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wavebreakmedia/Shutterstock May 16, 2022 Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo The Bankrate promise
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Americans have federal student debt. In total, the U.S. has in outstanding student debt. The average undergraduate borrower has . are the of consumer debt, falling behind mortgage debt. of student loan debt is federal, while 7.61 percent is private. The U S student debt crisis
College costs continue to rise, causing borrowers to graduate with thousands of dollars in student loan debt. Data from the shows that the total outstanding student loan debt has increased by roughly 84 percent since 2011. Year Total outstanding student debt (in millions) 2011 $959,823.95 2012 $1,054,565.11 2013 $1,145,550.75 2014 $1,235,751.47 2015 $1,320,248.14 2016 $1,405,332.16 2017 $1,488,895.49 2018 $1,570,539.65 2019 $1,646,377.28 2020 $1,702,599.57 2021 $1,747,261.68 2022 (YTD) $1,761,867.40 Source: Student loan debt and COVID
Student loan debt — and higher education in general — has been impacted significantly since the onset of the coronavirus pandemic. According to and : Student debt growth slowed during the pandemic; debt increased by $75,837.63 million in 2019, while it increased by only $56,222.29 million in 2020. In 2021, it grew by only $44,662.11. In the third quarter of 2020, 0.66 percent of private student loan balances were more than 90 days delinquent. By the third quarter of 2021, that percentage rose to 0.94 percent. Student loan debt and the CARES Act
The was implemented as a way to of the pandemic. One of the provisions was a pause on federal student loan payments and collections activities, which is currently in place through Dec. 31, 2022. The most found that, as of March 2022: Nearly 25 million Direct Loan borrowers are in forbearance status, with more than 99 percent of those balances in the CARES Act forbearance. Roughly $1 trillion of Direct Loans are in forbearance status. Fewer than 500,000 Direct Loan borrowers are in repayment status, opting out of the CARES Act flexibilities. Individual student loan debt statistics
Here’s how student loan debt in the U.S. impacts individual borrowers: The is the 25 to 34 age bracket, while 7.4 million borrowers are 24 years old or younger. In the class of 2020, graduated with student loan debt. In 19 states, the was over $30,000 for the class of 2020, and it was over $35,000 in six states. As of March 2021, of borrowers owed less than $20,000 in student loans, and 10 percent owed $80,000 or more. The for undergraduates for the 2021-22 school year was $18,830 for public two-year in-district students, $27,330 for public four-year in-state students, $44,150 for public four-year out-of-state students and $55,800 for private nonprofit four-year students. Student debt and mental health
Student loan debt can have a on a borrower’s mental health. Feelings of anxiety and stress may coincide with any long-term debt, especially if the debt impedes the ability to meet important financial milestones, like saving for a house or buying a car. Taking on too much student loan debt is the of 10 percent of Americans. 42 percent of adults and 33 percent of Gen Z that personal debt, including student loans, is a significant source of stress. The financial pressure of student loan payments can lead to . Federal student loan debt statistics
are offered by the U.S. Department of Education, rather than by private lenders. They’re a good first choice for any student considering student loans, and they comprise more than 90 percent of the U.S. student debt portfolio. Student loan debt by loan type
All new loans originated by the federal government are part of the Direct Loan program: Direct Subsidized Loans, Direct Unsubsidized Loans, grad PLUS loans, parent PLUS loans and Direct Consolidation Loans. Because of this, Direct Loans make up the greatest portion of the federal student loan portfolio. However, there are still borrowers who are paying off older Perkins or Federal Family Education Loan (FFEL) Program loans. Here’s how total loan amounts have changed for each loan type in the past three years: Direct Subsidized (in billions) Direct Unsubsidized (in billions) Grad PLUS (in billions) Parent PLUS (in billions) Perkins (in billions) Consolidation (in billions) 2019 – Q1 $276.8 $490.9 $71.3 $89.8 $6.9 $515.6 2019 – Q2 $280.0 $503.5 $70.7 $93.9 $6.6 $521.8 2019 – Q3 $277.4 $504.2 $71.9 $92.9 $6.3 $528.4 2019 – Q4 $280.7 $516.0 $75.2 $96.1 $6.1 $536.1 2020 – Q1 $279.6 $516.3 $75.3 $95.6 $5.9 $542.4 2020 – Q2 $282.9 $528.5 $78.8 $99.4 $5.6 $547.7 2020 – Q3 $282.3 $529.1 $79.5 $98.3 $5.4 $550.2 2020 – Q4 $285.7 $539.8 $82.8 $100.8 $5.2 $552.1 2021 – Q1 $285.2 $539.4 $82.7 $100.3 $4.9 $552.6 2021 – Q2 $289.8 $552.7 $86.3 $103.6 $4.7 $554.7 2021 – Q3 $288.7 $553.5 $87.3 $102.8 $4.3 $554.5 2021 – Q4 $291.5 $563.5 $90.7 $105.4 $4.4 $555.1 2022 – Q1 $290.9 $562.5 $90.6 $104.8 $4.2 $553.3 Source: Student loan debt by state
The three states with the lowest student debt per borrower are North Dakota, Iowa and South Dakota; in each of these states, the average student debt per borrower comes in at less than $31,000. The three states with the highest student debt per borrower are Maryland, Georgia and Virginia, where the average debt per student is near or above $40,000. Washington, D.C., has the highest average debt per student overall at $54,945. The chart below summarizes each state’s total federal student loan balance, the number of borrowers and the average federal student debt per borrower as of Dec. 31, 2021. State Federal debt (in billions) Number of borrowers (in thousands) Average federal debt per borrower Alabama $23.5 632.8 $37,137 Alaska $2.3 67.6 $34,024 Arizona $31.4 887.1 $35,396 Arkansas $13.0 390.0 $33,333 California $141.8 3,823.7 $37,085 Colorado $28.5 774.0 $36,822 Connecticut $17.5 497.7 $35,162 Delaware $4.8 127.8 $37,559 District of Columbia $6.5 118.3 $54,945 Florida $100.9 2,623.6 $38,459 Georgia $68.6 1,647.5 $41,639 Hawaii $4.5 122.4 $36,765 Idaho $7.2 218.1 $33,012 Illinois $61.6 1,631.5 $37,757 Indiana $29.8 906.5 $32,874 Iowa $13.2 433.3 $30,464 Kansas $12.5 383.7 $32,578 Kentucky $19.7 601.0 $32,779 Louisiana $22.5 651.7 $34,525 Maine $6.2 187.1 $33,137 Maryland $35.9 837.6 $42,861 Massachusetts $30.8 902.0 $34,146 Michigan $51.0 1,412.1 $36,116 Minnesota $26.5 788.6 $33,604 Mississippi $16.2 439.0 $36,902 Missouri $29.5 833.4 $35,397 Montana $4.2 126.7 $33,149 Nebraska $7.9 247.5 $31,919 Nevada $11.8 349.7 $33,743 New Hampshire $6.5 190.7 $34,085 New Jersey $42.5 1,199.4 $35,434 New Mexico $7.8 228.0 $34,211 New York $92.7 2,460.3 $37,678 North Carolina $49.2 1,304.3 $37,721 North Dakota $2.5 87.4 $28,604 Ohio $62.3 1,794.3 $34,721 Oklahoma $15.4 488.5 $31,525 Oregon $20.1 543.0 $37,017 Pennsylvania $64.5 1,822.8 $35,385 Rhode Island $4.6 143.5 $32,056 South Carolina $28.1 731.5 $38,414 South Dakota $3.6 116.3 $30,954 Tennessee $31.4 862.2 $36,418 Texas $120.0 3,645.2 $32,920 Utah $10.1 307.6 $32,935 Vermont $2.9 77.3 $37,516 Virginia $42.4 1,082.6 $39,165 Washington $28.0 788.5 $35,510 West Virginia $7.2 227.2 $31,690 Wisconsin $23.2 727.4 $31,894 Wyoming $1.7 54.4 $31,250 Source: Private student loan debt statistics
are offered by online lenders, banks and credit unions. While private student loans should only be taken out once federal aid potential has been exhausted, they still account for almost a tenth of student loan debt in America. Here’s how private student loans contribute to the overall levels of student debt in the U.S., according to the MeasureOne : As of Sept. 30, 2021, the total outstanding private loan debt balance was $131.1 billion, or 7.61 percent of the total student loan debt in the U.S. Undergraduate loans made up 88.69 percent of this total number, while graduate loans made up 11.31 percent. 2.44 percent of outstanding balances were in forbearance, down from 3.68 percent in the third quarter of 2020. 2.22 percent of outstanding balances in repayment were delinquent by at least 30 days. Student loan debt by degree
Advanced degrees are expensive, but the investment could pay off. Here’s what you need to know before taking out , according to the and : Around 25 percent of all undergraduates graduate with less than $20,000 in student loan debt; borrowers who leave school with more than $57,500 have almost always borrowed for graduate school. About 25 percent of all student loan borrowers went to graduate school. Graduate students account for roughly half of the total outstanding student loan debt in the U.S. Those who earn an advanced degree may earn a larger annual income and have increased job security. Graduate students are less likely to fall into delinquency with private loans; 2.3 percent of undergraduate balances in repayment are at least 30 days delinquent, while 1.65 percent of graduate balances in repayment are at least 30 days delinquent. Learn more
SHARE: Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Related Articles