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We’ve pulled together the latest statistics from around the web to help you understand where America stands with student loan debt.
Each year scores of individuals head to college. Some view attending college as a rite of passage, while others see it as a means of obtaining better paying jobs; some go because they’ve told it’s the right thing to do.
Unfortunately, not everyone can afford to pay the cost of higher education out of pocket –especially right out of school when it can be tough to find a job that pays what you really need. What’s more, students often have to leave school before they can earn their degree, but they’re still on the hook for any debt they incurred. As a result, you can find yourself in a situation where you have the bills of a higher education without the income to match.
With this in mind, is it any wonder that so many people face payments they can’t make and defaulted debt that can’t be easily erased through bankruptcy? The statistics below provide an overview of where we stand with student loan debt in the U.S. If you’re struggling and need help to lower your payments so you can afford to pay back what you owe, call us at 1-888-472-0365 to connect with the help you need.
For the 2017-2018 academic school year:
|Loan Type||2018-19 Rate||2017-18 Rate||2016-17 Rate|
|Direct Subsidized Loans (Undergraduate)||5.05%||4.45%||3.76%|
|Direct Unsubsidized Loans (Undergraduate)||5.05%||4.45%||3.76%|
|Direct Unsubsidized Loans (Graduate)||6.60%||6%||5.31%|
|Direct PLUS Loans (Graduate and Parents)||7.60%||7%||6.31%|
|Loan type||10-year Treasury Note||Increment||Cap||Fixed interest rate|
|Federal Stafford (Graduate)||3.00%||3.60%||9.50%||6.60%|
|Federal Parent PLUS||3.00%||4.60%||10.50%||7.60%|
|Federal Grad PLUS||3.00%||4.60%||10.50%||7.60%|
Student debt default statistics
Article last modified on October 14, 2019. Published by Debt.com, LLC