment. Unfortunately, each year about 1 Million student loans go into default.
Key Statistics:
Student Loan Default Rates By College Type
College Type | Default Rate |
---|---|
Private For-Profit Colleges: | 14.7% |
Public Non-Profit Colleges | 9.3% |
Private Non-Profit Colleges | 6.7% |
Foreign Colleges | 2.9% |
Total Default Rate | 9.7% |
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Average Graduate Student Loan Debt Statistics
How Much Debt Does The Average College Graduate Have?
The average college graduate has about $66,000 in debt when they graduate. This doesn’t include the undergraduate debt, which takes the total to more than $71,000 in debt when everything is said and done.
Key Statistics:
Percentage Of College Students That Are In Debt After College
70% of college students are still in debt after college. In 2020 the average graduate left school with around $30,000 in debt. In 2019 the average graduate left school with $29,900 in debt, and in 2018 the average graduate left school with $25,550 in debt.
Key Statistics:
Average College Debt By Graduate Program
Graduate Program | Debt |
---|---|
Medicine (Doctorate) | $246,000 |
Health Science(Doctorate) | $202,400 |
Law | $145,500 |
Education (Doctorate) | $111,900 |
Non-Education PhD | $98,800 |
Dentist |
$292,169 |
Veterinarian (Graduate Degree Only) |
$183,014 |
Pharmacist (Graduate Degree Only) |
$172,329 |
General MBA |
$66,300 |
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Student Loan Debt Demographic Statistics
How Are Different Demographics Affected By Student Loan Debt?
There are more than 70 million stray cats, dogs and animals living in the United States according to the Humane Society. Of those, only about 6 to 8 million of them will enter the 3,500 animal shelters a year.
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Educational Attainment Key Statistics:
Key Student Loan Debt & Covid Statistics:
Does Life Insurance Cover Student Loan Debt?
Yes, life insurance will cover student loan debt. The proceeds from life insurance can be used for anything once the funds have been paid out. It’s probably a solid idea for parents to take out a life insurance policy on their college kids if they co-sign their student loans.
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Taking Action
Concluding Thoughts
We all know there is "BIG TALK" about getting rid of the current federal student loan debt via government forgiveness, but until that happens, eventually we will need to knock this average student loan debt down.
This debt doesn't help at all when you consider that college students will still need renters insurance, car insurance, and even some type of life insurance to cover a student loan if they were to pass away.
The most shocking statistic that we found was that there was a 107% increase in student loan debt over the last decade. Hopefully these numbers won't keep going up.
Sources:
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