Did you know student loans are the second-largest cause of U.S. consumer debt, behind only mortgages? Yes, a huge number of young Americans have been forced to put their lives on hold due to crippling loan repayments.
Bearing in mind that college graduates have a much better chance on the labor market than people with lower levels of education and that manual jobs are rapidly disappearing due to advances in technology, it’s no wonder more Americans go to college than ever before. Estimates predict 65% of jobs will require education beyond high school by 2020.
This is one key reason why students and their families are increasingly indebted. Tuition fees are skyrocketing and the average student debt is keeping pace. A dizzying number of people are struggling to cover even the most basic expenses.
How many college students in the US are struggling with education-related loans? What is the average student loan debt in different states? Fortunly’s bloggers have scoured the most trustworthy sources to compile 35 of the most interesting student loan debt facts and stats for you.
Be warned: Many of these figures are alarming, especially if you have your own debts to pay off. Let’s take a look at the shocking student loan debt statistics that reflect where we’re at in 2019.
- General Student Loan Debt Stats
- Tuition Facts
- The Most Indebted Students by Profession
- The Repayment Struggle in Numbers
- Federal Vs. Private Loans
- Demography & Student Debt by State
College Debt Statistics – Editor’s Choice
- The typical repayment amount for student loans is around $400 per month, or $4,800 per year.
- The average student walks away from college with almost $40,000 in debt.
- Total U.S. student loan debt now exceeds $1.56 trillion.
- According to student debt statistics from 2017, a total of 44.7 million people had borrowed money to pay for their studies.
- Student loans are the second-largest source of average American debt.
General Student Loan Debt Stats
1. Total US student loan debt amounts to more than $1.56 trillion.
(The Federal Reserve System; MeasureOne Private Student Loan Report; U.S. Student Loan Center)
This amount includes an estimated $119.31 billion in student loans from private sources that aren’t backed by the federal government. The US Student Loan Center argues that the country is facing a serious student loan crisis, since both private and federal student loan debt is at an all-time high.