How Many Americans Have Student Loan Debt?

How Many Americans Have Student Loan Debt?

About 42.9 million Americans have federal student loans, in keeping with the latest information from the U.S. Department of Education. That means about 1 in 8 (12.9%) folks within the United States carry student loan debt, per an evaluation of census information.

Total excellent student loan debt is $1.59 trillion, in keeping with second quarter of 2021 information from the federal authorities. Private student loan debt contains round 7.89% of that complete, or round $1.728 billion, in keeping with 2021 information from MeasureOne, the next schooling information and analytics agency.

Here are some key stats concerning the 43 million Americans with student debt:

Who is the standard student loan borrower?

A typical student loan borrower, statistically, has left faculty with almost $30,000 in debt. The common among the many class of 2019 was $28,950, in keeping with the Institute for College Access and Success. About 25% went to graduate faculty, in keeping with the Brookings Institution; the remaining sought affiliate or bachelor’s levels.

In basic, girls borrow extra for school in contrast with males, and Black students borrow extra in contrast with all different races and ethnicities.

Student debt is commonest within the 25-to-34 age group, however the best quantity of debt is owed by these 35 to 49 — greater than $600 billion in undergraduate, graduate and dad or mum loans, in addition to funds stretched out by forbearance or income-driven compensation plans.

Student loan debt by age

Typical debt quantities by age group

Across all age teams, the standard quantity of student debt for many debtors is between $10,000 and $40,000. Those ages 35 to 49 are the group with the best quantity of excessive debt ($200,000 and extra). Here’s a extra detailed image of the standard quantities held by every group:

  • Among these 24 and youthful, most (2.11 million) have between $10,000 and $20,000 of student debt.

  • Among 25- to 34-year-olds, most (3.56 million) have between $20,000 and $40,000 of student debt.

  • Among 35- to 49-year-olds, most (2.87 million) have between $20,000 and $40,000 of student debt.

  • Among 50- to 61-year-olds, most (1.16 million) have between $20,000 and $40,000 of student debt.

  • Among these age 62 and older, most (490,000) have lower than $5,000 of debt.

Source:, Federal Student Loan Portfolio by Age and Debt Size, March 31, 2021

Student loan debt by race and gender

Asian and Hispanic student loan debtors have the bottom debt masses in contrast with all different races and ethnicities, whereas Black student loan debtors have a tendency to carry the best common debt, federal information reveals.

The common debt disparity is exacerbated even additional for Black girls, who carry increased common debt than girls throughout all races and ethnicities, in keeping with the American Association of University Women.

Here’s what common student debt seems like for women and men throughout race and ethnicity:

Women maintain two-thirds of all excellent loan debt in contrast with males, in keeping with an evaluation of federal information by the AAUW. There’s little information obtainable that features gender-nonconforming student debtors.

One of the first causes girls maintain extra debt is as a result of they earn nearly all of levels in any respect ranges — from certificates to physician’s levels, in keeping with federal information.

But carrying better quantities of debt is an issue since girls, by and huge, are likely to have much less incomes energy than males: Women with bachelor’s levels earn, on common, 74 cents on the greenback in contrast with males with that diploma, in keeping with the U.S. Census Bureau.

The largest common debt masses are held by girls who attend for-profit four-year faculties — about 44% greater than girls who attend public four-year establishments. Here’s what student debt totals for ladies appear like throughout sorts of four-year establishments:

Mean debt borrowed by girls

Private nonprofit four-year

Average student loan quantities by debt sort

$19,928: Associate Degree Nursing (ADN)

$23,711: Bachelor of Science in Nursing (BSN)

$47,321: Master of Science in Nursing (MSN)