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Average student loan debt in 2021 Statistics

A look at the shocking student loan debt statistics for 2021

Student loan debt in the United States has surpassed $1.53 trillion, with more than 43 million borrowers owing at least $50,000 each. The number of Americans with student loan debt is expected to reach 50 million by 2025. This group will owe over $1.5 trillion in student loans. This is $539 million more than U.S. credit card debt.

The CARES Act does not provide protection and benefits for government-run loan applicants to the hundreds of millions of dollars in privately held federally financed education loans.

Several factors affect average student loans, like education level and loan type. The amount students will owe by 2022 is enormous. We are pleased to provide a complete overview of all debts in some categories.

Average student loan debt in 2021 Statistics

Americans owe almost $1.35 trillion in college loans. The default duration for federal loans is a 10-year period. According to experts, the average length of time for a student loan payment obligation for students in the 4th and 5th years should be 19.7 years. It is due to young adults fresh out of college and students without college for an extra ten years.

Average American College Student Loan Debt

  • The average amount of student debt owed by each borrower is $36,510.
  • The average amount of private student loan debt is $54,921 per borrower.
  • 45.3 million Americans have student loan debt, with 95 percent of them having federal loan debt.
  • The average debt of a University of North Carolina graduate on graduation day is $36,140.

By educational attainment, how much is their average student loan?

  • The typical law school debt is more than $100,000.
  • More than $200,000 in student loans is common for medical students.
  • Master’s degree borrowers owe an average of $71,318 in student debt.

In the United States, how much does a typical graduate have in student loan debt?

  • For those who are not working or actively seeking work during school term time, the average debt is $16,880.
  • Bachelor’s degree earners owe an average of $28,650 in student loans upon college graduation.
  • The typical law school debt is more than $100,000.
  • More than $200,000 in student loans is common for medical students.
  • PhDs and EdDs have an average student loan of $50,000.
  • $57,600 is the average amount that a graduate has in loans at graduation.
  • The mean debt for graduates with bachelor’s degrees is $30,100 per borrower.

What is the Average Student Loan Debt By State?

  • California has the highest average student loan debt.
  • The State of Virginia is second, with an average of $32,440 in student loans per borrower.
  • Illinois is third on this list at $31,950 owed by borrowers.
  • Washington D.C. averages $30,273 for each individual who owes money on their federal education loans.
  • The average student loan debt for each borrower in the State of New Hampshire is $31,513.
  • Colorado came in at number five with an average federal student debt per individual of $29,905.
  • New Mexico rounds out this list and has a higher than average amount of individuals owing money on their loans – $28,969, to be exact.

What is the Average Student Loan Debt By Year?

  • Since 2007, the average student loan debt has increased by more than 100%.
  • The typical undergraduate’s debt for student loans has risen by 140% each year, on average.
  • The typical student debt grew 40% faster than the overall average student loan debt in 2018.
  • The average federal student loan debt rose 3.7% over the previous year.
  • The average student loan debt increased by 13% in the last year.
  • By 2022, they are expected to have a total debt of almost $50 billion. By 2025, there will be more than 52 million borrowers with over half a trillion dollars owed on their federal education loans alone. From there, it is estimated to grow exponentially by 2030.
  • By 2023, the average student will owe $50,000 in school loans, and it is expected to reach $51 billion in federal loan debt by 2025.

Average Student Loan Debt by Institution Type

The average student loan debt for public four-year universities was $23,000 in 2017.

For private nonprofit four-year universities, the amount owed is around $32,000 on average per borrower.

Private for-profit school loans are averaging at an even higher rate of above 40 thousand dollars, with each individual who owes money being more likely to default on their loans.

What is the Average Federal Student Loans Debt (For Undergraduates)?

  • In the year 2015, the average federal student loan debt was $28,117
  • In the year 2016, the average federal student loan debt was $30,133
  • In the year 2017, the average federal student loan debt was $31,924
  • In the year 2018, the average federal student loan debt was $33,635
  • In the year 2019, the average federal student loan debt was $35,402
  • In the year 2020, the average federal student loan debt was $36,635

Sources:

  1. Board of Governors of the Federal Reserve, Report on the Economic Well-Being of U.S. Households in 2019 – May 2020
  2. The MeasureOne Private Student Loan Report 2020
  3. U.S. Department of Education, Office of Federal Student Aid, Federal Student Loan Portfolio
  4. Congressional Budget Office, The Volume and Repayment of Federal Student Loans 1995 to 2017
  5. National Public Radio, Myth Busted: Turns Out Bankruptcy Can Wipe Out Student Loan Debt After All
  6. National Consumer Law Center, Student Loan Borrower Assistance: Lawsuits
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