Student Loan Debt Statistics

Average Student Loan Debt Statistics

• $1.67 trillion: the total amount of outstanding student loan debt (source)
• 44.5 million: the total number of student loan borrowers (source)
• $28,565: the average student loan debt per borrower from the Class of 2018 (source)
• $16,649: the average student loan debt per graduate from the Class of 2018 (source)
• 57%: the percentage of graduates from the Class of 2018 with student debt (source)
• 10.8%: the percentage of student debt that is 90+ days delinquent or in default (source)
• $200-$299: the typical required monthly payment range of those who were making payments (source)

Federal Student Loan Statistic

By Loan Status (as of March 2020)

Status	# Borrowers	Total Amount
In-School	6.84 million	$134.6 billion
Grace Period	1.22 million	$23.0 billion
Repayment	19.48 million	$723.7 billion
Deferment	3.82 million	$137.3 billion
Forbearance	3.95 million	$170.9 billion
Other	0.19 million	$9.9 billion

By Loan Status (as of March 2020)

Loan Type	# Borrowers	Total Amount
Stafford Unsubsidized	28.8 million	$528.5 billion
Stafford Subsidized	29.4 million	$282.9 billion
Parent PLUS	3.5 million	$99.4 billion
Grad PLUS	1.4 million	$78.8 billion
Perkins	1.9 million	$5.6 billion
Consolidation	11.6 million	$547.7 billion

By ​Repayment Plan (as of March 2020)

Repayment Plan	# Borrowers	Total Amount
Standard	13.60 million	$298.2 billion
Graduated	3.78 million	$117.7 billion
Income-Contingent	0.74 million	$35.2 billion
Income-Based	3.54 million	$196.4 billion
Pay As You Earn	1.46 million	$107.4 billion
Revised PAYE	3.10 million	$182.8 billion
Alternative	1.44 million	$51.2 billion
Other	N/A	$43.7 billion

By Debt Size (as of March 2020)

Debt Size	# Borrowers	Total Amount
<$5K	7.7 million	$19.6 billion
$5k – $10k	7.5 million	$54.3 billion
$10k – $20k	9.3 million	$134.3 billion
$20k – $40k	9.4 million	$269.1billion
$40k – $60k	4.1 million	$203.2 billion
$60k – $80k	2.5 million	$175.7 billion
$80k – $100k	1.4 million	$121.9 billion
$100k – $200k	2.3 million	$310.3 billion
>$200k	0.9 million	$256.0 billion

By Borrower Age (as of March 2020)

Age	# Borrowers	Total Amount
24 or Younger	7.9 million	$120.2 billion
25 – 34	14.8 million	$500.1 billion
35 – 49	14.1 million	$589.8 billion
50 – 61	6.0 million	$252.6 billion
62+	2.2 million	$81.4 billion

Source: Federal Student Aid site

Public Service Loan Forgiveness Statistics (as of September 2018)

The Public Service Loan Forgiveness program discharges the debt of borrowers who work in the public sector after 120 monthly payments are made.

Here are some statistics about the program:

• 1,173,420: Borrowers who requested to certify their loans and employment as eligible for PSLF
• 890,516: Borrowers who had their employment and loans certified as eligible for
• 19,321: Borrowers who submitted a loan forgiveness application under PSLF
• 55: Borrowers who were approved for forgiveness under PSLF

Source: United States Government Accountability Office

Private Student Loan Statistics

• $131.81 billion: the total amount of private student loan debt (source)
• 7.87%: the percentage of total outstanding student debt that is from private student loans (source)
• $11,279: the average private student loan amount (source)
• 8.86%: the average interest rate on private student loans (source)
  • 8.81%: average variable rate
  • 9.97%: average fixed rate
• 21.61%: the average approval rate for all private student loan applications (source)
  • 36.09%: average approval rate with a cosigner
  • 8.84%: average approval rate without a cosigner
• 748: the average credit score of approved private student loan applicants (source)
• $72,947: the average income of approved private student loan applicants (source)
• 2.41%: percent of private student loans that are 30 to 89 days past due (source)
• 1.10%: percent of private student loans that are 90+ days past due (source)
• Over 100: the number of private student loan lenders

Graduate Student Loan Statistics

• Average Graduate School Debt: $57,600* (source)
• Average Medical School Debt: $196,520** (source)
• Average Law School Debt: $48,000 to $340,000** (source)
• Average Dental School Debt: $285,184* (source)
• Average Vet School Debt: $143,757* (source)
• Average Pharmacy School Debt: $166,528** (source)

*Cumulative undergraduate & graduate debt.

**Graduate debt only.