Student loan debt is a big concern for many Americans. Right now, only mortgage debt tops student loan debt as the highest consumer debt category in the U.S. This means it’s not only higher than credit card debt, but also more than the money owed on auto loans.
How Much do we owe on federal student loans? According to the Q2 report from the Federal Reserve, the answer is more than $1.4 TRILLION. And that’s just in the U.S.
When you break this down into individual loans, the average borrower who graduated in 2017 accumulated $39.400 in debt, or six percent more than in 2016 ($37.172). But how does this look when you dig even further? Here are more student loan debt statistics that might surprise you.
Before we get too deep into student loan debts statistics, lets take a look at some of the key numbers.
Total amount of student debt owed
Amount added to total student debt in the last quarter
Number of Americans with student loan debt
Average student loan debt of 2017 graduate
With average student loan debt being nearly $40,000, and estimates showing the average college graduate makes roughly $50,000 a year, it’s no wonder there are so many defaulted student loans. Here’s more information on the status of student loans.
Number of student loans in default (90+ days late)
New student loan balances 30+ days late
New student loan balances 90+ days late
Balance on defaulted student loans
But not all student loans are currently in default. In fact, more than half are in good standing or in deferment/forbearance status.
Balance on student loans currently in repayment
Balance on student loans currently in deferment
Balance on student loans currently in forbearance
Balance on student loans currently in grace period
As expected, one federal student loan program is more popular than the rest, with Direct Loans topping all the others. Here’s how Direct Loans stack up against other federal student loan programs.
Amount owed on Direct Loans
Amount owed on FFEL Loans
Amount owed on Perkins Loans
What specific types of loans are people taking out? According to the office of Federal Student Aid’s Q2 report, these loan types are favored among borrowers.
Balance owed on Stafford Subsidized Loans
Balance owed on Stafford Unsubsidized Loans
Balance owed on Grad PLUS Loans
Balance owed on Parent PLUS Loans
Balance owed on Perkins Loans
Balance owed on Federal Consolidation Loans
When repaying your student loans, you might have several repayment options to choose from as a borrower. What repayment plans have the highest amount of debt? Read on to learn more.
Amount owed on Standard Repayment Plan
Amount owed on 10+-year Level Repayment Plan
Amount owed on Income-Based Repayment Plan
Amount owed on Pay As You Earn (PAYE) Plan
Amount owed on Revised Pay As You Earn (REPAYE) Plan
Amount owed on Income-Contingent Repayment Plan
Public Service Loan Forgiveness has met numerous challenges since its inception. Yet it’s still one of the most popular programs available for qualified public service employees. These include doctors, nurses, teachers, military personnel, and police and firefighters.
As of Q4 2017, there were 802,040 borrowers who were part of the PSLF program.
When you think of student debt, you probably imagine most people over 30 would have less debt than a recent graduate. After all, they’ve probably been repaying these loans for years. However, that’s not exactly the case, as you’ll see below.
Percentage of people under 30 with student loan debt
Percentage of people over 30 with student loan debt
Average monthly payment on student loans for ages 20 to 30
Now that we know who owns most of the debt, let’s take a look at a state-by-state breakdown of student loan debt to find out how your state is doing. We’ve also included the amount the average borrower owes in your state.