There are many, many problems that this country faces today. Depending on your age and what phase of life you are in, your prioritization of these concerns will reflect that. If you are in college, just graduated, or have a child who is about or is currently attending college, student loan debt is up near the top of the list. Let’s take a look at the numbers.
Americans owe nearly $1.3 trillion in student loan debt, spread out among 44 million borrowers.
The average debt for a student in the class of 2016 was $37,172, up 6% from the 2015 class.
The average monthly student loan payment for ages 20-30 is $351.
The median monthly student loan payment for ages 20-30 is $203.
In 2012, 71% of students graduating from four-year colleges accumulated debt
20% of 2012 loans were private
Student loan debt by servicer:
Student loan by loan program:
Direct Loans – $949.1 billion; 31.5 million borrowers
FFEL Loans – $335.2 billion; 16.4 million borrowers
Perkins Loans – $7.9 billion; 2.7 million borrowers
Total (All Federal) – $1.291 trillion; 42.3 million followers
Student loan by loan type:
Stafford Subsidized – $270.1 billon, 29.5 million borrowers
Stafford Unsubsidized – $436.1 billion, 27.8 million borrowers
Stafford combined – $706.2 billion, 32.6 million unique recipients
Grad PLUS – $53 billion, 1.1 million borrowers
Parent PLUS – $77.8 billion, 3.5 million borrowers
Perkins – $7.9 billion, 2.7 million borrowers
Consolidation – $447.3 billion, 12 million borrowers