Add new post here…Add new post here…Add new post here…Add new post here…Add new post here…
General student loan debt facts
First, let’s start with a general picture of the student loan debt landscape. The most recent reports indicate there is:
$1.26 trillion in total U.S. student loan debt
43.3 million Americans with student loan debt
Student loan delinquency rate of 11.6%
Average monthly student loan payment (for borrower aged 20 to 30 years): $351
Median monthly student loan payment (for borrower aged 20 to 30 years): $203
(Data via newyorkfed.org here and here and clevelandfed.org here)
Federal student loan portfolio (updated for Q3, 2016)
Now let’s dive into how much debt student loan borrowers carry by loan type, term, and more.
Student loan debt statistics by loan program:
Direct Loans – $911.6 billion; 30.5 million borrowers
FFEL Loans – $342.6 billion; 16.8 million borrowers.
Perkins Loans – $8.0 billion; 2.7 million borrowers.
Student loan debt statistics by loan type:
Stafford Subsidized – $266.7 billion; 28.9 million borrowers
Stafford Unsubsidized – $423.5 billion; 27.1 million borrowers
Stafford combined – $690.3 billion; 31.9 million unique recipients
Grad PLUS – $50.2 billion; 1.0 million borrowers
Parent PLUS – $74.5 billion; 3.3 million borrowers
Perkins – $8.0 billion; 2.7 million borrowers
Consolidation – $439.2 billion; 12.0 million borrowers
(Data via Studentaid.ed.gov)
Student debt statistics by loan status (Direct Loan Program)
Loans in repayment – $468.1 billion; 15.7 million borrowers
Loans in deferment – $101.7 billion; 3.4 million borrowers
Loans in forbearance – $102.8 billion; 2.7 million borrowers
Loans in default – $63.2 billion; 3.9 million borrowers
Loans in grace period – $42.6 billion; 1.7 million borrowers
Student loan statistics by repayment plan (Direct Loan Program)
Level Repayment Plan, 10 years or less – $197.8 billion; 11.26 million borrowers
Level Repayment Plan, greater than 10 years – $72.6 billion; 1.65 million borrowers
Graduated repayment plan, 10 years or less – $69.2 billion; 2.68 million borrowers
Graduated repayment plan, greater than 10 years – $12.8 billion; 0.28 million borrowers
Income-Contingent (ICR) – $23.5 billion; 0.60 million borrowers
Income-Based (IBR) – $174.3 billion; 3.10 million borrowers
Pay As You Earn (PAYE) – $44.3 billion; 1.00 million borrowers
Revised Pay As You Earn (REPAYE) – $26.9 billion; 0.57 million borrowers