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 Type

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) – $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}

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