Student loan debt by the numbers

Infographic: How much student loan debt do Americans have? The number is staggering.

Student Loan Debt Infographic e1591720343864 - Student loan debt by the numbers

Sources: U.S. Dept. of Education, Federal Reserve, Savingsforcollege.com

©2020


Read: Student loan interest: Can you deduct it on your tax return?

Student Loan Debt - by the numbers

Student Loan Debt Facts

  • 1.6 trillion outstanding U.S. student loan debt as of December 31, 2019
    • Federal: 1.5 trillion
    • Private: 1.24.7 billion
  • 65% of college graduates have student loan debt
  • Average loan debt per borrower is $35,397
    • On the low-end of the spectrum, North Dakota's average loan debt per borrower is $27,677
    • On the high-end of the spectrum, Maryland's average loan debt per borrower is $41,460
  • Federal student loan rates over the last few years:
    • 2020-21: 2.75%
    • 2019-20: 4.53%
    • 2018-19: 5.05%
    • 2017-18: 4.45%
    • 2016-17: 3.76%
  • 10.8% of borrowers were in default or 90+ days delinquent as of March 31, 2020

CARES Act

Federal student loan payments have been automatically suspended from March 13 through September 30, 2020. 0% interest rate temporarilt applies to existing federal student loan debt. Employers can pay up to $5,250 of student loan debt tax-free to the employee in 2020.   Sources: U.S. Dept. of Education, Federal Reserve, Savingsforcollege.com
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