Student Loan Figures are Stunning

Debt settlement app for debtors with high student loans

American student loan debt is greater than ever.  The numbers would be beyond belief if they weren’t so real.

  • $1.26 trillion in total U.S. student loan debt
  • 2 million Americans with student loan debt
  • Student loan delinquency rate of 11.1%
  • 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

{Source:  newyorkfed.org; clevelandfed.org}

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 TypeCollege Campus

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

{Source:  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) Laptop w-Glasses– $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

{Source:  studentaid.ed.gov}

Combined Undergraduate and Graduate Debt by Degree

Note:  About 40 percent of the $1 trillion student loan debt was used to finance graduate and professional degrees.

MBA = $42,000 (11% of graduate degrees)

Master of Education = $50,879 (16%)

Master of Science = $50,400 (18%)

Master of Arts = $58,539 (8%)

Law = $140,616 (4%)

Medicine and health sciences = $161,772 (5%)

{Source:  2012 Newamerica.org study}

If you need help settling your student loan debt, or with financial planning and budgeting assistance, sign up for SettleiTsoft® the free intuitive debt negotiation software platform.  Visit www.settleitsoft.com and start to re-take control of your financial life.

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