By 2022 Americans remain burdened with studentloan debt.
In those in the 2020s class, 55% of bachelor’s degree holders were able to obtain student loans in Oak Park Financial and graduated with an average amount of $28,400 of both federal and personal debt. In addition, 14percent of parents who had children in 2019according to the most recent information available have taken an average of 37,200USD for Federal parent PLUS loans.
However, there are even more alarming student loan debt figures. Americans are owed more than 1.75trillion dollars of student loans which are spread across approximately 46 million people who are borrowers. This is about 440 billion more than the amount of U.S. auto loan debt.
This page looks at the most recent data on student loan debt. Anyone who is eligible to take more control may want to think about refinancing their student loans in the event that they are aware of any potential disadvantages.
Student loan debt statistics
Let’s begin by presenting a broad overview of the landscape of student loans. The most recent data points out:
- Nearly $1.75 trillion of the total U.S. student loan debt.
- More than 46 million Americans have student loans (45.4 million of them are federally obligated).
- 11.1 percent of loans for students were more than 90 days in arrears or in default prior to the outbreak of coronavirus (defaults were stopped in the course of emergency aid measures).
- The monthly average student loan installment was $300 prior to that the White House instituted the repayment moratorium (the suspension will be in effect until August. 31st 2022).
Statistics on Loan Forgiveness in the Public Sector
(As of the most recently available data as of September 2021)
- PSLF Borrowers 1 318,076 *
- Borrowers who made forgiveness requests 535,940 (versus 179,371 at the time of September 2020)
- Borrowers who received PSLF 10 776 (versus 3,469 at the time September 2020)
- Average forgiven balance 94,907 (versus $75,090 in September, 2020)
The total number of borrowers who have completed one or more of the PSLF job verification forms that have been approved.
A new set of shocking statistics on student loan debt
If the stats weren’t amazing enough, let’s look at how students accumulate debt depending on the type of institution they attend.
- 55 percent of bachelor’s students graduating from four-year public or private non-profit colleges in 2020 were in debt from student loans.
- The average amount of debt upon the time of graduation from four-year public and private non-profit schools was $28,400 in 2020, which was a decrease of $400 from 2019.
- 66% of the graduates of public universities were able to repay loans (borrowing the average amount of $26,900) in 2016, according to information from April 2019, report the most recent available.
- Sixty-eight percent of graduates of private, non-profit institutions had loans in the year 2016 (borrowing on average $31,450).
- 83% of the graduates of for-profit schools received loans in the year 2016 (borrowing on average $39,000).
- Parents and students took out approximately $95.9 billion during the year 2020-2021. and 13% of those were non-federal private loans.
- 48% of the borrowers who attended private colleges fail after 12 years. as compared with the 12% of students at public colleges as well as 14% of non-profit college students.
Statistics on private student loan debt
- Americans have a debt of an estimated $136 billion to private student loan lenders.
- Private student loan debt was estimated at 12 billion dollars in the academic year 2020-2021.
- 90 percent of undergraduate loans and 63 percent of graduate loans were co-signed by someone in the course of the 2020-2021 academic year.
- Over half of college students (53 percent) do not take the full benefit of federal student loans. Many students take private loans prior to exhausting the federal loans they have available.
- 16 percent of student loans for students in the 2019 class were from private lenders.
- The interest rates for private co-signed loans averaged 10.20 percent in 2019.