Credit counselors and financial coaches face an increasing number of challenges in their work. Student loan debt is one of the fastest-growing problems faced by consumers and financial counselors.
With changes in figures and legislation happening at such a fast pace, it can be difficult to keep up with the student loan trends and stay aware of the big picture. By knowing the current statistics, financial counselors are better-equipped to approach the debt situations their clients may face. An informed financial counselor is a prepared counselor.
Some of these sobering statistics are especially helpful for showing clients with student loan debt that they aren’t alone in their financial struggle.
View our infographic to capture some of the most interesting student loan stats, or scroll below the graphic to read the information as text.
Student Loan Statistics
- More than 44.2 million borrowers collectively owe $1.52 trillion in student loan debt in the United States.
- The average student has $37,172 in student loan debt.
- Four states: California (3.7 million borrowers), Texas (3.1), Florida (2.3) and New York (2.3) represent more than 20% of all U.S. student loan borrowers.
- Master’s students graduate with an average of $51,000 in debt, making up 38% of the nation’s student loan debt.
- The state of New Hampshire has the highest average student loan debt per student at $36,367 (from the class of 2016).
- Nearly 2.8 million people age 60+ are still paying off student debt and the total loan balance for this group is 66.7 billion dollars.
- 60% of college graduates carry student loan debt.
Student Loan Percentages
- 11%: the amount of total student loans made up of private loans.
- 11.2%: the student loan delinquency rate as of 2017.
- 30.2%: The increase in the amount of student loan debt held by 30-39 year-olds over the past five years.
Which statistic did you find most interesting or surprising? Let us know in the comments below!