Americans owe over $1.4 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.
But how does this break down at a more granular level? Are student loans being used to attend public or private universities? Is it mostly from four-year or graduate degrees? What percentage of overall graduates carry debt? Are more grads utilizing private student loan consolidation and refinancing?
Let’s take a look.
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First, let’s start with a general picture of the student loan debt landscape. The most recent reports indicate there is:
As of Q1, 2017 (latest available data)
PSLF Borrowers: 611,598*
* – Total number of borrowers who have one or more approved PSLF Employment Certification Forms (ECF)
Note that borrowers are self-identified based on submission of an ECF.
Source: FedLoan Servicing via studentaid.ed.gov
(updated for Q2, 2017)
Now let’s dive into how much debt student loan borrowers carry by loan type, term, and more.
|Direct Loans||$1,003.3 billion||32.1 million borrowers|
|FFEL Loans||$320.5 billion||15.7 million borrowers|
|Perkins Loans||$7.9 billion||2.6 million borrowers|
|Total (All Federal)||$1,331.7 billion||42.3 million borrowers|
|Stafford Subsidized||$272.5 billion||29.4 million borrowers|
|Stafford Unsubsidized||$449.6 billion||27.9 million borrowers|
|Stafford combined||$722.2 billion||32.6 million unique recipients|
|Grad PLUS||$55.7 billion||1.1 million borrowers|
|Parent PLUS||$81.5 billion||3.4 million borrowers|
|Perkins||$7.9 billion||2.6 million borrowers|
|Consolidation||$464.5 billion||12.0 million borrowers|
Data via Studentaid.ed.gov
|Loans in repayment||$535.6 billion||16.6 million borrowers|
|Loans in deferment||$112.9 billion||3.6 million borrowers|
|Loans in forbearance||$100.1 billion||2.6 million borrowers|
|Loans in default||$74.9 billion||4.3 million borrowers|
|Loans in grace period||$26.2 billion||1.4 million borrowers|
|Level Repayment Plan(10 years or less)||$199.6 billion||11.15 million borrowers|
|Level Repayment Plan(greater than 10 years)||$74.9 billion||1.68 million borrowers|
|Graduated repayment plan(10 years or less)||$75.4 billion||2.83 million borrowers|
|Graduated repayment plan(greater than 10 years)||$13.6 billion||0.29 million borrowers|
|Income-Contingent (ICR)||$25.5 billion||0.61 million borrowers|
|Income-Based (IBR)||$171.6 billion||3.01 million borrowers|
|Pay As You Earn (PAYE)||$56.1 billion||1.10 million borrowers|
|Revised Pay As You Earn (REPAYE)||$77.0 billion||1.52 million borrowers|
(updated for June 30, 2016)
Data Source: National Student Loan Data System via Jason Spencer Dallas
If those numbers weren’t stunning enough, here’s a closer look at how students accumulate debt based on the type of school they attend.
In 2012, 71 percent of students graduating from four-year colleges had student loan debt:
Twenty percent of 2012 graduate loans were private
Graduates who received Pell Grants were likely to borrow, and borrow more:
(Data via Ticas.org)
(Data via Ticas.org)
About 40 percent of the $1 trillion student loan debt was used to finance graduate and professional degrees.
Combined undergraduate and graduate debt by degree:
Clearly, as these student loan debt statistics show, the cost of attending college is becoming a growing burden for a huge portion of Americans.
What are you doing to pay off your debt and ensure you aren’t another statistic? Be sure to let us know how we can help.
(Data via 2012 Newamerica.org study)
Contact Information: Student Loan Relief Inc Address: 1910 Pacific Avenue, Dallas, TX 75201 Telephone: 855-693-3356 Website: http://studentloanrelief.us