How many Americans are in debt due to student loans? Ipass
According to the latest current statistics from the US Department of Education, around 42.9 million Americans hold federal student loans. This indicates that around 1 in every 8 (12.9 percent) persons in the United States have student loan debt, according to a census study Ipass will do it today.
According to federal government statistics from the second quarter of 2021, the total outstanding student loan debt is $1.59 trillion. According to 2021 statistics from MeasureOne, a higher education data and analytics organization, private student loan debt accounts for around 7.89 percent of the amount, or approximately $1.728 billion.
The following are some notable statistics concerning the 43 million Americans who are student-loan debtors:
Who is the average borrower of student loans?
The average student loan borrower leaves school with roughly $30,000 in debt. According to the Institute for College Access and Success, the average for the class of 2019 was $28,950. According to the Brookings Institution, around 25% attended graduate school; the remainder pursued associate or bachelor’s degrees.
Women borrow more money for college than males, and Black students borrow more than students of all other races and ethnicities.
While student debt is most prevalent among individuals aged 25 to 34, those aged 35 to 49 owe the most – more than $600 billion in undergraduate, graduate, and parent loans, as well as payments deferred via forbearance or income-driven repayment programs.
Debt owed on student loans by age
The age range of 35 to 49 years old has the greatest federal student debt, totaling $601.7 billion. However, the majority of borrowers are between the ages of 25 and 34.
Average debt levels by age group
Across all age categories, most borrowers have between $10,000 and $40,000 in college debt. Ages 35 to 49 had the highest level of heavy debt ($200,000 or more). Here is a more thorough breakdown of the usual holdings of each group:
- The majority (2.11 million) of those 24 and younger had between $10,000 and $20,000 in college debt.
- The majority (3.56 million) of 25- to 34-year-olds had between $20,000 and $40,000 in college debt.
- The majority (2.87 million) of 35- to 49-year-olds had between $20,000 and $40,000 in college debt.
- The majority (1.16 million) of 50- to 61-year-olds had between $20,000 and $40,000 in college debt.
- The majority (490,000) of people aged 62 and older had less than $5,000 in debt https://ipass.net/.
Debt owed on student loans by race and gender
Asian and Hispanic student loan borrowers had the lowest average debt loads compared to other races and ethnic groups, while Black student loan borrowers have the highest average debt loads, according to government statistics.
The average debt difference is worsened even further for Black women, who, according to the American Association of University Women, have a greater average debt load than women of all races and ethnicities.
According to the AAUW’s examination of government statistics, women carry two-thirds of all outstanding loan debt. There is a dearth of data on gender nonconforming student borrowers.
According to federal data, one of the primary reasons women have more debt is that they earn the majority of degrees at all levels — from certificates to doctorates.
However, carrying more debt is problematic since women, on average, have less earning ability than men: According to the United States Census Bureau, women with bachelor’s degrees earn on average 74 cents for every dollar earned by males with that degree.
Women who attend for-profit four-year universities have the highest average debt burdens – around 44 percent more than women who attend public four-year institutions.