What Is The Average Student Loan Debt

The total amount of outstanding student loan debt 445 million.

What is the average student loan debt. The average parent loan debt was 37200 among the 14 of parents of Bachelors degree recipients who borrowed to pay for their students college education. More than 44 million Americans have an outstanding student loan according to the Federal Reserve Bank of New York and according to Experians analysis More than 13 of US. Heres the average student loan debt by age Consumers age 62 and older have the lightest student loan burden followed by those age 24 and younger.

After all total student loan debt reached 154 trillion in the 1st quarter of 2020 according to the Federal Reserve Bank of New York. Two-thirds 69 of Bachelors degree recipients in the class of 2019 graduated with federal and private student loans an average of 29900 per borrower. Average Student Loan Debt Statistics.

Meanwhile 14 of their parents took out an average of 37200 in federal parent PLUS loans. Among the Class of 2019 69 of college students took out student loans and they graduated with an average debt of 29900 including both private and federal debt. This is no surprise since the average total student loan debt has jumped more than 1000 some years over the last decade.

Where people really get into problems is when they borrow way more than average. As of 2021 1 in 4 Americans have student loan debt which is an est. According to the Consumer Price Index the cost of attending college increased by 627 from 2006 to 2016.

How Average Student Loan Debt Has Changed in the Last 10 Years. Published Sat Dec 12 2020. According to the Department of Education the average student loan debt in 2020 is 35397.

Obviously that number is alarming to many - its more than the total credit card. Law schools last year and those who graduated left with anywhere between 51000 and 213000 in student loan debt. He was prepared to be depressed but when he lamented this fact on Facebook his friends said he was LUCKY.