A look at student loan debt in the United States | The numbers racket
Student loan debt is now the second highest consumer debt in the United States, just after mortgages.
According to most recent data from Education Data Initiativea research organization studying the American education system, Americans owe more than $1.7 trillion in student loan debt.
The average federal student loan debt balance is $37,014 in May 2022, EDI reports, noting that the public university participants borrow a average of $30,030 to reach a Licence.
Nationally, 43 percent of university students say they have contracted some kind of student debt. In the same way, 65% of students graduated with student debt.
EDI reports that between 39% and 50% of student borrowers have loans from both undergraduate and postgraduate education.
Here is a breakdown of student debt by level of education:
- 37 … the percentage of graduate students who borrow from federal student loans.
- 60 … the percentage of undergraduate certificate holders who must on average $16,940 each in federal loans.
- 42 .. the percentage of associate degree recipients who must on average $21,890 each in federal loans.
- 63 … the percentage of bachelor’s degree holders who must on average $31,790 in federal loans.
- 54 … the percentage of master’s degree holders who must on average $70,070 in federal loans.
- 45 … the percentage of PhD holders who must on average $118,360.
- 71 … the percentage of professional degree holders who must on average $199,540.
EDI Breakdown of Federal Loan Debt
- 52.8% of federal student loan debt is in Stafford Loans.
- 18.6% of the federal debt is in subsidized Stafford loans.
- 34.2% is in unsubsidized Stafford loans.
- 35.5% of federal student loan debt is in direct consolidated loans.
- 6.4% of student loan debt comes from Parent PLUS Loansborrowed by parents on behalf of their children.
- 5 percent of student loan debt comes from PLUS Graduate Loans go to graduate or professional students.
- 0.4% of student loan debt comes from Perkins Loans.