Education Loan Debt Statistics: Accurate Documentation $1.6 Trillion
Education Loan Debt Great 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
Education Loan Debt Great By Education Loan Type
Stafford Subsidized: $280.7 billion (29.5 million borrowers)
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
More or less $685 billion in Direct Loans across 18.5 million education loan borrowers come in education loan payment. Roughly 12 million education loan borrowers come in education loan deferment, education loan forbearance or pupil loan standard.
Student education loans at school: $131.5 billion (7.0 million borrowers)
Figuratively speaking In Repayment: $685.5 billion (18.5 million borrowers)
Figuratively speaking In Deferment: $128.4 billion (3.6 million borrowers)
Figuratively speaking in Forbearance: $122.9 billion borrowers (2.8 million borrowers)
Student education loans 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 Policy For Direct Loans
At the time of 4Q, you will find 10.8 million borrowers with $200.7 billion of education loan financial obligation into the amount Student Loan Repayment Arrange (pupil loan payment in ten years or less), which represents the concentration that is largest of borrowers in education loan payment.
The second many concentrated set of borrowers is signed up for Income-Based Repayment (IBR) at $170.4 billion and 2.8 million borrowers.
Level Repayment Plan ( decade): $77.6 billion (1.7 million borrowers)
Graduated Repayment Arrange ( ten years): $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 while 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 student that is select servicers:
Federal Education Loan Servicers – Re Re Payment
Federal Scholar Loan Help
Other Essential Education Loan Debt Statistics
In addition, there are numerous other statistics that are startling their state of education loan financial obligation:
- Almost seven in 10 seniors (65%) whom graduated from public and personal non-profit universities had education loan financial obligation.
- Public Colleges: 66% of borrowers whom graduated from general general general public universities have actually education loan financial obligation. Typical education loan debt at general general general general public universities is $25,550, which will be 25% greater than it was today.
- Private Non-Profit Colleges: 75percent of borrowers whom graduated from personal non-profit universities have actually education loan financial obligation. Normal education loan financial obligation at personal colleges that are non-profit $32,300, that will be 15% greater today than it had been.
- For-Profit Colleges: 88% of borrowers whom graduated from for-profit colleges have actually education loan financial obligation. Normal education loan financial obligation at for-profit universities is $39,950, which will be 26% greater today than it absolutely was.
- Nearly half (47%) of personal loan borrowers borrowed lower than they are able to have in federal Stafford loans for university.
- While personal loan amount peaked at $18.1 billion, personal loan amount is currently $7.8 billion as.
- 6% of all of the undergraduates вЂ“ 1,373,000 pupils вЂ“ lent personal loans.
- Four away from five graduates with state loan financial obligation went to schools in only four states: Texas, Minnesota, Massachusetts, and nj-new jersey that awarded just 14percent of bachelorвЂ™s degrees.
- Associated with the 100 universities where graduates borrow many in personal loans, 85 are nonprofit colleges that are four-year 34 are found in Pennsylvania.
- About 20percent for the course student education loans had been student that is private.
- Graduates whom receive Pell Grants are more inclined to borrow more financial obligation: 88% had figuratively speaking, by having the average education loan balance of $31,200 per debtor.
- Graduates whom failed to 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 вЂ” $4,750 not as much as the typical financial obligation for Pell recipients with financial obligation.