Summary of key findings
An estimated 92% of student loans are federal loans, not private ones. In 2018, 20% of student loan borrowers were behind with their payments. Those aged between 35-49 have the highest total student debt with $548 billion of debt.
Correspondingly, what is the average federal student loan debt for 23 and under?
Borrowers 24 and younger owe an average of $16,500 in student loan debt. 350,000 35- to 49-year-olds owe more than $200,000 in student loan debt. 34% of 18- to 29-year-olds have student loan debt.
Every year, Congress determines a legal limit on the amount of interest that can be charged on federal student loans. This limit is typically lower than interest rates private lenders offer. Federal loan interest rates are also fixed over the life of the loan.
Regarding this, which majors have the most student debt?
Unsurprisingly, majors in STEM-related fields make up the top five majors with the highest earnings-to-debt ratio:
- Physical Sciences.
- Computer Engineering.
- Chemical Engineering.
- Computer Science.
What demographic has the highest student loan debt?
Size of Student Loan Debt by Race
- Black men and women both had the largest average student loan debt in 2017, with Black women having the highest overall debt at $37,558.
- Next were White borrowers, with White women similarly holding more student loan debt than their male peers.
What percent of college loans are federal?
Total federal student loan debt
Most student loans — about 92%, according to a July 2021 report by MeasureOne, an academic data firm — are owned by the U.S. Department of Education. Total federal student loan borrowers: 42.9 million. Total outstanding federal student loan debt: $1.59 trillion.
What is the average student loan debt in 2021?
Student loan debt at a glance
|Average student loan debt||$39,351|
|Average monthly student loan payment||$393|
|Total student loan debt||$1.736 trillion|
|Number student loan borrowers||43.2 million|
|Number of borrowers who owe $100,000 or more||2.6 million|
Are most student loans Federal?
Outside the government, most student loans are held by the lender, a quasi-governmental agency like Sallie Mae, or a third-party loan servicing company. The federal government fully guarantees almost all student loans.
What is the average student loan debt?
The average student loan debt for recent college graduates is nearly $30,000, according to U.S News data. Sept. 14, 2021, at 9:00 a.m. College graduates from the class of 2020 who took out student loans borrowed $29,927 on average, according to data reported to U.S. News in its annual survey.
Is Sallie Mae a federal loan?
All new Sallie Mae loans are private. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL.