How Many Americans Have Student Loan Debt?

According to the latest data from the U.S. Department of Education, approximately 42.9 million Americans have government student loans. That means about 1 in 8 (12.9%) people in the United States have student loan debt, according to a census analysis.

The total outstanding student loan debt for the second quarter of 2021 is $ 1.59 trillion, according to federal government data. According to the latest available data from MeasureOne, a college data and analytics company, private student loan debt accounts for about 8.13% of that total debt, or approximately $ 138.57 billion.

Here are some key stats about the 43 million Americans in college debt:

Who is the typical student loan borrower?

A typical student loan borrower statistically left school with nearly $ 30,000 in debt. According to the Institute for College Access and Success, the average for the class in 2019 was $ 28,950. About 25% went on Commercial college, according to Brookings Institution; the rest were looking for partners or Bachelor Degree.

In general, women borrow more for college compared to men, and black students borrow more compared to all other races and ethnicities.

Student debt is most common in the 25-34 age group, but the 35-49 year olds have the most debt – more than $ 600 billion in student, graduate, and parenting loans, and payments made through forbearance income-oriented repayment plans are stretched.

Student Loan Debt by Age

The age group with the most federal student debt is 35-49 year olds at $ 601.7 billion. Most borrowers, however, are in the 25 to 34 age group. Here’s how the student loan debt is broken down by age:

Studentaid.gov, Federal Student Loan Portfolio, Portfolio by Age, Q2 2021

Typical debt amounts by age group

Across all ages, the typical student debt level for most borrowers is between $ 10,000 and $ 40,000. The 35 to 49 age group is the group with the highest debt ($ 200,000 and up). Here is a more detailed picture of the typical amounts held by each group:

• Among the 24 and younger, most (2.11 million) have between $ 10,000 and $ 20,000 in student debt.

• Among those 25-34 year olds, most (3.56 million) have between $ 20,000 and $ 40,000 in student debt.

• Among those 35-49 years old, most (2.87 million) have between $ 20,000 and $ 40,000 in student debt.

• Among those aged 50 to 61, most (1.16 million) have between $ 20,000 and $ 40,000 in student debt.

• Among those over 62, most (490,000) have less than $ 5,000 in debt.

Source: Studentaid.gov, Federal Student Loan Portfolio by Age and Debt Level, March 31, 2021

Student Loan Debt by Race and Gender

Asian and Hispanic borrowers have the least debt burden while compared to all other races and ethnicities Black borrowers for student loans tend to hold the highest average debt, federal data shows.

According to the American Association of University Women, average debt inequality is exacerbated for black women, who carry higher average debt than women across all races and ethnic groups.

This is what the average student debt looks like for men and women regardless of race or ethnicity:

American Association of University Women, “Deeper in Deebt: Women and Student Loans in the Time of COVID,” 2020 federal data analysis

According to an analysis of the federal data by the AAUW, women hold two-thirds of all outstanding credit debt compared to men. Little data is available that includes gender nonconforming student borrowers.

One of the main reasons women have more debt is because, according to federal data, they earn the majority of degrees at all levels – from diplomas to doctorate degrees.

But bearing larger debts is a problem because women, by and large, tend to have fewer earning opportunities than men: women with bachelor’s degrees earn an average of 74 cents per dollar compared to men with that degree, according to the US.

The highest average debt burdens are held by women attending four-year for-profit schools – about 44% more than women attending four-year public institutions. Here’s what the total debt of women looks like in the different types of four-year colleges:

	Medium debt borrowed from women
Private non-profit association for four years
American Association of University Women, “Deeper in Deebt: Women and Student Loans in the Time of COVID,” 2020 federal data analysis

Average student loan amounts by type of debt

	$ 19,928: Associate Degree Nursing (ADN) $ 23,711: Bachelor of Science in Nursing (BSN) $ 47,321: Master of Science in Nursing (MSN)
1. 2019 The Institute for College Access and Success 2. 2015-16 National Center for Education Statistics 3. 2017-18 Urban Institute 4. 2015-16 National Center for Education Statistics 5. 2015-16 National Center for Education Statistics 6. 2019 Association of American Medical Colleges 7. 2019 American Dental Education Association 8. 2020 American Association of Colleges of Pharmacy December 9, 2019 Federal Student Aid Data from the U.S. Department of Education College Scorecard 10. 2019 American Veterinary Medical Association

source https://collegeeducationnewsllc.com/how-many-americans-have-student-loan-debt/