2019 Education Loan Debt Statistics. Simply how much do i owe in student education loans
U.S. Student loan borrowers owed a collective $1.6 trillion in federal and personal education loan financial obligation at the time of March 2019, in accordance with the Board of Governors for the Federal Reserve System.
Here are key education loan financial obligation data to learn: how borrowers that are much, the kinds of loans they usually have and just how they’re repaying them.
Average education loan financial obligation
Sixty-five % for the course of 2018 graduated with pupil financial obligation, based on the latest information available from The Institute for university Access & triumph, an organization that is nonprofit actively works to enhance advanced schooling access and affordability. Among these graduates, the common education loan financial obligation ended up being $29,200.
The U.S. That is average household pupil financial obligation owes $47,671, relating to NerdWallet’s 2018 home debt research.
Pupils whom pursue expert degree programs can get to battle a great deal more. Here’s how the typical education loan financial obligation compares for the course of 2018.
Sources: The Institute for university Access and Success, Association of American health Colleges, United states Dental Education Association, United states Association of Colleges of Pharmacy.
Total student loan debt that is federal
Many student loans — about 92%, in accordance with a December 2018 report by MeasureOne, a data that is academic — are owned by the U.S. Department of Education.
- Total federal education loan borrowers: 43 million.
- Total outstanding student that is federal financial obligation: $1.4 trillion.
Total personal education loan financial obligation
Private student education loans constitute 7.76% regarding the total U.S. That is outstanding student, in accordance with MeasureOne.
- Total outstanding private education loan financial obligation: $124.65 billion.
Education loan payment status
Federal figuratively speaking
If borrowers can’t make re payments, they could postpone them through deferment or forbearance. Interest typically accrues of these durations, but borrowers with subsidized loans don’t owe the attention that accrues during deferment.
- Federal loan borrowers in payment: 18.6 million.
- Federal loan borrowers with loans in deferment: 3.4 million.
- Federal loan borrowers with loans in money tree hours forbearance: 2.7 million.
- Federal loan borrowers with loans in standard: 5.2 million.
Private student education loans
Borrowers also can postpone student that is private re payments via deferment or forbearance, but interest constantly accrues no matter whether the debtor is making re payments.
- Portion of outstanding loan that is private in deferment: 18.34percent.
- Portion of outstanding personal loan stability in forbearance: 2.22%.
- Percentage of private loans in payment being 90+ times past due: 1.46percent.
Income-driven repayment usage
Federal repayment that is income-driven cap monthly obligations at 10% to 20% of discretionary earnings and forgive the total amount remaining after 20 or 25 years, with respect to the plan.
- Federal loan borrowers for a repayment that is income-driven: 7.37 million.
- Federal loan borrowers on Income-Based Repayment: 2.82 million.
- Federal loan borrowers on Revised Pay while you Earn: 2.56 million.
- Federal loan borrowers on Pay while you Earn: 1.31 million.
- Federal loan borrowers on Income-Contingent Repayment: 680,000.
The Free Application for Federal scholar help, referred to as FAFSA, is needed to qualify for funds, scholarships, work-study and student that is federal.
- Portion of 2018 school that is high who failed to finish the FAFSA: 37%.
- Typical quantity each Pell Grant-eligible graduate left up for grabs by maybe maybe not finishing the FAFSA: $3,908.
- Total quantity the course of 2018 left up for grabs by perhaps not completing the FAFSA: $2.6 billion.