Student Loan Debt Statistics 2017
- July 1, 2016
- Posted by: Jeff Gitlen
- Category: Student Loans
If you are looking for student loan debt statistics on a school and state level basis, check out our interactive data in our Student Loan Debt by School by State report.
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 true numbers of student loan debt.
"How much does an average student have to take out?"
"How many people have student loan debt in our nation today?"
"What percentage of people with this debt fail to repay it?"
The list goes on and on.
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. Most of it is tucked away, however, in a PDF hiding in the corner of a Department of Education website. This is why we decided to consolidate this information in one, easy-to-read page.
With all of the information out there, it is difficult to decide what makes the cut for our statistics page. Don't see what you're looking for? Ask us! We will do our best to find the information and let you know as soon as we can.
Without further ado, here are the stats!
General Student Loan Debt Statistics
- Total Amount of Student Loan Borrowers: 43.3 million +
- Total Outstanding Student Loan Debt: $1.41 trillion +
- Average Federal Student Loan Default Rate: 11.8%
- Average Number of College Grads with Student loan Debt: 60%
- Average Debt Per Borrower: $28,400
- Average Debt Per Graduate: $16,033
Note: This stat is often incorrectly reported. Many sites post the average debt per borrower statistic as the average debt per graduate.
- Average Debt Per Graduate Student: $57,600
- Average Debt Per Borrower at a Public School: $26,872
- Average Debt Per Borrower at a Private School: $31,710
- Department of Education's Estimated Profit Over Next 10 Years: $127 billion
Federal Student Loan Debt Statistics (Q2 2016)
Stats By Loan Status
- In-School: 8 million borrowers holding $155.5 billion
- In Grace Period: 1.5 million borrowers holding $27.5 billion
- Repayment: 25.8 million borrowers holding $658.3 billion
- Deferment: 4.9 million borrowers holding $129.8 billion
- Forebearance: 4.2 million borrowers holding $139.4 billion
- Default: 400 thousand borrowers holding $11.5 billion
Stats By Loan Type
- Consolidation: 12 million borrowers holding $431.2 billion
- Stafford Unsubsidized: 27.3 million borrowers holding $421.8 billion
- Stafford Subsidized: 29.2 million borrowers holding $269 billion
- Parent PLUS: 3.3 million borrowers holding $75.2 billion
- Grad PLUS: 1 million borrowers holding $49.4 billion
- Perkins: 2.8 million borrowers holding $8.2 billion
Direct Loan Stats By Repayment Plan (not FFEL)
- Standard 10-year: 11.27 million borrowers holding $197.9 billion
- Standard Over 10 years: 1.67 million borrowers holding $73.2 billion
- Graduated Under 10 years: 2.63 million borrowers holding $67.9 billion
- Graduated Over 10 years: 280 thousand borrowers holding $12.7 billion
- Income-Contingent: 600 thousand borrowers holding $22.8 billion
- Income-Based: 3.1 million borrowers holding $175.1 billion
- Pay As You Earn: 960 thousand borrowers holding $41.2 billion
- Revised PAYE: 190 thousand borrowers holding $8.1 billion
- Alternative: 310 thousand borrowers holding $6.2 billion
- Other: 450 thousand borrowers holding $45.5 billion
Private Student Loan (PSL) Debt Statistics
- Total Amount of Outstanding PSL Debt: $165 billion +
- Average Amount of Students Using PSLs Each Year: 1.4 million
- Average PSL Amount: ~$10,000
- Percentage of PSLs Taken Out With a Cosigner: 90%
- Number of PSL Lenders: Over 100
Graduate Student Loan Debt 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
Combined Undergrad and Graduate Debt Owed at Grad School Graduation
Other Interesting Student Loan Debt Statistics
- 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