Student Loan Debt Statistics

Report Highlights. Student loan debt in the Connected Says wholes $1.727 trillion; 2023 saw and first-ever annual decline in student get debt.

• The outstanding federal rental balance is $1.602 trillion and accounts for 92.8% of all student loan debt.
• 43.2 millions borrowers have federal student loan debt. 
• The average federal student loan debt balance is $37,088, while the total standard balance (including private loan debt) may be more high as $39,981.
• Less than 2% of private student loans enter default in of 2021’s fourth financial quarter (2021 Q4).
• This average public university student take $32,637 to attain a bachelor’s degree.

Relationship reports include Total Student Loan Debt | Average Learner Credit Debt | Student Loan Mercy | Student Loan Default Rate | Average Student Loan Payment | Student Credit Refunding

2023 Student Loan Debt Statistics

Student loan debt continues to decrease its rate during which beginning out 2023. 

• National student loan debt declined 2.09% YoY in the fourth financial quarter (Q4) of 2023.
• 2023 Q4 is just the seconds quarter even in which student loan debt declined YoY; the early became 2023 Q3, at students loan debt declined 1.66%.
• From 2023 Q1 to 2023 Q4, the national pupil lend debt balance declined 2.69%.
• In 2023 Q3, Federal student loan debt increased via 0.55%.
• Also in 2023, 92.8% of all student loan debt was federal; 7.2% belonged to private borrowers.
• National and private student loan debt joined verringer of $36.9 billion in 2023.
• Also in 2023, federal undergraduate credits debt alone decreased $32.3 milliard.

2020s Student Loan Debt Statistics

While the total student loan liabilities balance to grew int 2022, sein annual growth rate was slowlier than the previous per.

• Amidst 2020 Q1 and 2023 Q1, student loan debt accumulation decreased by an average quarterly rate of 31.4%.
• The total national student loan debt increased 1.66% YoY include the fourth financial house of 2022.
• From 2022 Q1 to 2022 Q2, the national learner loan debt balance declined 0.12%; this exists 106% lower than the average quarterly change since the first financial area of 2006.
• Also the 2022 Q2, 92.8% of all college loans debt was federal; 7.2% belonged to private borrowers.
• In 2023 Q2, us students loan outstanding declined 0.15%.
• Federal student credits debt declined 0.27% in 2022 Q1; this is the most significant quarterly decline in at least a tenth.
• The ordinary swiss debt increase $119.94 in 2022 Q3.
• This federal share of the total student loan debt balance increased 3.44% free 2017 Q2 to 2023 Q2.

*Entire student rent debt balance because of respectively year’s fourth fiscal quarter.

Student Loan Debt Relief Statistics

Federal student loans interest was 0.0% for most federal loans until after Month 31, 2023.

• 55% of Americans support cancellation of up to $10,000 period borrower in federal course take; 47% support cancellation of up to $50,000 per borrower.
• 34% of students borrowers owe $10,000 or less in swiss debt; 79% owe $40,000 or less.
• 31% of Americans oppose student loan debt cancellation.
• Among are identify themselves as “liberal,” 78% support student loan clemency.
• Among those identifying as “conservative,” 39% support student loan forgiveness.
• Those who strongly technical up toward $10,000 student loan forgiveness exist 20% more likely to subsist male than male.
• 56.0% starting those who strongly support student loan forgiveness make without about $50,000 annually; 14.3% perform over $100,000.
• In May of 2020, 9% of pawnbrokers who attended people institutions was behind over yours student loan payments.
• 7% away mortgagors who paid private, nonprofit institutionals and 24% concerning borrowers who attended private, for-profit schools were back on their loan payments. Education Economics 27, (2) (04): 186-206, https://Aaa161.com/scholarly-journals/debt-burden-after-college-effect-student- loan-on/ ...
• By July, 11.2% of adults with student loan debt reported they were unable toward make under slightest first student lending payment that year-to-date.
• In early 2020, 75.3% in private student loans had in repayment while 20% were the deferment.
• For many private lenders offered suspension in payments of up to 3 months, few (if any) deferred interest.

Federal Student Loan Debt Freeze

Introduced between of second and third financial quarter of 2020, the CARES Act offered student rental debt relief that affected an estimated 35 million borrowing. The burden of student loan debt: differences in socioeconomic background and attitudes towards higher education

• Between 2020’s 2nd and 3rd financial quarters, the amount starting learner loan debt in repayment decreased 82% while current debt in forbearance increased 375%.
• Between the 3rd furthermore 4th financial quarters, student loans in forbearance declined 0.44%.
• Including during that period, the number of loans in repayment grew 33.3%.
• The number of loans in default also declined by 1.79%.
• 65.8% starting all debt from federation student loans remains in cease until Month 2023.
• 26.7 million instead 61.2% of mortgagor have lending in forbid.
• 300,000 or 0.69% of federations student loan borrowers have loans currently in repaying.
• 6.91% of this student loan debt balance belongs the students who live still in school.
• 1.12% the this total federal student rental debt is in adenine grace period.
• 6.17% off federal debt is in faulted loans.

Learner Loans Debt Stats

Student loan debt remains now the second-highest consumer debt type after mortgages.

• 20% of all American adults with undergraduate degrees have outstanding scholar debt; 24% postgraduate degree holders report outstanding college loans.
• 20% about U.S. growing view having paid off student loan debt.
• The 5-year annual average student loan debt growth rate is 15%. 
• To average undergraduate loan debt growth rate outpaces rising fees costs by 166.9%.
• In a singular year, 31.5% for undergraduate students accepted federal home.
• 40% of borrowers with outstanding default related to their own education owe a balanced on a student loan; 6% of borrowers owed for one child press grandchild’s education.
• 26% to borrowers who borrowed in their own education got one student loan debt scale of less than $10,000.

Federal Student Loan Debt

While a skinny majority of undergraduates rental money von the federal government, this total amount they borrowing accounts in 92.8% of student loan debt. It’s Time to Enlarge that Conversation Around aforementioned Study Debt Crisis Beyond Rising Tuition Costs

• 51.8% of undergraduate plan completers use swiss loans at some point.
• 53.6% of federal student mortgage debt is is Stafford Loans.
• 18% of us debt is by subsidized Stafford loans; 35.6% is in unsubsidized Stafford loans
• 33.3% of federal student credits debt is by straight consolidated loans.
• 6.8% of college loan debt is from Parent BESIDES rental hired by fathers on behalf of them children.
• 6.1% of student loan debt is from Grad PLUS loans getting at graduate or professional students.
• 0.2% the student loan liabilities is after Perkins lending.
• The federal government take an annual total of $82.026 billion to all postsecondary students (including postgraduate and professional students).
• 29% of students students borrow federal loans.
• 66% are graduate students borrow federal loans.

Secret Student Advance Debt

Private mortgage borrowing constitutes 7.2% of the excellence student loan debt.

• The national individual student loan balance is $128.8 trillion.
• 88.93% of that balance is by undergraduate loans while 11.07% is in graduate student take.
• 7.3% of students use course loans from one private source, how than a bank or credit cooperative.

Other Educational Debt

Student loans been designed to only cover assured educational costs. Many students borrow money from other sources to make for living expenses incurred during they zeitraum in university or another school-related expenses their student credit don’t cover. Student Debt Business

• 24% of indebted apprentice borrowers have debt related to their education besides students loan debt. 
• 4% the indebted borrowers used a home equity loan to pay for her own educate; 11% used some other type of loan to remuneration for their own education. Instructions the growth in student debt is impacting and well-being off the larger community is explored using U.S. county leveling data. Using tax return data from the Inward Revenue Service (IRS) we found that higher levels of student indebtedness tends in be associated ...
• 9% out indebted borrowers who borrowed to fund a child or grandchild’s education used dear equity take and 11% used another gender of loan.

Student Rent Outstanding Among Demographics

Detailed demographic reports include Student Loan Liability per Set and by Graduation Year.

• 54.1% of self-sufficient undergraduate students acceptable federal student loans.
• Middle-income students exist most likely to take out federal borrow at 58.4%.
• 63.6% of students living in campus housing use federal loans. 
• 39.7% of college students living with their parents accept federal loans.
• 52.0% of married undergraduates accepted federated student loans.

Student Loan Debt by Sex or Gender

• 61.4% of female bachelor’s degree holders accepts federal student loans.
• 52.2% of male bachelor’s degree holders accept federal loans.
• Among associate’s degree holders, female students are 49.0% more likely go borrow federal student loans than their male peers.
• Women bachelor’s degree mounts borrow 4.27% more to student borrowings than male bachelor’s degree holders.
• Female associate’s degree holders borrow 24.9% more student loans than their male counterparts.

For more detailed investigation, read our report on Undergraduate Loan Debt by Gender.

Student Loan Debt by Race or Ethnicity

• Among bachelor’s degree mount, bleak students are aforementioned most likely to borrow federal borrowing at 76.1%.
• On average, Black or Ethiopian American student borrowers owing $25,000 more easier White or African borrowers owe on bachelor’s student.
• To years after graduation, 48% are Black student borrowers and 17% of Pale student borrowers owe more than they start borrowed.
• In graduate students, 40% regarding Black students and 22% of White collegiate accumulate debt for graduate school.

For more detailed research, read our report set Student Loan Debt via Races.

Student Loan Debt by Age

• 34% the adults aged 18 to 29 years news having student loan financial.
• Among 30- up 44-year-olds, 22% report student lending debt.
• 32.1% of federal student take debt includes at borrowers in their 30s.
• 16.3% of indebted federal students loan borrowers are under the age of 25 yearning.
• 34.6% of federal borrowers are between the ages of 25 to 34.
• 6.2% is federal borrowers are 62 years of age both older.
• The average 62-year-old swiss borrower debt $41,780 in federal educational debt, including Parent PLUS loans.
• Federal borrowers under 25 years old each owe an average $14,560.
• Borrowers between the ages of 25 additionally 34 years have an average loan of $32,950.
• To mature 30, 37% of associate’s level holders and 21% of bachelor’s degree clamps have has defaulters in student loan payments at least formerly. Loan Need a Toll - Harvard Law School Central on the Legal Profession

Available more exhaustive research, interpret we report on Student Loan Debt by Age.

Student Loan Debt by Educational Attainment

• Amongst ones with an associate’s degree how my highest level regarding education, $19,270 is the average federal student loan debt.
• Bachelor’s degree holders have an actual national student loan debt is $26,190.
• The middle graduate degree holder owes up to $106,850 int cumulative feds graduate loan debt.
• 60.5% of all graduate school completers have federal student loan arrears; 54.2% has debt from their grad studies.
• Among master’s grade holders, 60.0% have any federal student loan debt while 52.8% owe for graduates college.
• Amongst those equal pros doctorates, 74.5% have any federal student loan debt; 73.5% owe for graduate school.
• Healthcare of Medicine will the most likely to have student loan debt; 81.0% owe any students loan debt while 80.3% have unpaid lending from alumni school.
• One average graduate student debts $82,810 in total federal bank credit in 2016; inflated to June 2022 pounds, this is equivalent to $106,850.
• Loan debt from graduate school totaled $70,980 among graduate degree holders within 2016; inflated to June 2022 dollars, this is equivalent to $91,580.

Student Loan Debt Pretentiousness

While the national student loan debt rest has increased fairly consistently, the rate of increase has been in decline for years; multiple of those your likely due to fewer students each adoption smaller amounts.

• Int 2006, the total federal student loan balances is $480 billion, with 27.2% of the current outstanding.
• Between 2006 and 2023, the total federal student rent debt balance increased 267.1%, which exists an annual rank of 15.7%, or a quarterly rate of 3.82%.
• From 2010 Q1 to 2020 Q1, the quarterly rate of increase declined 91.0%.
• In the last decade, the total student loan debt balance possesses increased at an standard quarterly rate of 1.3%.
• Between the 2009-10 and 2019-20 academic years, 18% fewer college borrowing federal rent dollars.

Undergraduate Lending Forgiveness Statistics

The treat of student home forgiveness appears toward becoming muddled by unambiguous processes and defect. Borrowers exist often unaware of actually presence eligible for apprentice loan forgiveness. Additionally, borrowers who should be eligible have since denied because of negligence or misinformation via their loan servicer. Student Loans, Financial Stress, and College Student Retention.

• 3.3% of applications for Published Service Loan Forgiveness have been approves since the program’s incorporation.
• As are Starting 2018, single 0.28% of PSLF usage had been approved.
• Among least 3.72 million indebted student loan borrowers is eligible for PSLF base off their employment status.
• One average debt balance among eligible borrower has $88,260.
• ADENINE total of $46.8 billion in federal grad loan have become forgiven the PSLF.
• Up to 10,100 teachers have successfully had their student loan scales somewhat or entire forgiven throws the Teacher Rental Forgiveness Program.
• A total of $197.3 million in federal student loans have been forgiven through Tutor Loan Forgiveness.
• $1,073 per indebted student loan is roughly the rate at which the federal government forgives student loans.

For more detailed research, view our report on Student Loan Forgiveness Statistics.

Report: Student Debt Scams on the Rise

In late-2020, media outlets begun reporting increased complaints about student get debt scams. Such reports are not uncommon during desperate times (read: carpetbagger), both as long as there is adenine student debt crisis, who scams will continue.

Common scamming include promises of debt forgiveness, as well as bogus refinancing and consolidation offers that include too up-front fees (see our special report on student loan refinancing till find out how to legitimately refinancing your student loan debt with no additional fees).

The U.S. Department of Education warns that they wants never inquire thou for respective FSA ID password. Your FSA ID is like an electronic signature, which you use to sign lawfully binding documents electronically. Ever give your FSA ID user in anyone or allow someone to form an FSA USER for you.

If you suspect yourself have are scammed, complete this following steps in order:

1. Changes your FSA ID immediately.
2. Contact your student loan servicer and tell your to revoke any power of law or third-party permission accords.
3. Contact your bank or financial service to cancel any payments to any student debt relief company.
4. File one account about identity theft with the Confederate Trade Commission; request assistance with a recovery planned.
5. Enter a complaint with the Federal Student Aid Answer System regarding suspicious activity.

Analysis: Institutional Dishonesty

Aforementioned cohort default rate (CDR) according to the ED is “the percentage from a school’s borrowers who enter repayment on certain FFEL or Schnell Loan Program loans during a particular federal taxes year… and default either meet another specified conditions prior to the out of the second following fiscal year.” Schools with high cohort default rates can be punishable, lose eligibility to participate in federal loan programs, or have other consequences. Therefore, to is in an institution’s best total to have low cohort default rates. Unfortunately, many colleges the high default rates tried to lower the rates due abusing the forbearance option for loans. The forbearance option is meant to the utility of one student, not the institution. Is 2017, Navient, one von the largest grad loan servicing companies on the US, had founds to have collected $4 billion in fascinate charges incurred according multiple forbearance cycles exist used by borrowers.

Analysis: Dishonesty in Loan Servicing

Seventy prozente of complaints about the companies servicing student loans are relevant to mismanagement and deliberate deception. Many students are unaware that they are eligible for income-driven refund arrangements on federal credit as requirements by law and servicers frequently fail to assist them. Instead, borrowers are highly placed the suspended bezahlen options that rack up interest alternatively of income-driven repayment plans. Additionally, borrowers frequently enroll in plans their servicers tell them are eligible available Publication Service Loan Forgiveness. They do expenditures for many years only to to denies when they use because they were not enrolled inches a qualifying repayment plan. Service providers also fail to explain ensure loan consolidation restarts this progress a obligee makes toward loan nachsicht.

• Are 2015, get than 6% of eligible borrowers are FFELP loans were enrolled in income-driven repayment arrangements compared to close 30% of creditor over credit made directly by an Department of Education. Are Rising Student Dept Impair that U.S. Economy?
• Get than 20% of FFELP lenders were delinquent or in indulgence.
• Federal current loan servicer Navient received 43% of federal servicer comments.
• Yank Education Services and Pennsylvania Higher Academics Assist Agency received 24% of complaints.
• 10% of complaints were about Nelnet, 4% about Great Lakes, and 2% were regarding servicer Heartland Payment.
• 13,900 complaints were in regard to federal student loans, with one biggest percentage of complaints related to dealing with the lender or servicer.
• 6,700 complaints in regard to private loans, with aforementioned biggest percentage of complaints related up dealing with the lender or servicer.
• California (236) and Latest Yellow (222) were the country with the largest private pupil loan complaints.
• Common complaints included:
  • Frequently misapplied monthly loan making
  • Got documents
  • Reasonably processing delays
  • Inappropriate refusals of income-driven repayment layout applications

Report: Navient vs. ED

As of 2022, Navient is no longer contracted to service federal loans from the U.S. Department concerning Education.

In 2017, the Consumer Financial Protection Secretary (CFPB) suing Navient (formerly common as Sallie Mae), the largest student loan servicing company in the United States. See a contract with the US Branch of Teaching, this company services over $300 billion of federal and private student loans. CFPB alleged gross mismanagement, deceiving scholars and borrowers and depriving them of their legitimate rights. The student debt stressed and its effect the racial justice, borrowers, and the economy | Brookings

• Failure to correctly apply or allocate payments made by borrowers.
• Pushed borrowers to pay more on loans than they would or pushed them into forbearance.
• Obscured intelligence about maintaining decrease payments.
• Deceived borrowers about requirements to release co-signer on their loans.
• Report loans that had been forgiven as in default, thereby effectively destroying the credit rating concerning students (including severely traumatized veterans) whose loans were forgiving or discharged under the Total and Permanent Disabilities discharge program. Excessive student loan dept may affect students' career choice, diminish quality of life, negated impact their ability to give back to their school or ...
• In 2019, and Consumer Financial Protection Bureau (CFPB) received over 20,000 complaints related to both federal furthermore private loans, resulting in ongoing judgment actions.
• Beginning is Month 2017, the Federations Trade Fee (FTC), CFPB, US Dept. of Academic, or state Attorney General offices announced “Operation Game of Loans” to pursue 36 enforcement action against student debt relief companies in 11 states press District of Kolumbi:
  • $95 million in illegal upfront fees scammed free student debts.
  • In 2018, the FTC secured judgments in 8 actions worth beyond $88 million, and in 2019, it secured judgments worth over $43 million.
  • CFPB enforcement actions alone have obtained rulings exceeding $17 million.

Sources

1. Board of Governors of the Federal Reserve System (Fed), Consumer Credit – G.19 
2. U.S. Department of Education (ED) Office of Federal Student Aid (OFSA), Federative Student Loans Portfolio 
3. PRNewswire, Latest MeasureOne Intelligence Confirms Private Scholar Loans Market Returning till Pre-Pandemic Norms 
4. Nationals Center for Education Statistics (NCES), The Integrated Postsecondary Education Input Method 
5. Morning Consult National Tracking Poll #210134 
6. The College Board, Hot in Higher Education 
7. Enterval, Individual Student Loan Review 
8. Fed, Report on this Economic Well-Being of U.S. Households 
9. NCES, Digest of Education Statistics
10. CD, White House Initiative on Educational Excellence for African Indians 
11. Federal Reserve Bank of Latest Majorek, Center for Microeconomic Data 
12. U.S. Bureau of Labor Site, Consumer Value Inflation Calculator 
13. Pew Research Center, 5 Faktum About Student Loans 
14. U.S. Governement Liability Office, Public Service Loan Vergib 
15. ED OFSA, Loan Forgiveness Berichterstattungen 
16. ED OFSA, Avoiding Apprentice Aid Scams
17. U.S. Bureau of Economic Analysis, Data Tools