Student loan debt is now the second highest consumer debt in the United States, just after mortgages.
The average federal student loan debt balance is $37,014 in May 2022, EDI reports, noting that the public university participants borrow a average of $30,030 to reach a Licence.
Nationally, 43 percent of university students say they have contracted some kind of student debt. In the same way, 65% of students graduated with student debt.
EDI reports that between 39% and 50% of student borrowers have loans from both undergraduate and postgraduate education.
Here is a breakdown of student debt by level of education:
- 37 … the percentage of graduate students who borrow from federal student loans.
- 60 … the percentage of undergraduate certificate holders who must on average $16,940 each in federal loans.
- 42 .. the percentage of associate degree recipients who must on average $21,890 each in federal loans.
- 63 … the percentage of bachelor’s degree holders who must on average $31,790 in federal loans.
- 54 … the percentage of master’s degree holders who must on average $70,070 in federal loans.
- 45 … the percentage of PhD holders who must on average $118,360.
- 71 … the percentage of professional degree holders who must on average $199,540.
EDI Breakdown of Federal Loan Debt
- 52.8% of federal student loan debt is in Stafford Loans.
- 18.6% of the federal debt is in subsidized Stafford loans.
- 34.2% is in unsubsidized Stafford loans.
- 35.5% of federal student loan debt is in direct consolidated loans.
- 6.4% of student loan debt comes from Parent PLUS Loansborrowed by parents on behalf of their children.
- 5 percent of student loan debt comes from PLUS Graduate Loans go to graduate or professional students.
- 0.4% of student loan debt comes from Perkins Loans.