Average Student Loan Debt Statistics for 2019

08/07/2018

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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.

$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 billion 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 billion
Deferment	3.3 million	$103.0 billion
Forbearance	2.5 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

What Congress Thinks About Student Debt

In February 2017, LendEDU analyzed what members of Congress thought about various issues related to paying for college including federal student loans, federal student loan refinancing, Pell Grants, tax benefits, and more. For each issue, we found what overall proportion of congressmen supported legislation and also broke it down on by party.

Click below to view the PDF of the study to learn more about what congressmen around the nation think about these issues.

Open PDF

Private Student Loan Statistics

$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 Loan Statistics

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 Statistics

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

Author: Dave Rathmanner

As the VP of Content at LendEDU, Dave regularly plans and writes content to help consumers with their personal finances. Dave’s work has been featured in the Chicago Tribune, Bloomberg, CNBC, US News, Yahoo Finance, NPR, and more.