Student Loan Debt Statistics - Updated March 2021

Student Loan Debt Statistics – Updated March 2021

Student loan debt in 2020 is now $1.56 trillion within the United States, with debtors on common owing $37,172 in debt. Graduates of the latest class of students go away faculty with $29,200 in student loans. Student loan debt is the second largest class of shopper debt, behind mortgage debt.

For hundreds of thousands of Americans, increased schooling represents a path to monetary prosperity and alternative. While a university schooling is dear, it’s additionally a prerequisite to lots of the highest paying positions throughout just about each business. 

Student loans and different financing choices are as outdated as increased studying establishments themselves. But, lately, Americans have been buying and selling their monetary independence for a university schooling in more and more increased numbers. Today, we’re going to take a better have a look at some attention-grabbing student loan debt statistics to shine a light-weight on the state of student borrowing in 2020.

Student Loan Debt Statistics

Entering 2020, student loan debt rose to a file of 1.56 trillion {dollars}. [1]

Forty-five million Americans at the moment have student loan debt. [1]

The common month-to-month student loan cost is $393. [1]

Student loan debt has grown by greater than 113% from 2009 to 2019. [2]

Student loan debt accumulates at a price of $2.858 per second. [3]

As of 2017, the typical student loan debt per student was $37,172. [3]

Since 1980, the price of public faculty has grown by 344%. The value of attending a non-public faculty has grown by 241%. [3]

70% of school graduates have student loan debt after commencement. [3]

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More than 13% of American customers have a minimum of one excellent student loan. [4]

Student loan debt amongst Americans 60 or older has quadrupled since 2005. [5]

73% of Americans 60 or older are taking up student loan debt on behalf of their youngsters or grandchildren. [5]

The share of student loan delinquency in Americans 60 or older has elevated from 7.4% to 12.5% from 2005 to 2012. [5]

37% of debtors 60 or older are in default on their student loans. [5]

10.7% of student loan debt is 90+ days delinquent or in default as of the primary quarter of 2018. [6]

At $39,802, Generation X outpaces each different technology for his or her common student loan debt. [2]

Financial planners advocate retaining your student loan funds at or beneath 8% of your gross earnings after commencement. [2]

Class of 2016 graduates from New Hampshire had probably the most student loan debt with a median of $36,367. [7]

Students from Utah had the bottom common student debt after commencement, at $19.975. [7] 

Students from Utah are the least more likely to graduate with student loan debt, with solely 43% of 2016 graduates owing student loans. [7]

West Virginia leads all states in students who tackle student loans. 77% of students from West Virginia graduated from faculty in 2016 with student loans. [7]

In 2017, charges for personal student loans had been as excessive as 14.24% in comparison with the federal price of 4.45%. [7]

19% of student loan debtors at the moment owe greater than $50,000 on their loans. [8]

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14.4% of Americans at the moment have a student loan. [9]

Washington, D.C. has the best common student loan debt at $55,882 per individual. [9]

Common Questions and Answers

What share of students graduate with student loan debt?

Among the latest graduating class – 2019 – 69% of students had taken out a student loan. Additionally, 14% of fogeys took on a federal mother or father PLUS loan.

How a lot debt does the typical student graduate with?

The common quantity of student loan debt taken on by the category of 2019 was $29,900.

What is the scale student loans within the United States?

The quantity of student loan debt within the US is shockingly massive and has exceeded even credit card debt as of 2012. Here are a couple of stats on the scale of student loan debt:

– 44.7 million Americans have student loan debt
– 69% of graduates have a minimum of one student loan
– There is $1.64 trillion in student debt excellent

Sources

[1] https://www.forbes.com/sites/zackfriedman/2020/02/03/student-loan-debt-statistics/

[2] https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/

[3] https://www.debt.org/students/

[4] https://www.experian.com/blogs/ask-experian/what-is-the-average-student-loan-debt/

[5] https://www.insidehighered.com/sites/default/server_files/files/

[6] https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/

[7] https://ticas.org/wp-content/uploads/legacy-files/pub_files/classof2016.pdf

[8] https://www.nbcnews.com/news/us-news/student-loan-statistics-2019-n997836

[9] https://www.experian.com/blogs/ask-experian/state-of-student-loan-debt/#s1

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