Student Loan Debt Statistics In 2020: A Record $1.6 Trillion

Student loan debt in 2020 is now about $1.56 trillion.

The latest student loan debt statistics for 2020 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are 45 million borrowers who collectively owe nearly $1.6 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. The average student loan debt for members of the Class of 2018 is $29,200, a 2% increase from the prior year, according to the Institute for College Access and Success.

If you are a student loan borrower, the following student loan debt statistics can help you make more informed decisions regarding student loan refinancing, student loan consolidation, student loan repayment and student loan forgiveness.

Student Loan Statistics: Overview

Total Student Loan Debt: $1.56 trillion

Total U.S. Borrowers With Student Loan Debt: 44.7 million

Average Student Loan Debt: $32,731

Average Student Loan Payment: $393

Median Student Loan Debt: $17,000

Median Student Loan Payment: $222

Student Loan Delinquency Or Default Rate: 10.8% (90+ days delinquent)

Direct Loans – Cumulative In Default: $119.8 billion (5.5 million borrowers)

Direct Loan In Forbearance: $122.9 billion (2.8 million borrowers)

(Source: As of 3Q 2019, Federal Reserve & New York Federal Reserve)

Student Loan Forgiveness Statistics

Student loan forgiveness comes in several forms. Two of the most popular types of student loan forgiveness are Public Service Loan Forgiveness and Teacher Student Loan Forgiveness.

Public Service Loan Forgiveness Statistics

As of September 30, 2019, here are the latest public service student loan debt statistics:

Public Service Loan Forgiveness cumulative borrowers: 1,195,497

Borrowers who submitted applications: 109,932

Total number of applications: 136,473

Number of applications approved: 1,561

Number of applications denied: 123,146

% of applications denied due to payments that don’t qualify: 56%

% of applications denied due to missing information: 24%

Borrowers who have received student loan forgiveness: 1,139

Total dollar amount forgiven: $71.9 million

(Source: U.S. Department of Education)

States With The Most Student Loan Debt

Not surprisingly, states with larger populations have higher aggregate student loan debt. California, Florida, Texas and New York are among the four highest states for total student loan debt outstanding among resident borrowers.

California, Florida, Texas and New York represent more than 25 of all U.S. student loan borrowers who collectively owe more than $420 billion of student loan debt.

High Student Loan Debt States & Low Student Loan Debt States

Connecticut has the highest average student loan debt per student ($38,669) from the Class of 2018.

Utah has the lowest average student loan debt per student ($19,728) from the Class of 2018.

Highest Average and Lowest Average Student Loan Debt By State

Student Loan Debt Per Capita In Select U.S. States

In the U.S., as of 2016, the average student loan debt per capita is $4,920. Pennsylvania, New York and Michigan have among the highest student loan debt per capita in the nation.

Arizona: $4,760

California: $4,160

Florida: $4,480

Michigan: $5,330

New York: $5,570

Ohio: $5,700

Pennsylvania: $5,690

Texas: $4,510

Distribution Of Student Loan Borrowers By Balance

As of 2019, more than 42 million student loan borrowers have student loan debt of $100,000 or less.

More than 3.0 million student loan borrowers have student loan debt greater than $100,000, with approximately 800,000 of that total holding student loan debt greater than $200,000.

The largest concentration of student loan debt is $20,000 – $40,000, which accounts for 9.5 million student loan borrowers.

Number Of Student Loan Borrowers By Age Group

Based on the federal student loan portfolio, the largest concentration of student loan borrowers is 25 to 34 years-old, followed by the 35-49 age group. There are 23.2 million student loan borrowers under the age of 34, with this group representing more than half of all student loan borrowers.

As of 2019, here is the breakdown of student loan borrowers by age:

< Age 24: $121.2 billion (8.2 million borrowers)

25 – 34: $501.5 billion (15.0 million borrowers)

35 – 49: $575.5 billion (14.1 million borrowers)

50 – 61: $241.2 billion (6.0 million borrowers)

> 62: $75.9 billion (2.1 million borrowers)

Student Loan Debt Outstanding By Student Loan Program

Over 35 million student loan borrowers hold approximately $1.2 billion in Direct Loans. Another 12.1 million student loan borrowers hold $262 billion in Federal Family Education Loans (FFEL).

Direct Loans: $1,242.6 billion (35.1 million borrowers)

Federal Family Education Loans (FFEL): $261.6 billion (12.1 million borrowers)

Perkins Loans: $6.1 billion (2.0 million borrowers)

TOTAL: $1,510.3 billion

Student Loan Debt Outstanding By Student Loan Type

Stafford Subsidized: $280.7 billion (29.5 million borrowers)

Stafford Unsubsidized: $516.0 billion (28.9 million borrowers)

Stafford Combined: $796.7 billion (33.2 million unique borrowers)

Grad PLUS: $75.2 billion (1.4 million borrowers)

Parent PLUS: $96.1 billion (3.6 million borrowers)

Perkins: $6.1 billion (2.0 million borrowers)

Consolidation: $536.1 billion (11.7 million borrowers)

Student Loan Debt Statistics By Loan Status For Direct Loans

Approximately $685 billion in Direct Loans across 18.5 million student loan borrowers are in student loan repayment. Approximately 12 million student loan borrowers are in student loan deferment, student loan forbearance or student loan default.

Student Loans In School: $131.5 billion (7.0 million borrowers)

Student Loans In Repayment: $685.5 billion (18.5 million borrowers)

Student Loans In Deferment: $128.4 billion (3.6 million borrowers)

Student Loans in Forbearance: $122.9 billion borrowers (2.8 million borrowers)

Student Loans In Default: $119.8 billion (5.5 million borrowers)

Student Loans In Grace Period: $45.2 billion borrowers (1.8 million borrowers)

Student Loan Debt Statistics By Repayment Plan For Direct Loans

As of 4Q 2019, there are 10.8 million borrowers with $200.7 billion of student loan debt in the Level Student Loan Repayment Plan (student loan repayment in 10 years or less), which represents the largest concentration of borrowers in student loan repayment.

The second most concentrated group of borrowers is enrolled in Income-Based Repayment (IBR) at $170.4 billion and 2.8 million borrowers.

Level Repayment Plan (< 10 years): $200.7 billion (10.8 million borrowers)

Level Repayment Plan (> 10 years): $77.6 billion (1.7 million borrowers)

Graduated Repayment Plan (< 10 years): $90.4 billion (3.0 million borrowers)

Graduated Repayment Plan (> 10 years): $16.7 billion (0.3 million borrowers)

Income-Contingent Repayment (ICR) Plan: $33.6 billion (0.7 million borrowers)

Income-Based Repayment (IBR) Plan: $170.4 billion (2.8 million borrowers)

Pay As You Earn (PAYE) Plan: $96.7 billion (1.4 million borrowers)

Revised Pay As You Earn (REPAYE) Plan: $168.9 billion (2.9 million borrowers)

(Source: NSDLS)

Student Loan Servicer By Loan Status

For Direct Loan and FFEL Loans owned by the U.S. Education Department, here is the breakdown by these select student loan servicers:

Other Important Student Loan Debt Statistics

In addition, there are several other startling statistics regarding the state of student loan debt:

• Nearly seven in 10 seniors (65%) who graduated from public and private non-profit colleges in 2018 had student loan debt.
• Public Colleges: 66% of borrowers who graduated from public colleges have student loan debt. Average student loan debt at public colleges is $25,550, which is 25% higher today than it was in 2008.
• Private Non-Profit Colleges: 75% of borrowers who graduated from private non-profit colleges have student loan debt. Average student loan debt at private non-profit colleges is $32,300, which is 15% higher today than it was in 2008.
• For-Profit Colleges: 88% of borrowers who graduated from for-profit colleges have student loan debt. Average student loan debt at for-profit colleges is $39,950, which is 26% higher today than it was in 2008.
• Almost half (47%) of private loan borrowers borrowed less than they could have in federal Stafford loans for college.
• While private loan volume peaked at $18.1 billion in 2007-2008, private loan volume is now $7.8 billion as of 2014-2015.
• 6% of all undergraduates – 1,373,000 students – borrowed private loans in 2011-12.
• 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.
• Of the 100 colleges where graduates borrow most in private loans, 85 are nonprofit four-year colleges and 34 are located in Pennsylvania.
• About 20% of the Class of 2012’s student loans were private student loans.
• Graduates who receive Pell Grants are more likely to borrow more debt: 88% had student loans in 2012, with an average student loan balance of $31,200 per borrower.
• Graduates who did not receive Pell Grants: 53% of those who never received a Pell Grant had debt, with an average student loan balance of $26,450 per borrower — $4,750 less than the average debt for Pell recipients with debt.