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Student Loan Debt Statistics
We’ve pulled together the latest statistics from around the web to help you understand where America stands with student loan debt.
See where consumers stand with student debt in the U.S.
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.
Affording a higher education
Only 30% of undergraduates took federal student loans in 2016-17.[4]
In 2016-17, 5% of undergraduate students borrowed subsidized loans only, 5% borrowed unsubsidized loans only, and 20% borrowed from both programs.[4]
Nearly seven in 10 seniors (68%) who graduated from public and non-profit colleges in 2015 had student loan debt.[2]
General student loan debt statistics
Federal loans:
The national student loan debt hovers over $1.48 trillion [1]
The average student in the Class of 2016 has $37,172 in student loan debt[2]
Number of Federal student loans guaranteed or held by the federal government by the end of 2016 — over $1.4 trillion [3]
Average monthly student loan payment (for borrowers aged 20 to 30 years): $351 (2018)[1]
Total number of borrowers with federal student loans — 44.2 million [1]
Four out of five 2016 graduates with state loan debt attended schools in just four states: Texas, Minnesota, Massachusetts, and New Jersey that awarded only 14% of bachelor’s degrees.[2]
The highs and lows of paying for school
For the 2019-2020 academic school year:
Average tuition and fee prices at a public four-year institution — $10,440[5]
Average tuition and fee prices at public two-year institutions — $3,730[5]
Average tuition and fee prices at a private nonprofit four-year institution – $36,880[5]
Average Public University Tuition (In-State)[13]: $10,530
Average Public University Tuition (Out-of-State)[13]: $25,760
Average Income Adjusted for Cost of Living[14]: $34,495
Student Loan Default Rate[15]: 13.38%
Alaska Student Loan Debt
Average Student Loan Debt: $32,096
Average Public University Tuition (In-State): $7,440
Average Public University Tuition (Out-of-State): $22,840
Average Income Adjusted for Cost of Living: $41,410
Student Loan Default Rate: 11.16%
Arizona Student Loan Debt
Average Student Loan Debt: $34,740
Average Public University Tuition (In-State): $11,220
Average Public University Tuition (Out-of-State): $29,750
Average Income Adjusted for Cost of Living: $34,832
Student Loan Default Rate: 11.45%
Arkansas Student Loan Debt
Average Student Loan Debt: $32,203
Average Public University Tuition (In-State): $8,550
Average Public University Tuition (Out-of-State): $21,000
Average Income Adjusted for Cost of Living: $33,002
Student Loan Default Rate: 10.48%
California Student Loan Debt
Average Student Loan Debt: $37,468
Average Public University Tuition (In-State): $9,680
Average Public University Tuition (Out-of-State): $32,590
Average Income Adjusted for Cost of Living: $34,473
Student Loan Default Rate: 8.80%
Colorado Student Loan Debt
Average Student Loan Debt: $35,658
Average Public University Tuition (In-State): $10,800
Average Public University Tuition (Out-of-State): $30,600
Average Income Adjusted for Cost of Living: $36,939
Student Loan Default Rate: 10.81%
Connecticut Student Loan Debt
Average Student Loan Debt: $36,025
Average Public University Tuition (In-State): $12,390
Average Public University Tuition (Out-of-State): $29,020
Average Income Adjusted for Cost of Living: $38,647
Student Loan Default Rate: 11.03%
Delaware Student Loan Debt
Average Student Loan Debt: $36,098
Average Public University Tuition (In-State): $12,270
Average Public University Tuition (Out-of-State): $30,970
Average Income Adjusted for Cost of Living: $36,481
Student Loan Default Rate: 8.86%
District of Columbia Student Loan Debt
Average Student Loan Debt: $55,729
Average Public University Tuition (In-State): N/A
Average Public University Tuition (Out-of-State): N/A
Average Income Adjusted for Cost of Living: $53,875
Student Loan Default Rate: 8.24%
Florida Student Loan Debt
Average Student Loan Debt: $36,706
Average Public University Tuition (In-State): $6,360
Average Public University Tuition (Out-of-State): $21,880
Average Income Adjusted for Cost of Living: $31,032
Student Loan Default Rate: 7.33%
Georgia Student Loan Debt
Average Student Loan Debt: $40,692
Average Public University Tuition (In-State): $8,570
Average Public University Tuition (Out-of-State): $26,760
Average Income Adjusted for Cost of Living: $35,337
Student Loan Default Rate: 10.86%
Hawaii Student Loan Debt
Average Student Loan Debt: $35,009
Average Public University Tuition (In-State): $10,660
Average Public University Tuition (Out-of-State): $31,090
Average Income Adjusted for Cost of Living: $31,493
Student Loan Default Rate: 9.32%
Idaho Student Loan Debt
Average Student Loan Debt: $32,351
Average Public University Tuition (In-State): $7,250
Average Public University Tuition (Out-of-State): $22,580
Average Income Adjusted for Cost of Living: $32,628
Student Loan Default Rate: 8.64%
Illinois Student Loan Debt
Average Student Loan Debt: $36,975
Average Public University Tuition (In-State): $13,620
Average Public University Tuition (Out-of-State): $23,480
Average Income Adjusted for Cost of Living: $35,507
Student Loan Default Rate: 9.51%
Indiana Student Loan Debt
Average Student Loan Debt: $31,992
Average Public University Tuition (In-State): $9,360
Average Public University Tuition (Out-of-State): $29,170
Average Income Adjusted for Cost of Living: $35,115
Student Loan Default Rate: 14.24%
Iowa Student Loan Debt
Average Student Loan Debt: $29,416
Average Public University Tuition (In-State): $8,760
Average Public University Tuition (Out-of-State): $26,040
Average Income Adjusted for Cost of Living: $36,179
Student Loan Default Rate: 10.30%
Kansas Student Loan Debt
Average Student Loan Debt: $31,239
Average Public University Tuition (In-State): $9,230
Average Public University Tuition (Out-of-State): $23,910
Average Income Adjusted for Cost of Living: $35,717
Student Loan Default Rate: 11.60%
Kentucky Student Loan Debt
Average Student Loan Debt: $32,174
Average Public University Tuition (In-State): $10,300
Average Public University Tuition (Out-of-State): $23,710
Average Income Adjusted for Cost of Living: $35,158
Student Loan Default Rate: 12.31%
Louisiana Student Loan Debt
Average Student Loan Debt: $34,508
Average Public University Tuition (In-State): $9,300
Average Public University Tuition (Out-of-State): $23,280
Average Income Adjusted for Cost of Living: $34,201
Student Loan Default Rate: 13.50%
Maine Student Loan Debt
Average Student Loan Debt: $32,521
Average Public University Tuition (In-State): $9,970
Average Public University Tuition (Out-of-State): $27,010
Average Income Adjusted for Cost of Living: $33,978
Student Loan Default Rate: 9.86%
Maryland Student Loan Debt
Average Student Loan Debt: $40,640
Average Public University Tuition (In-State): $9,580
Average Public University Tuition (Out-of-State): $22,060
Average Income Adjusted for Cost of Living: $36,577
Student Loan Default Rate: 9.35%
Massachusetts Student Loan Debt
Average Student Loan Debt: $36,181
Average Public University Tuition (In-State): $12,730
Average Public University Tuition (Out-of-State): $29,220
Average Income Adjusted for Cost of Living: $40,886
Student Loan Default Rate: 5.82%
Michigan Student Loan Debt
Average Student Loan Debt: $35,307
Average Public University Tuition (In-State): $12,930
Average Public University Tuition (Out-of-State): $36,840
Average Income Adjusted for Cost of Living: $36,727
Student Loan Default Rate: 11.56%
Minnesota Student Loan Debt
Average Student Loan Debt: $32,052
Average Public University Tuition (In-State): $11,300
Average Public University Tuition (Out-of-State): $20,890
Average Income Adjusted for Cost of Living: $38,349
Student Loan Default Rate: 8.29%
Mississippi Student Loan Debt
Average Student Loan Debt: $35,478
Average Public University Tuition (In-State): $7,990
Average Public University Tuition (Out-of-State): $19,060
Average Income Adjusted for Cost of Living: $32,685
Student Loan Default Rate: 14.94%
Missouri Student Loan Debt
Average Student Loan Debt: $33,607
Average Public University Tuition (In-State): $8,870
Average Public University Tuition (Out-of-State): $21,190
Average Income Adjusted for Cost of Living: $36,708
Student Loan Default Rate: 9.94%
Montana Student Loan Debt
Average Student Loan Debt: $31,030
Average Public University Tuition (In-State): $6,910
Average Public University Tuition (Out-of-State): $23,220
Average Income Adjusted for Cost of Living: $32,665
Student Loan Default Rate: 9.59%
Nebraska Student Loan Debt
Average Student Loan Debt: $30,013
Average Public University Tuition (In-State): $8,270
Average Public University Tuition (Out-of-State): $20,310
Average Income Adjusted for Cost of Living: $35,339
Student Loan Default Rate: 7.31%
Nevada Student Loan Debt
Average Student Loan Debt: $33,863
Average Public University Tuition (In-State): $7,270
Average Public University Tuition (Out-of-State): $21,510
Average Income Adjusted for Cost of Living: $33,961
Student Loan Default Rate: 18.16%
New Hampshire Student Loan Debt
Average Student Loan Debt: $34,072
Average Public University Tuition (In-State): $16,070
Average Public University Tuition (Out-of-State): $28,430
Average Income Adjusted for Cost of Living: $33,710
Student Loan Default Rate: 10.25%
New Jersey Student Loan Debt
Average Student Loan Debt: $37,370
Average Public University Tuition (In-State): $13,870
Average Public University Tuition (Out-of-State): $26,600
Average Income Adjusted for Cost of Living: $35,276
Student Loan Default Rate: 9.50%
New Mexico Student Loan Debt
Average Student Loan Debt: $33,610
Average Public University Tuition (In-State): $6,920
Average Public University Tuition (Out-of-State): $20,060
Average Income Adjusted for Cost of Living: $33,217
Student Loan Default Rate: 14.70%
New York Student Loan Debt
Average Student Loan Debt: $37,753
Average Public University Tuition (In-State): $7,940
Average Public University Tuition (Out-of-State): $19,500
Average Income Adjusted for Cost of Living: $35,061
Student Loan Default Rate: 8.62%
North Carolina Student Loan Debt
Average Student Loan Debt: $36,257
Average Public University Tuition (In-State): $7,380
Average Public University Tuition (Out-of-State): $24,520
Average Income Adjusted for Cost of Living: $35,098
Student Loan Default Rate: 10.60%
North Dakota Student Loan Debt
Average Student Loan Debt: $29,267
Average Public University Tuition (In-State): $8,200
Average Public University Tuition (Out-of-State): $19,420
Average Income Adjusted for Cost of Living: $39,425
Student Loan Default Rate: 6.21%
Ohio Student Loan Debt
Average Student Loan Debt: $34,365
Average Public University Tuition (In-State): $10,510
Average Public University Tuition (Out-of-State): $25,000
Average Income Adjusted for Cost of Living: $37,814
Student Loan Default Rate: 11.11%
Oklahoma Student Loan Debt
Average Student Loan Debt: $31,673
Average Public University Tuition (In-State): $8,460
Average Public University Tuition (Out-of-State): $22,520
Average Income Adjusted for Cost of Living: $34,182
Student Loan Default Rate: 12.90%
Oregon Student Loan Debt
Average Student Loan Debt: $36,989
Average Public University Tuition (In-State): $10,360
Average Public University Tuition (Out-of-State): $30,300
Average Income Adjusted for Cost of Living: $36,285
Student Loan Default Rate: 11.50%
Pennsylvania Student Loan Debt
Average Student Loan Debt: $34,840
Average Public University Tuition (In-State): $14,440
Average Public University Tuition (Out-of-State): $26,960
Average Income Adjusted for Cost of Living: $35,785
Student Loan Default Rate: 9.28%
Rhode Island Student Loan Debt
Average Student Loan Debt: $33,373
Average Public University Tuition (In-State): $12,230
Average Public University Tuition (Out-of-State): $28,910
Average Income Adjusted for Cost of Living: $37,994
Student Loan Default Rate: 6.29%
South Carolina Student Loan Debt
Average Student Loan Debt: $36,552
Average Public University Tuition (In-State): $12,610
Average Public University Tuition (Out-of-State): $31,350
Average Income Adjusted for Cost of Living: $33,385
Student Loan Default Rate: 11.58%
South Dakota Student Loan Debt
Average Student Loan Debt: $28,782
Average Public University Tuition (In-State): $8,450
Average Public University Tuition (Out-of-State): $12,480
Average Income Adjusted for Cost of Living: $33,356
Student Loan Default Rate: 10.66%
Tennessee Student Loan Debt
Average Student Loan Debt: $35,061
Average Public University Tuition (In-State): $9,790
Average Public University Tuition (Out-of-State): $26,640
Average Income Adjusted for Cost of Living: $34,168
Student Loan Default Rate: 11.57%
Texas Student Loan Debt
Average Student Loan Debt: $32,441
Average Public University Tuition (In-State): $9,840
Average Public University Tuition (Out-of-State): $26,210
Average Income Adjusted for Cost of Living: $34,073
Student Loan Default Rate: 10.41%
Utah Student Loan Debt
Average Student Loan Debt: $31,671
Average Public University Tuition (In-State): $6,790
Average Public University Tuition (Out-of-State): $20,730
Average Income Adjusted for Cost of Living: $34,380
Student Loan Default Rate: 7.53%
Vermont Student Loan Debt
Average Student Loan Debt: $34,221
Average Public University Tuition (In-State): $16,040
Average Public University Tuition (Out-of-State): $38,990
Average Income Adjusted for Cost of Living: $35,064
Student Loan Default Rate: 6.17%
Virginia Student Loan Debt
Average Student Loan Debt: $36,885
Average Public University Tuition (In-State): $12,820
Average Public University Tuition (Out-of-State): $33,270
Average Income Adjusted for Cost of Living: $35,814
Student Loan Default Rate: 9.82%
Washington Student Loan Debt
Average Student Loan Debt: $34,193
Average Public University Tuition (In-State): $9,480
Average Public University Tuition (Out-of-State): $29,300
Average Income Adjusted for Cost of Living: $39,641
Student Loan Default Rate: 9.01%
West Virginia Student Loan Debt
Average Student Loan Debt: $31,222
Average Public University Tuition (In-State): $7,890
Average Public University Tuition (Out-of-State): $21,550
Average Income Adjusted for Cost of Living: $32,777
Student Loan Default Rate: 14.63%
Wisconsin Student Loan Debt
Average Student Loan Debt: $30,556
Average Public University Tuition (In-State): $8,960
Average Public University Tuition (Out-of-State): $22,930
Average Income Adjusted for Cost of Living: $36,545
Student Loan Default Rate: 9.02%
Wyoming Student Loan Debt
Average Student Loan Debt: $28,974
Average Public University Tuition (In-State): $5,220
Average Public University Tuition (Out-of-State): $16,830
Average Income Adjusted for Cost of Living: $38,371
Student Loan Default Rate: 10.07%
Student loan interest rate statistics
Loan Type
2019-2020 Rate
2018-19 Rate
2017-18 Rate
2016-17 Rate
Direct Subsidized Loans (Undergraduate)
4.53%
5.05%
4.45%
3.76%
Direct Unsubsidized Loans (Undergraduate)
4.53%
5.05%
4.45%
3.76%
Direct Unsubsidized Loans (Graduate)
6.08%
6.60%
6%
5.31%
Direct PLUS Loans (Graduate and Parents)
7.08%
7.60%
7%
6.31%
[10]
What the rise in interest rates means for borrowers
The increase in the interest rates will increase the monthly loan payments by about 2.8%, assuming a 10-year repayment term. (For most borrowers that yields an increase of a few dollars a month.)[11]
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