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Student Loan Statistics for 2019

Well 2019 is setting new records for student loan debt.

Summaries

U.S. Student Loan Debt Statistics for 2019 | Student Loan Hero (studentloanhero.com)

  • Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR).
  • Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments.
  • Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates.

Student Loan Debt Statistics 2019 | The Student Loan Report (studentloans.net)

  • It’s got plenty of people worried including students, graduates, parents, employers, and politicians alike.
  • Student loan debt is a popular issue, to be sure, depending on your definition of popular, of course.
  • With that being said, here is my summarization of (and research for) reported student loan debt statistics.

Average Student Loan Debt in the U.S. – 2019 Statistics | Comet (cometfi.com)

  • As of 2019, 1 in 4 Americans have student loan debt, which is an est. 44.7 Million people. Americans also now owe more than $1.53 trillion in student loan debt, with the average student loan debt amount of $37,172 and monthly payment of $393 based on the most current figures available to Comet.

Average Student Loan Debt Statistics by School by State 2019 – LendEDU (lendedu.com)

  • Learn about the average student loan debt statistics for 2019. See information about nationwide student loan debt, state-specific data, and the average debt per college.

Student loan debt statistics of 2019: Facts and figures | finder.com (finder.com)

  • Direct subsidized and unsubsidized loans for undergraduate students issued between July 1, 2017 and July, 1, 2018 came with an interest rate of 4.45%.
  • Direct subsidized loans for graduate and professional students came with a 6% interest rate, while Direct PLUS loans had a 7% interest rate.
  • A poll of 3,227 HR professionals by SHRM found that 4% of employers offer employer-provided student loan repayment assistance .

Student Loan Debt Statistics – Statistic Brain (statisticbrain.com)

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Average Student Loan Debt in America: 2019 Facts & Figures (valuepenguin.com)

  • Utah has the lowest average student loan debt balance at $18,838 and the lowest percentage of residents with student loan debt, 38%.
  • The majority of students (29.5 million borrowers) take out direct loans, specifically Stafford subsidized loans from the federal government.

2018 Student Loan Debt Statistics — NerdWallet (nerdwallet.com)

  • There are 44.5 million student loan borrowers in the U.S., and they owe a collective $1.5 trillion as of March 2018, according to the Federal Reserve.

Student Loan Debt Statistics in 2018 – Student Debt Relief (studentdebtrelief.us)

  • Check out these staggering student debt statistics: Total Number of Borrowers: 45 million Total Remaining Student Loan Debt: 1 . 52 trillion Amount Borrowed Each Year: $106.5 billion Percentage of College Grads with Debt: 60% Average Debt per Graduate (2016): $37,172 Delinquent Loans: 11.2% of aggregate student loan debt as of Q3-2017 Defaulted Students Loans With Private Collections Agencies: $103 billion Q2-2018 Individual Student Debt Continues to Increase The rise in student loan debt is nothing new.
  • Due to inflation and higher tuition prices, student loan debt has increased steadily since 1993.
  • Beginning in 2011, students did collectively borrow less money as college enrollment declined.
  • This suggests that while the macro-level problem of student loan debt may start declining, student loan debt on a micro-level is still a hardship in 2017.

10 Fun Facts About the Student Debt Crisis (huffingtonpost.com)

  • It’s no wonder that we are seeing millennials delaying starting families, making  car purchases and buying homes .
  • With seven million Americans defaulting on their student loans, this also means that seven million Americans will have their personal credit plummet and be deemed unhireable by many employers as a result.
  • Once a borrower has defaulted on a student loan, this can also result in automatically becoming ineligible for some  government jobs .
  • Though student borrowers with federal student loans no longer have to worry about this, private student loans can be transferred to family members once the borrower is deceased.
  • Recently, Dr. G. Mustafa Mohatarem, the chief economist for General Motors, cited student loan debt as a one of the major reasons why millennials are not purchasing cars.
  • Total sources processed: 10Avg. source length: 5775 wordsAvg. links per source: 14 links

Sources

Highlights for top topics

Student Loans

  • Seven Million Defaulted Out of the nearly 40 million borrowers, about  seven million have defaulted  on these student debts. Translation: 7 million (or about 2 percent of the population of the United States) have had their credit trashed as a result of their student loan s and can have  25 percent in penalties  added onto their total student loan debts. To add insult to injury, about  60 percent of employers  run credit checks on applicants before hiring or promoting, making it close to impossible for millions to get a higher paying job to actually repay these debts. (huffingtonpost.com)
  • If less money is borrowed each year, are student loan still of growing concern in 2017? Absolutely! Beginning in 2011, students did collectively borrow less money as college enrollment declined. However, the average debt load individual students carry has continued increasing. This suggests that while the macro-level problem of student loan debt may start declining, student loan debt on a micro-level is still a hardship in 2017. The 11.2% student loan default rate and growing number of income-driven repayment plan enrollees provide proof. (studentdebtrelief.us)

Student Debt

  • With student loan debt in the U.S. seemingly growing bigger with each passing year, LendEDU has always placed great value in our Student Loan Debt by School by State Report. By licensing data collected from the annual Peterson’s financial aid survey, we are able to inform both future and current college students about which 4-year institutions will likely saddle them with the most debt, and conversely, which schools are likely to make the student debt repayment burden as light as possible. (lendedu.com)
  • Why is the amount declining? Tuition prices have steadily increased over the years , so it is safe to say college is not cheaper. However, one explanation for this Student debt statistic is decreasing student enrollment . In 2011, more students than ever attended college:  16.63 million. Heading into 2012, enrollment numbers dropped to 16.17 million and then down to 15.74 million in 2016. Fewer students mean fewer people that need loans. (studentdebtrelief.us)

Student Loan Debt

  • First, let’s start with a general picture of the student loan landscape. The most recent reports indicate there is: $1.56 trillion in total U.S. student loan debt 44.7 million Americans with student loan debt 11.5% of student loans are 90 days or more delinquent or are in default Average monthly student loan payment (among those not in deferment): $393 Median monthly student loan payment (among those not in deferment): $222 (studentloanhero.com)
  • According to a report by the One Wisconsin Institute, the impact of student debt translates into over $6 billion in lost automotive sales each year. General Motors is also taking note. Recently, Dr. G. Mustafa Mohatarem, the chief economist for General Motors, cited student loan debt as a one of the major reasons why millennials are not purchasing cars. (huffingtonpost.com)

Federal Reserve Bank Of New York

  • Looking at the age group breakdowns from the Federal reserve bank of new york , there are more borrowers under 30 years of age than there are in any other age bracket. Interestingly from a percentage growth standpoint, the number of borrowers under 30 has not increased much over the last 13 years as it has for the other age groups. (valuepenguin.com)
  • (Data provided by Mark Kantrowitz, publisher and vice president of research with SavingforCollege.com , as well as by the U.S. Federal Reserve and the Federal reserve bank of new york , unless otherwise specified.) (studentloanhero.com)

Private Loans

  • Unsubsidized, institutional, state, private loans that the institution is aware of, etc. Includes both Federal Direct Student Loans and Federal Family Education Loans. Includes only loans (including co-signed loans) made to students who borrowed while enrolled at the institution. Excludes students who transferred in and money borrowed at other institutions, students who did not graduate or who graduated with another degree or certificate but no bachelor’s degree, as well as parent loans. (lendedu.com)
  • The majority of student loans come from the federal government with the need for private loansdeclining. In 2016-2017, private loans made up 11% of the total borrowed money. This is down significantly from years prior. Looking back just 10 years, private loans covered 25% of all loans taken out that year. Federal unsubsidized loans, which do not start accruing interest until you leave school, make up the highest share. (studentdebtrelief.us)

Loan Type

  • Public Service Loan Forgiveness (PSLF) Program Without Public Service Loan Forgiveness (PSLF) Program State New Hampshire New Hampshire loan type Federal Direct Unsubsidized Loan Federal Direct Unsubsidized Loan Fixed interest rate for Direct Loans 4.45% 4.45% Loan amount $38,000 $38,000 Loan term (months) 120 132 Weighted average income of people with at least some college credits $54,000 $54,000 Repayment plan PAYE PAYE Total amount paid $43,878 $48,532 (finder.com)
  • It may seem like it, but not every student has to borrow money for college. In 2012, around 29% of undergrads and 35% of master’s students graduated debt-free. Of four-year public and non-profit private students, 66% and 75% graduated with debt. If you attend a for-profit private institution, expect to borrow. Roughly 88% of these students have student loans. For those who do borrow money, the loan type greatly varies. (studentdebtrelief.us)

College Access

  • The state you live in could actually affect your future student debt load. In New Hampshire, the average student loan debt for 2016 graduates is $36,367. This is the highest average right in front of Pennsylvania at $35,759. If you are looking for a bargain, head to Utah. Students there only average $19,975 in student loan debt. The way states fund their public colleges and award grant money plays a role in these numbers. Check out The Institute for College Access and Success interactive map to see your state’s average. (studentdebtrelief.us)
  • According to data from The Institute for College Access and Success, the average student loan debt in each state for the class of 2017 ranges from $18,838 to $38,510. And in almost every state, 45% or more students are in debt, besides Utah. The table below shows the average college debt by state with their corresponding rank based on their average debt. (valuepenguin.com)

United States Loan Stats

  • The state level data was calculated by analyzing Peterson’s financial aid data for 1,080 colleges and universities in the United States . We included data on the colleges and universities that reported the following information for the Class of 2017: proportion of graduates with student loan debt, number of bachelor degree recipients, and number of student loan borrowers. (lendedu.com)

Interest Rates

  • Recently, Congress briefly allowed interest rates of undergraduate federal student loans to double from 3.4 percent to 6.8 percent. This didn’t last long. However, the new deal reached this past summer isn’t that much better. Now, student loans will have variable interest rates which can only go up. As the economy improves, the interest rates will rise as well and could  eclipse 6.8 percent by 2015 . (huffingtonpost.com)
  • To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility . Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. (studentloanhero.com)

Federal Student Aid

  • Percent of all high school graduates from the class of 2017 who did not fill out the Free Application for Federal Student Aid : 36% (nerdwallet.com)

Links

nerdwallet.com

studentaid.ed.gov

newyorkfed.org

cometfi.com

ticas.org

money.cnn.com

federalreserve.gov

census.gov

lendedu.com

bls.gov