Line Graph: Historic Average Federal Student Loan Debt

by Year, Age & More

Report Highlights.The common student loan debt, at present $37,693, didn’t develop as a lot in worth 2020 because it has in earlier years. Private student loan debt grew at a a lot quicker charge than federal debt.

  • The common federal student loan debt is $36,510 per borrower.
  • Private student loan debt averages $54,921 per borrower.
  • The common student borrows over $30,000 to pursue a bachelor’s diploma.
  • A complete of 45.3 million debtors have student loan debt; 95% of them have federal loan debt.
  • 20 years after coming into college, half of student debtors nonetheless owe $20,000 every on excellent loan balances.

Related reviews embody Total Student Loan Debt | Student Loan Debt by State | Student Loan Debt by Year | Student Loan Refinancing

Line Graph: Historic Average Federal Student Loan Debt

Average Student Loan Debt

The common student loan debt grew, as the entire debt grew and indebted borrower numbers stayed roughly the identical.

  • Since Spring 2020, the typical student loan debt elevated by 1.6%.
  • Since Fall 2019, the typical federal student loan debt rose 4.0% from $35,097.
  • During that very same interval, the typical non-public student loan debt rose 12.66% from $48,750.
  • The median month-to-month fee amongst student loan holders is $250.
  • University graduates owe a mean of $36,140 the day they go away college.
  • The common non-public nonprofit college student borrows $33,900 to finish a bachelor’s diploma.
  • For-profit students borrow $43,900.
  • All postsecondary students, together with these incomes certificates and affiliate’s levels, borrow at the least $15,000 to pay for courses.

Average Student Loan Debt by State

  • In 2020’s third monetary quarter, Colorado noticed the best enhance within the common federal student loan debt per borrower, a further $853 every.
  • Vermont’s debt enhance, 29.8% decrease than Colorado’s, was the second-largest with a further $599 per borrower.
  • Florida’s student loan debtors diminished their common debt by $1,580 every, the most important nationwide lower.
  • In North Dakota, student loan debt declined by $830 per individual or simply underneath half (47.5%) as a lot as Florida’s.
  • New Mexico and Massachusetts remained nearly the identical, declining by $4 and $5 per borrower, respectively.
Average Federal Student Loan Debt by State
State Average Debt Change Jun-Sept 2020
Alabama $36,826 -$267
Alaska $33,083 -$454
Arizona $35,047 -$72
Arkansas $33,113 -$140
California $36,351 -$43
Colorado $36,610 +$853
Connecticut $34,677 -$241
Delaware $37,221 +$246
District of Columbia $54,983 -$381
Florida $38,160 -$1,580
Georgia $41,256 -$280
Hawaii $35,803 -$730
Idaho $32,425 -$250
Illinois $37,460 -$160
Iowa $30,381 -$95
Kansas $32,352 -$168
Kentucky $32,622 +$77
Louisiana $34,165 -$144
Maine $32,543 -$5
Maryland $42,592 -$78
Massachusetts $34,075 -$9
Michigan $35,819 -$66
Minnesota $33,252 -$147
Mississippi $36,508 -$185
Missouri $35,260 -$139
Montana $32,626 -$707
Nebraska $31,726 -$382
Nevada $33,573 -$15
New Hampshire $33,459 -$131
New Jersey $35,095 -$51
New Mexico $33,632 -$4
New York $37,639 -$129
North Carolina $37,217 -$299
North Dakota $28,402 -$830
Ohio $34,496 -$114
Oklahoma $31,376 -$124
Oregon $36,988 +$71
Pennsylvania $35,205 -$174
Puerto Rico $26,918 +$461
Rhode Island $31,954 +$172
South Carolina $38,063 -$231
South Dakota $30,946 -$104
Tennessee $36,035 -$133
Texas $32,671 -$157
Utah $32,150 -$64
Vermont $37,284 +$599
Virginia $38,903 -$140
Washington $35,117 +$115
West Virginia $31,532 -$251
Wisconsin $31,766 -$55
Wyoming $30,476 -$532
Other or Unreported Residency $24,466 Unavailable
READ:   8 Questions to Ask Yourself Before You Defer Student Loans

Find extra detailed analysis in our report on theAverage Student Loan Debt by State.

Average Student Loan Debt by Year

  • The common student loan debt has doubled since 2007.
  • The common undergraduate’s student loan debt alone elevated 140% or 10% every year.
  • The common undergraduate debt will increase 40% quicker than the general common student loan debt.
  • The common federal student loan debt elevated 3.7% over the past 12 months.
  • The common non-public student loan debt elevated 13% over the past 12 months.
Average Federal Student Loan Debt by Year
Year Undergraduate Only All Student Debt
2020 $36,635 $36,510
2019 $35,402 $35,205
2018 $33,635 $33,548
2017 $31,924 $32,087
2016 $30,133 $30,548
2015 $28,117 $29,144
2014 $26,043 $27,759
2013 $23,793 $26,268
2012 $21,417 $24,757
2011 $18,046 $23,238
2010 $15,590 $21,860
2009 $16,837 $20,467
2008 $15,909 $19,298
2007 $15,257 $18,233

Find extra detailed analysis in our report on the Average Student Loan Debt by Year.

Average Student Loan Debt by Age

  • 35-year-olds have the very best common student loan debt at $42,600.
  • 7.38% of federal student loan debt belongs to adults underneath the age of 25.
  • Adults aged 25 to 34 years previous maintain 32% of the federal student loan debt; 38.4% belongs to 35- to 49-year-olds.
  • 22.2% of federal student loan debt is from debtors aged 50 years and older.
  • In 2005, students underneath the age of 30 took out $76.3 billion in loan originations ($98.4 billion after adjusting for inflation).
  • In 2019, students underneath the age of 30 took out $47.1 billion ($48.1 billion after inflation).
  • In 14 years, the worth of student loan originations amongst debtors underneath 30 years previous declined 51.1%.
READ:   2020 Guide to Federal Student Loan Debt Relief Programs

Find extra detailed analysis in our report on the Student Loan Debt by Age.

Average Student Loan Debt by Race or Ethnicity

Note: this report makes use of classes and terminology that conforms to knowledge supply materials.

  • Among Black ladies, the typical student loan debt steadiness grows 13% over 12 years.
  • Among black males, the typical debt steadiness grows 11% over 12 years.
  • The common federal student loan debt amongst Black and African American debtors is $57,770.
  • The common white student owes $30,520.
  • Pacific Islander students borrow probably the most for postsecondary training, with every first-year, full-time student borrowing $13,262.
  • Among part-time or part-year undergraduates, Asian students borrow probably the most at $9,223 every.

Find extra detailed analysis in our report on Student Loan Debt by Race

Average Student Loan Debt by Sex or Gender

Note: submissions from students who establish as transgender or choose “a different gender identity” on surveys are too few in quantity to derive any significant knowledge. Some sources use the phrases “sex” and “gender” interchangably.

  • 58% of student loan debt belongs to ladies; Black ladies have the very best common quantity of debt.
  • Student debtors who establish as LGBTQ common a further $16,000 in excellent debt than students who don’t.
  • In surveys, indebted student debtors who chosen a number of genders had the very best excellent debt charges.
  • Male debtors are the least more likely to have excessive quantities of student loan debt.
  • Female debtors are extra possible than male debtors to have student loan debt from graduate college.

Find extra detailed analysis in our report on Student Loan Debt by Sex or Gender

Average Student Loan Debt by Educational Attainment Level

  • Federal student loan debtors pursuing undergraduate postsecondary training owe a mean of $36,510.
  • Borrowers who maintain grasp’s levels owe a mean of $71,318 every.
  • The common legislation college debt exceeds $100,000.
  • The common medical college debt is in extra of $200,000.
READ:   10 ideas for negotiating with all kinds of collectors
Average Student Loan Debt Among Graduate Degree Holders
Degree Total Student Loan Debt Graduate Debt Only
Postbaccalaureate Certificate $73,277 $59,558
Master’s $71,318 $55,376
Master of Arts $78,693 $58,273
Master of Business Administration $71,665 $55,223
Master of Education $59,660 $45,982
Master of Science $67,391 $52,805
Doctorate, analysis $117,198 $111,751
Doctorate, skilled $201,736 $189,037
Doctor of Education $121,003 $112,016
Medical Degree $265,996 $245,616
Law Degree $157,315 $142,372

See our report on Educational Attainment Statistics to seek out further associated knowledge.

Average Student Loan Debt by Institution Type

  • Students who used their federal loans to attend public establishments owe a mean of $26,382.
  • The common student who attended a personal, nonprofit establishment owes $37,971.
  • Students who attended proprietary or for-profit non-public establishments owe a mean of $21,244.
  • Students of overseas establishments owe a mean of $90,500.
  • Just a little over 10 million debtors who attended different kinds of establishments owe a mean of $10,304 every in student loan debt.

Average Federal Loan Debt

Some debtors have a number of federal loans. Presumably, many federal loan holders even have non-public student loan debt.

  • 48.9% of students who borrow cash to attend college are nonetheless paying off loans 20 years later.
  • The common Stafford loan holder owes $24,716.
  • Subsidized Stafford loans carry a mean steadiness of $9,652.
  • Unsubsidized Stafford loans have a mean steadiness of $18,486.
  • The common Grad PLUS loan has an excellent steadiness of $55,200.
  • Parent PLUS loans common $28,000.
  • Consolidated federal loans have a mean remaining steadiness of $48,009.
  • Though discontinued in 2017, various Perkins loans carry an excellent steadiness, averaging $3,059 per loan.
  • 53.8% of federal debtors owe lower than $20,000 in student loan debt.
  • 7.03% of debtors owe greater than $100,000.
  • The federal authorities forgives student loans at a charge of $95.45 per indebted student borrower.

Sources

  1. Board of Governors of the Federal Reserve, Report on the Economic Well-Being of U.S. Households in 2019 – May 2020
  2. The MeasureOne Private Student Loan Report 2020
  3. U.S. Department of Education, Office of Federal Student Aid, Federal Student Loan Portfolio
  4. Congressional Budget Office, The Volume and Repayment of Federal Student Loans 1995 to 2017
  5. National Public Radio, Myth Busted: Turns Out Bankruptcy Can Wipe Out Student Loan Debt After All
  6. National Consumer Law Center, Student Loan Borrower Assistance: Lawsuits