How Much Does The Average Person Owe In Student Loans

That s up from 20 000 just 13 years ago.

How much does the average person owe in student loans. According to the college board the average cumulative student debt balance in 2017 was 26 900 for graduates of public four year schools and 32 600 for graduates of private nonprofit four year. To put it in context we looked at what else you could buy with that sum. Household with student debt owes 47 671 according to nerdwallet s 2018 household debt study.

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. The average monthly payment on student loans was 393 in 2016 up from 227 in 2005. Meanwhile 14 of their parents took out an average of 37 200 in federal parent plus loans.

When they graduate the average student loan borrower has 37 172 in student loans a 20 000 increase from 13. More than half of all american students now have to go into debt to get through college and their average student loan debt topped 37 500 in 2020. The average total amount of outstanding student loan debt for a four year student that graduated in 2016 was 37 102 a 78 increase from just 10 years earlier.

Federal reserve bank of new york data also show that people with more than 100 000 in student loan debt are about half as likely to default as those with less than 5 000 in student loans. Today bachelor s degree recipients with student loans graduate with an average debt of 37 172. That means that roughly one in four american adults are paying off student loans.

And the mean debt for all people with outstanding student loans is 32 731. Among the class of 2019 69 of college students took out student loans and they graduated with an average debt of 29 900 including both private and federal debt.