WHAT IS THE AVERAGE STUDENT LOAN DEBT?
According to research, the average student loan debt in the United State is $32,731, and On Medium Students’ debt amount is $17,000.
This debt is increasing constantly due to rising costs of Colleges, Tuition, Books, and other Expensive related to Education.
The total student loan debt is around 302% since 2004. Total Student loan Debt is around $1.52 Trillion.
44.7 Million students borrowers loans and Connecticut has more student loan debt, $38,510.
AVERAGE STUDENT LOAN DEBT IN UNITED STATE
According to Federal Reserve, the average college debts loan in United State is $32,731. This number increased constantly, with a 20% increase in just one of the years 2015-2016.
The average loan debt amount borrowed by students is $25,000 to $50,000. But more than 600,000 People Bowers more than $20,000 as Student Loan Debt.
Average 8,547,500 People take less than 5,000$ Student Loan Debt. 7,425,400 People take average $5,000 to $10,000.
12,277,200 People take between $10,000 to $25,000, Student Loan Debt. 8,609,700 People take average $25,000 to $50,000, Student Loan Debt.
3,681,000 People take average $50,000 to $75,000, Student Loan Debt. 1,612,600 People take $75,000 to $100,000, Student Loan Debt. 1,1347,400 People take average $100,000 to $150,000, Student Loan Debt.
604,900 People take average $150,000 to $200,000, Student Loan Debt. 609,800 People take more than $200,000 Student Loan Debt.
302% of Average Student Loan Debt Increase in just 13 Years. Average $80 Billion Average Student Loan Debt is Increase each year since 2004.
In the year 2004 total balance of the Average Student, Loan Debt is $345 Billion. In the year 2005, this number increased to $391 Billion, Increasing by 13% Compared to 2004.
In the year 2006, this number increased to $481 Billion, Increasing by 23% compared to 2005. In 2007 this number increased to $547 Billion, Increased by 14% compared to 2006.
In the year 2008 this Number Increase to $639, Increasing by 17% compared to 2007. In the year 2009, this number increased to $721 Billion, Increasing by 13% Compared to 2008.
In the year 2010, this number increased to $811 Billion, Increasing by 13% Compared to 2009. In the year 2011, this number increased to $873 Billion, Increasing by 8% compared to 2010.
In the year 2012, this number increased to $965 Billion, Increasing by 11% Compared to 2011. In the year 2013, this number increased to $1,079 Billion, Increasing by 12% compared to 2012.
In the year 2014, this number increased to $1,155 Billion, Increasing by 7% Compared to 2013. In the year 2015, this number increased to $1,231 Billion, Increasing by 7% compared to 2014.
AVERAGE STUDENT LOAN DEBT BY GENDER
Women generally pay a higher amount of their salary to pay debt compared to men.
Asian men have a lower percentage of Average Student Loan Debt.
According to research, 70% of American Boys take Student Loan Debt, 89% of African and Black boys take loan debt, 81% of Hispanic Boys take Loan Debt and 65% of Asian Boys take Loan Debt.
While 92% of American Girls take Student Loan Debt, 111% of African and Black Girls take Student Loan Debt, 85% of Hispanic girls take loan debt and 81% of Asian Girls take Student Loan Debt. You can also see a student debt statistics or average college debt statistics.
FEDERAL STUDENTS LOAN DEBT
Most of the students take Student Loan Debt direct from Stafford Subsidized loans from the Federal Government.
Around 29.7 Million Students take direct Student Loans from Federal Government.
FEDERAL STUDENT DEBT BY LOAN PROGRAM
More than 34.5 Million people borrow $ 1,163.3 Billion Dollar and their loan type is Direct Loan. More than 13.1 Million People borrow $277 Billion Dollars and their loan type is FFEL Loans.
More than 2.2 Million Students borrow $6.9 Billion and their loan type is Perkins Loans If we total all amounts of student loan debt we get $1,447, Billion dollars which are borrowed by more than 43 million people.
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FEDERAL STUDENT’S DEBT BY LOAN TYPE
More than 29.7 Million People Borrow $276.8$ Billion Dollars and their loan type is Stafford Subsidized.
More than 28.3 Million People Borrow $490.9 Billion Dollars and their Loan Type is Stafford Combined. More than 33.3 Million People Borrow $767.7 Billion Dollars and their loan type is Stafford Combined.
More than 1.5 Million People Borrow $71.1 Billion DOllar and their loan type is Gard Plus. Around 3.6 Million People borrow 89.8 Billion Dollars and their loan type is Parent Plus.
More than 2.2 Million People Borrow $6.9 Billion Dollar and their loan type is Perkins. More than 11.8 Million People Borrow $515.6 Billion Dollar and their loan type is Consolidation.
PRIVATE STUDENT LOAN DEBT
The Private Student Loan debt for both Undergraduates and Graduate is around $113.2 Billion Dollar.
Private student loans increased since 2014, More than 20% Increased since 2014.
In 2014 Private student loan debt is around $91.8 Billion Dollar. In 2015 this amount increased to $99.7 Billion Dollar.
In 2016 This amount increased to 102.3 Billion Dollars and In 2017 this amount increased to $113.2 Billion DOllar.
If you look from start every year student average loan debt is increased. Increasing is Average Student Loan Debt, Main Factor in Education become more expensive day by day, and this lead to an increase in Average Student Loan Debt.
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