Student loan debt in 2021 is now about $1.7 trillion.
The newest student loan debt statistics for 2021 present that there are 45 million debtors who collectively owe almost $1.7 trillion in student loan debt within the U.S. Student loan debt is now the second highest client debt class — second solely to mortgage debt and better than debt for each credit playing cards and auto loans.
The Covid-19 pandemic has impacted student loans. President Joe Biden paused federal student loan funds for eight months via September 30, 2021. This positioned thousands and thousands of debtors into momentary student loan forbearance, which impacted student loan debt statistics. Congress and the White House are battling over student loan cancellation. Some progressive Democrats plan to cancel $50,000 of student loan debt, whereas Biden needs $10,000 of student loan cancellation. Biden has stated he won’t cancel $50,000 of student loans by government order.
If you’re a student loan borrower, the next student loan debt statistics will help you make extra knowledgeable choices concerning student loan refinancing, paying off student loans sooner and student loan forgiveness.
Student Loan Statistics: Overview
Total Student Loan Debt: $1.71 trillion
Total U.S. Borrowers With Student Loan Debt: 45 million
Average Student Loan Debt: $37,693
Average Federal Student Loan Debt: $36,510
Student Loan Delinquency Rate: 11.1% (90+ days delinquent)
Direct Loans — Cumulative In Default: $122.2 billion (5.5 million debtors)
Direct Loan In Forbearance: $887.4 billion debtors (22.2 million debtors)
(Source: Federal Reserve, Federal Reserve Bank of New York, Educationdata.org, Federal Student Aid)
Public Service Loan Forgiveness Statistics
As of November 30, 2020, listed here are the most recent public service student loan debt statistics:
Public Service Loan Forgiveness cumulative debtors: 1,378,000
Borrowers who submitted functions: 227,382
Total variety of functions: 296,340
Number of functions permitted: 6,493
Number of functions denied: 263,118
% of functions denied resulting from funds that don’t qualify: 56%
% of functions denied resulting from lacking info: 26%
Borrowers who’ve acquired student loan forgiveness: 3,776
Total greenback quantity forgiven: $290.4 million
Average student loan stability forgiven: $76,906
(Source: U.S. Department of Education)
States With The Most Student Loan Debt
Not surprisingly, states with bigger populations have increased mixture student loan debt. California, Florida, Texas and New York are among the many 4 highest states for complete federal student loan debt excellent amongst debtors.
California, Florida, Texas and New York characterize almost 30% of all U.S. student loan debtors. Collectively, debtors in these states owe greater than $440 billion of student loan debt.
High Student Loan Debt States & Low Student Loan Debt States
New Hampshire has the best common student loan debt per student ($39,410) from the Class of 2019.
Utah has the bottom common student loan debt per student ($17,935) from the Class of 2019.
Student Loan Debt Per State
The following states have the best common student loan debt per borrower:
1. Washington, D.C.: $52,983
2. Maryland: $42,592
3. Georgia: $41,256
4. Virginia: $38,903
5. Florida: $38,160
Distribution Of Student Loan Borrowers By Balance
More than 44 million student loan debtors have student loan debt of $100,000 or much less. More than 38 million student loan debtors have student loan debt of $60,000 or much less.
More than 3.0 million student loan debtors have student loan debt higher than $100,000, with roughly 900,000 of that complete holding student loan debt higher than $200,000.
The largest focus of student loan debt is $20,000 – $40,000, which accounts for 9.6 million student loan debtors.
Number Of Student Loan Borrowers By Age Group
Based on the federal student loan portfolio, the biggest focus of student loan debtors is 25 to 34 years-old, adopted by the 35-49 age group. There are 22.6 million student loan debtors beneath the age of 34, with this group representing about half of all student loan debtors. Strikingly, there are 2.3 million debtors who’re 62-years-old or older and collectively owe $86.8 billion.
Here is the breakdown of student loan debtors by age:
< Age 24: $115.5 billion (7.8 million debtors)
25 – 34: $500.5 billion (14.8 million debtors)
35 – 49: $601.7 billion (14.2 million debtors)
50 – 61: $262.2 billion (6.2 million debtors)
> 62: $86.8 billion (2.3 million debtors)
Student Loan Debt Outstanding By Student Loan Program
There are 36 million student loan debtors who maintain roughly $1.3 billion in Direct Loans. Approximately 11.0 million student loan debtors maintain $246 billion in Federal Family Education Loans (FFEL).
Direct Loans: $1,315.2 billion (35.9 million debtors)
Federal Family Education Loans (FFEL): $245.9 billion (11.0 million debtors)
Perkins Loans: $5.2 billion (1.7 million debtors)
TOTAL: $1,566.3 billion
Student Loan Debt Outstanding By Student Loan Type
Stafford Subsidized: $285.7 billion (29.6 million debtors)
Stafford Unsubsidized: $539.8 billion (29.2 million debtors)
Stafford Combined: $825.5 billion (33.4 million distinctive debtors)
Grad PLUS: $82.8 billion (1.5 million debtors)
Parent PLUS: $100.8 billion (3.6 million debtors)
Perkins: $5.2 billion (1.7 million debtors)
Consolidation: $552.1 billion (11.5 million debtors)
Student Loan Debt Statistics By Loan Status For Direct Loans
Approximately $887 billion in Direct Loans throughout 22.2 million student loan debtors are in student loan forbearance as as results of the Covid-19 pandemic. Approximately 8.7 million student loan debtors are in student loan deferment or student loan default.
Student Loans In School: $124.8 billion (6.7 million debtors)
Student Loans In Repayment: $14.7 billion (0.4 million debtors)
Student Loans In Deferment: $114.4 billion (3.2 million debtors)
Student Loans in Forbearance: $887.4 billion debtors (22.2 million debtors)
Student Loans In Default: $122.2 billion (5.5 million debtors)
Student Loans In Grace Period: $43.7 billion debtors (1.7 million debtors)
Student Loan Debt Statistics By Repayment Plan For Direct Loans
There are 10.7 million debtors with $202.6 billion of student loan debt within the Level Student Loan Repayment Plan (student loan compensation in 10 years or much less), which represents the biggest focus of debtors in student loan compensation.
The second most concentrated group of debtors is enrolled in Revised Pay As You Earn (REPAYE) at $191.6 billion and three.2 million debtors.
Level Repayment Plan (< 10 years): $202.6 billion (10.7 million debtors)
Level Repayment Plan (> 10 years): $78.4 billion (1.7 million debtors)
Graduated Repayment Plan (< 10 years): $93.4 billion (3.2 million debtors)
Graduated Repayment Plan (> 10 years): $17.4 billion (0.4 million debtors)
Income-Contingent Repayment (ICR) Plan: $36.0 billion (0.8 million debtors)
Income-Based Repayment (IBR) Plan: $173.0 billion (2.8 million debtors)
Pay As You Earn (PAYE) Plan: $108.9 billion (1.5 million debtors)
Revised Pay As You Earn (REPAYE) Plan: $191.6 billion (3.2 million debtors)
Student Loan Servicer By Loan Status
For Direct Loan and FFEL Loans owned by the U.S. Education Department, right here is the breakdown by these choose student loan servicers:
Other Important Student Loan Debt Statistics
In addition, there are a number of different statistics concerning the state of student loan debt:
- Nearly seven in 10 seniors (65%) who graduated from private and non-private non-profit schools in 2018 had student loan debt.
- There are roughly 2.4 million debtors who’ve personal student loans.
- The common student loan debt at public schools and universities is $30,030 (primarily based on the typical quantity of borrowing to acquire a bachelor’s diploma).
- The common student loan debt at non-profit personal schools and universities is $33,900 (primarily based on the typical quantity of borrowing to acquire a bachelor’s diploma).
- The common student loan debt at for-profit schools and universities is $43,900 (primarily based on common quantity of borrowing to acquire a bachelor’s diploma).
- Almost half (47%) of personal loan debtors borrowed lower than they might have in federal Stafford loans for faculty.
- 17.7% of student loan borrower are beneath the age of 25.
- 68.6% of student loan debtors are between 25 and 50 years previous.
(Source for knowledge contains: Institute For College Access and Success, National Student Loan Data System, U.S. Department of Education, Educationdata.org, Enterprise Data Warehouse, Mark Kantrowitz, Federal Student Aid and FedLoan Servicing).