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What is a student loan
Student Loan Debt Statistics 2019
Page Last Updated: 3/2/18
All over the internet and on every news station, you will either find or hear quite possibly one of the most quoted statistics in modern times. No, it isn’t the U.S. Government debt toll, but you aren’t too far off the mark!
Student loan debt. It’s one stat that is currently gripping the nation at a hefty $1.4+ trillion. It’s got plenty of people worried including students, graduates, parents, employers, and politicians alike. Well, it is not to be understated to say the least; in fact, it is the second leading form of debt in the United States behind mortgage debt (another monster to worry about elsewhere).
Student loan debt is a popular issue, to be sure, depending on your definition of popular, of course. As a news outlet, staying up-to-date on statistics is crucial just like any other industry. With that being said, here is my summarization of (and research for) reported student loan debt statistics. If you happen to have any questions about where these statistics come from or see something missing that might be a great addition, then feel free to contact us!
Before delving into the nitty-gritty details, it is best to give an overall snapshot of the current student loan debt situation. Here are a few statistics that will give you a better idea of wher e the nation stan ds with its second leading form of debt:
· National Student Loan Debt – $1,520,000,000,000 ($1.52 trillion)
· Overall Number of Student Loan Borrowers – 45,000,000 (
70%of college students)
· Student Loan Default Rate – 11.5%
· Student Loan Delinquency Rate – 5.41%
· Average Debt Per Student Borrower – $27,975
(Resource: Federal Reserve Bank of New York Consumer Credit Panel/Equifax, Federal Student Loan Portfolio)
A significant portion, and majority, of outstanding student loans are supplied by the Federal government, or more specifically the Department of Education. There are various different types of loans available to anyone who fills out the Free Application for Federal Student Aid (FAFSA). Here is a comprehensive breakdown on funding and participation in Federal student aid programs.