Don't Miss

Education Loan Debt Statistics: Accurate Documentation $1.6 Trillion

By on April 15, 2021
Advertisement


Education Loan Debt Statistics: Accurate Documentation $1.6 Trillion

Education Loan Debt Great By Student Loan Program

Over 35 million education loan borrowers hold around $1.2 billion in Direct Loans. Another 12.1 million education loan borrowers hold $262 billion in Federal Family Education Loans (FFEL).

Direct Loans: $1,242.6 billion (35.1 million borrowers)

Federal Family Education Loans (FFEL): $261.6 billion (12.1 million borrowers)

Advertisement


Perkins Loans: $6.1 billion (2.0 million borrowers)

TOTAL: $1,510.3 billion

Education Loan Debt Great By Education Loan Type

Stafford Subsidized: $280.7 billion (29.5 million borrowers)

Stafford Unsubsidized: $516.0 billion (28.9 million borrowers)

Stafford Combined: $796.7 billion (33.2 million borrowers that are unique

Grad PLUS: $75.2 billion (1.4 million borrowers)

Parent PLUS: $96.1 billion (3.6 million borrowers)

Perkins: $6.1 billion (2.0 million borrowers)

Consolidation: $536.1 billion (11.7 million borrowers)

Education Loan Debt Statistics By Loan Reputation For Direct Loans

More or less $685 billion in Direct Loans across 18.5 million education loan borrowers come in education loan payment. Roughly 12 million education loan borrowers come in education loan deferment, education loan forbearance or pupil loan standard.

Student education loans at school: $131.5 billion (7.0 million borrowers)

Figuratively speaking In Repayment: $685.5 billion (18.5 million borrowers)

Figuratively speaking In Deferment: $128.4 billion (3.6 million borrowers)

Figuratively speaking in Forbearance: $122.9 billion borrowers (2.8 million borrowers)

Student education loans In Default: $119.8 billion (5.5 million borrowers)

Figuratively speaking In Grace Period: $45.2 billion borrowers (1.8 million borrowers)

Education Loan Debt Statistics By Repayment Policy For Direct Loans

At the time of 4Q, you will find 10.8 million borrowers with $200.7 billion of education loan financial obligation into the amount Student Loan Repayment Arrange (pupil loan payment in ten years or less), which represents the concentration that is largest of borrowers in education loan payment.

The second many concentrated set of borrowers is signed up for Income-Based Repayment (IBR) at $170.4 billion and 2.8 million borrowers.

Level Repayment Plan ( decade): $77.6 billion (1.7 million borrowers)

Graduated Repayment Arrange ( ten years): $16.7 billion (0.3 million borrowers)

Income-Contingent Repayment (ICR) Plan: $33.6 billion (0.7 million borrowers)

Income-Based Repayment (IBR) Plan: $170.4 billion (2.8 million borrowers)

Pay while you Earn (PAYE) Plan: $96.7 billion (1.4 million borrowers)

Revised Pay while you Earn (REPAYE) Plan: $168.9 billion (2.9 million borrowers)

Education Loan Servicer By Loan Reputation

For Direct Loan and FFEL Loans owned by the U.S. Education Department, this is actually the breakdown by these student that is select servicers:

Federal Education Loan Servicers – Re Re Payment

Federal Scholar Loan Help

Other Essential Education Loan Debt Statistics

In addition, there are numerous other statistics that are startling their state of education loan financial payday loans online no credit check Michigan obligation:

  • Almost seven in 10 seniors (65%) whom graduated from public and personal non-profit universities had education loan financial obligation.
  • Public Colleges: 66% of borrowers whom graduated from general general general public universities have actually education loan financial obligation. Typical education loan debt at general general general general public universities is $25,550, which will be 25% greater than it was today.
  • Private Non-Profit Colleges: 75percent of borrowers whom graduated from personal non-profit universities have actually education loan financial obligation. Normal education loan financial obligation at personal colleges that are non-profit $32,300, that will be 15% greater today than it had been.
  • For-Profit Colleges: 88% of borrowers whom graduated from for-profit colleges have actually education loan financial obligation. Normal education loan financial obligation at for-profit universities is $39,950, which will be 26% greater today than it absolutely was.
  • Nearly half (47%) of personal loan borrowers borrowed lower than they are able to have in federal Stafford loans for university.
  • While personal loan amount peaked at $18.1 billion, personal loan amount is currently $7.8 billion as.
  • 6% of all of the undergraduates – 1,373,000 pupils – lent personal loans.
  • Four away from five graduates with state loan financial obligation went to schools in only four states: Texas, Minnesota, Massachusetts, and nj-new jersey that awarded just 14percent of bachelor’s degrees.
  • Associated with the 100 universities where graduates borrow many in personal loans, 85 are nonprofit colleges that are four-year 34 are found in Pennsylvania.
  • About 20percent for the course student education loans had been student that is private.
  • Graduates whom receive Pell Grants are more inclined to borrow more financial obligation: 88% had figuratively speaking, by having the average education loan balance of $31,200 per debtor.
  • Graduates whom failed to get Pell Grants: 53% of these whom never ever received a Pell give had financial obligation, with a student that is average balance of $26,450 per debtor — $4,750 not as much as the typical financial obligation for Pell recipients with financial obligation.

Leave a Reply

Your email address will not be published. Required fields are marked *