Education Loan Debt Statistics In 2020: Accurate Documentation $1.6 Trillion

At the time of 2019, this is actually the break down of education loan borrowers by age:

62: $75.9 billion (2.1 million borrowers)

Education Loan Debt Outstanding By Student Loan Program

Over 35 million education loan borrowers hold around $1.2 billion in Direct Loans. Another 12.1 million education loan borrowers hold $262 billion in Federal Family Education Loans (FFEL).

Direct Loans: $1,242.6 billion (35.1 million borrowers)

Federal Family Education Loans (FFEL): $261.6 billion (12.1 million borrowers)

Perkins Loans: $6.1 billion (2.0 million borrowers)

TOTAL: $1,510.3 billion

Student Loan Debt Great By Education Loan Type

Stafford Subsidized: $280.7 billion (29.5 million borrowers)

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Stafford Unsubsidized: $516.0 billion (28.9 million borrowers)

Stafford Combined: $796.7 billion (33.2 million borrowers that are unique

Grad PLUS: $75.2 billion (1.4 million borrowers)

Parent PLUS: $96.1 billion (3.6 million borrowers)

Perkins: $6.1 billion (2.0 million borrowers)

Consolidation: $536.1 billion (11.7 million borrowers)

Education Loan Debt Statistics By Loan Reputation For Direct Loans

Approximately $685 billion in Direct Loans across 18.5 million education loan borrowers come in education loan payment. About 12 million education loan borrowers come in education loan deferment, education loan forbearance or pupil loan standard.

Figuratively speaking at school: $131.5 billion (7.0 million borrowers)

Student education loans In Repayment: $685.5 billion (18.5 million borrowers)

Student education loans In Deferment: $128.4 billion (3.6 million borrowers)

Figuratively speaking in Forbearance: $122.9 billion borrowers (2.8 million borrowers)

Figuratively speaking In Default: $119.8 billion (5.5 million borrowers)

Figuratively speaking In Grace Period: $45.2 billion borrowers (1.8 million borrowers)

Education Loan Debt Statistics By Repayment Arrange For Direct Loans

At the time of 4Q 2019, you will find 10.8 million borrowers with $200.7 billion of education loan financial obligation into the amount Student Loan Repayment Plan (pupil loan payment in a decade or less), which represents the biggest concentration of borrowers in education loan payment.

The second many concentrated band of borrowers is signed up for Income-Based Repayment (IBR) at $170.4 billion and 2.8 million borrowers.

Degree Repayment Plan ( ten years): $77.6 billion (1.7 million borrowers)

Graduated Repayment Arrange ( a decade): $16.7 billion (0.3 million borrowers)

Income-Contingent Repayment (ICR) Plan: $33.6 billion (0.7 million borrowers)

Income-Based Repayment (IBR) Plan: $170.4 billion (2.8 million borrowers)

Pay As You Earn (PAYE) Plan: $96.7 billion (1.4 million borrowers)

Revised Pay while you Earn (REPAYE) Plan: $168.9 billion (2.9 million borrowers)

Education Loan Servicer By Loan Reputation

For Direct Loan and FFEL Loans owned by the U.S. Education Department, this is actually the breakdown by these choose education loan servicers:

Federal Education Loan Servicers – Re Re Payment

Federal Scholar Loan Help

Other Significant Education Loan Debt Statistics

In addition, there are many other startling data regarding their state of education loan debt:

  • Nearly seven in 10 seniors (65%) whom graduated from public and personal colleges that are non-profit 2018 had education loan financial obligation.
  • Public Colleges: 66% of borrowers whom graduated from public universities have actually education loan financial obligation. Normal education loan financial obligation at general public universities is $25,550, that is 25% greater than it was in 2008 today.
  • Private Non-Profit Colleges: 75percent of borrowers whom graduated from personal non-profit universities have actually education loan financial obligation. Typical education loan financial obligation at personal non-profit universities is $32,300, which can be 15% greater today than it absolutely was in 2008.
  • For-Profit Colleges: 88% of borrowers whom graduated from for-profit colleges have actually education loan financial obligation. Typical education loan financial obligation at for-profit universities is $39,950, which will be 26% greater today than it had been in 2008.
  • Nearly half (47%) of personal loan borrowers borrowed lower than they could have in federal Stafford loans for university.
  • While personal loan amount peaked at $18.1 billion in 2007-2008, personal loan amount has become $7.8 billion at the time of 2014-2015.
  • 6% of all of the undergraduates – 1,373,000 pupils – lent loans that are private 2011-12.
  • Four away from five 2016 graduates with state loan financial obligation went to schools in only four states: Texas, Minnesota, Massachusetts, and nj that awarded just 14percent of bachelor’s degrees.
  • For the 100 universities where graduates borrow many in personal loans, 85 are nonprofit four-year universities and 34 are observed in Pennsylvania.
  • About 20percent for the course of 2012’s figuratively speaking had been personal figuratively speaking.
  • Graduates whom receive Pell Grants are more inclined to borrow more financial obligation: 88% had figuratively speaking in 2012, with an average education loan balance of $31,200 per debtor.
  • Graduates whom would not get Pell Grants: 53% of these whom never ever received a Pell give had financial obligation, with a student that is average balance of $26,450 per debtor — $4,750 significantly less than the typical financial obligation for Pell recipients with financial obligation.