2018 Student Loan Debt Statistics
By Joe Messinger, CFP®
July 11, 2018
3 min READ
We’re honored this week to be presenting this guest blog post from Jeff Gitlen and LendEDU.com. LendEDU is a “marketplace for private student loans, student loan refinancing & consolidation, and personal loans, among other financial products.” LendEDU was created “to help student loan borrowers and consumers find transparency without damaging their credit” through “transparent pricing and education.” Article updated: 4/13/2018
It’s no secret that student loans are a hot topic in the United States nowadays. They are mentioned in the news, both in a positive and negative light, almost every day.
With all of this news circulating around the internet, television, and in print – it is natural to become curious about the numbers behind student loan debt.
With all of the different types of student loans, and with the way they have changed over the years, there is tons of information out there on the topic.
Read on to learn about the student loan debt statistics in the United States.
General Information
$1.52 trillion the total amount of outstanding student loan debt
45 million the total number of student loan borrowers
$27,975 the average student loan debt per borrower from the Class of 2016
$16,723 the average student loan debt per graduate from the Class of 2016
60% the percentage of graduates from the Class of 2016 with student debt
11.5% the average federal student loan default rate
$351 the average monthly student loan payment for borrowers aged 20 to 30
$203 the median monthly student loan payment for borrowers aged 20 to 30
$57,600 the average student loan debt per graduate student
$26,828 the average debt per borrower at public schools from the Class of 2016
$30,281 the average debt per borrower at private schools from the Class of 2016
$127 the Department of Education’s estimated profit over the next 10 years
Federal Student Loans (Q1 2018)
By Loan Status
| Status | # Borrowers | Total Amount |
|---|---|---|
| In-School | 7.4 million | $133.5 billion |
| Grace Period | 1.2 million | $25.9 billion |
| Repayment | 17.8 million | $600.0 billion |
| Deferment | 3.3 million | $103.0 billion |
| Forbearance | 2.6 million | $108.3 billion |
| Default | 4.7 million | $88.4 billion |
By Loan Type
| Loan Type | # Borrowers | Total Amount |
|---|---|---|
| Stafford Unsubsidized | 28.4 million | $463.3 billion |
| Stafford Subsidized | 29.6 million | $272.2 billion |
| Parent PLUS | 3.5 million | $83.7 billion |
| Grad PLUS | 1.2 million | $59.6 billion |
| Perkins | 2.5 million | $7.6 billion |
| Consolidation | 12 million | $489.9 billion |
By Repayment Plan
| Repayment Plan | # Borrowers | Total Amount |
|---|---|---|
| Standard | 13.05 million | $288.7 billion |
| Graduated | 3.28 million | $95.9 billion |
| Income-Contingent | 630 thousand | $27.7 billion |
| Income-Based | 2.91 million | $169.0 billion |
| Pay As You Earn | 1.19 million | $68.3 billion |
| Revised PAYE | 2.00 million | $108.8 billion |
| Alternative | 690 thousand | $20.9 billion |
By Debt Size
| Debt Size | # Borrowers | Total Amount |
|---|---|---|
| <$5k | 8.8 million | $23.1 billion |
| $5k - $10k | 7.7 million | $56.5 billion |
| $10k - $20k | 9.4 million | $135.3 billion |
| $20k - $40k | 9.4 million | $266.5 billion |
| $40k - $60k | 4.0 million | $195.2 billion |
| $60k - $80k | 2.3 million | $161.2 billion |
| $80k - $100k | 1.1 million | $100.1 billion |
| $100k - $200k | 1.9 million | $261.7 billion |
| >$200k | 600 thousand | $182.0 billion |
By Borrower Age
| Age | # Borrowers | Total Amount |
|---|---|---|
| 18 or Younger | 600 thousand | $1.8 billion |
| 19 - 24 | 800 thousand | $122.6 billion |
| 25 - 34 | 15.3 million | $483.8 billion |
| 35 - 49 | 13.8 million | $511.3 billion |
| 50 - 61 | 5.7 million | $204.0 billion |
| 62+ | 1.8 million | $57.9 billion |
| Not Reported | 100 thousand | $200 million |
Private Student Loans
$102 billion the total amount of private student loan debt
7.5% the percentage of total outstanding student debt that is from private student loans
1.4 million the average amount of students using private student loans each year
~$10,000 the average private student loan amount
90% the percentage of private student loans taken out with a cosigner
Over 100 the number of private student loan lenders
Graduate Student Loans
Combined Undergrad and Graduate Debt by Degree (as of 2012):
- M.B.A. : $42,000 (11% of grad degrees)
- Master of Science: $50,400 (18% of grad degrees)
- Master of Education: $50,879 (16% of grad degrees)
- Other Master’s Degrees: $55,489 (15% of grad degrees)
- Master of Arts: $58,539 (8% of grad degrees)
- Law: $140,616 (4% of grad degrees)
- Medicine/Health Sciences: $161,772 (5% of grad degrees)
- PhDs: Not Reported
Median Combined Undergrad and Graduate Debt Owed at Grad School Graduation
| Program | 2004 | 2008 | 2012 |
|---|---|---|---|
| Business Administration | $41,373 | $44,496 | $42,000 |
| Education Masters | $30,726 | $33,910 | $50,879 |
| Master of Arts | $37,965 | $43,247 | $58,539 |
| Master of Science | $34,965 | $41,904 | $50,400 |
| Other Master’s Degrees | $31,650 | $46,085 | $55,489 |
| MD & Other Health Sciences | $123,203 | $127,132 | $161,772 |
| Law | $88,634 | $90,052 | $140,616 |
Other Interesting Information
More Americans hold student loan debt than the population of over 200 countries
Over 7 million (>2%) of the U.S. population has defaulted on their student loans
Student loan debt is the second highest form of debt in the U.S., second only to mortgages
Almost 30% student loan borrowers move back in with their parents after graduation
Over 34% of borrowers have delayed starting a family because of their debt
Over 47% of borrowers have delayed buying a car because of their debt
Over 73% of borrowers have delayed saving for retirement because of their debt
Around 63% of borrowers have delayed buying a home because of their debt
Almost 28% borrowers have delayed getting married because of their debt
Sources:
https://lendedu.com/blog/refinance-student-loans/
https://lendedu.com/blog/private-student-loans/
https://lendedu.com/blog/average-cost-of-college-statistics/
https://studentaid.ed.gov/sa/about/data-center/student/portfolio
http://www.federalreserve.gov/releases/g19/current/
http://time.com/money/4168510/why-student-loan-crisis-is-worse-than-people-think/
http://studentdebtcrisis.org/4782-2/
https://studentloans.net/impact-report-july-2016/
https://www.measureone.com/press_details.php?id=8
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