A look at student loan debt in the U.S. | The Numbers Racket
Student loan debt is now the second-highest consumer debt in the United States, second only to mortgages.
According to the most recent data from the Education Data Initiative, a research organization studying the U.S. education system, Americans owe more than $1.7 trillion in student loan debt.
The average federal student loan debt balance is $37,014 as of May 2022, EDI reports, noting that public university attendees borrow an average of $30,030 to attain a bachelor’s degree.
Nationally, 43 percent of college attendees report that they incurred some type of educational debt. Similarly, 65 percent of college students graduate with student debt.
EDI reports that between 39 percent and 50 percent of student borrowers have loans from both undergraduate and postgraduate education.
Here’s a breakdown of student debt by education attainment level:
- 37 … the percentage of graduate students who borrow from federal student loans.
- 60 … the percentage of undergraduate certificate recipients who owe an average of $16,940 each in federal loans.
- 42 .. the percentage of associate’s degree recipients who owe an average of $21,890 each in federal loans.
- 63 … the percentage of bachelor’s degree holders who owe an average of $31,790 in federal loans.
- 54 … the percentage of master’s degree holders who owe an average of $70,070 in federal loans.
- 45 … the percentage of doctoral degree recipients who owe an average of $118,360.
- 71 … the percentage of professional degree holders who owe an average of $199,540.
EDI Breakdown of Federal Loan Debt
- 52.8 percent of federal student loan debt is in Stafford loans.
- 18.6 percent of federal debt is in subsidized Stafford loans.
- 34.2 percent is in unsubsidized Stafford loans.
- 35.5 percent of federal student loan debt is in direct consolidated loans.
- 6.4 percent of student loan debt is from Parent PLUS loans, borrowed by parents on behalf of their children.
- 5 percent of student loan debt is from Grad PLUS loans going to graduate or professional students.
- 0.4 percent of student loan debt is from Perkins loans.
Originally published at www.penncapital-star.com,by Cassie Miller