Who has the most student loan debt by race? Black adults are more likely to have student loan debt than those in other racial or ethnic groups. They are more likely than white adults to hold student debt at every level of educational attainment.
Atop the list is Maine Maritime Academy, where 2019 graduates who borrowed left with an average debt load of $56,897 – nearly $27,000 above the average among all ranked colleges.
Adults with a postgraduate degree are especially likely to have a large amount of student loan debt. About a quarter of these advanced degree holders who borrowed (26%) owed $100,000 or more in 2023, compared with 9% of all borrowers. Overall, only 1% of all U.S. adults owed at least $100,000.
Out of the multiple countries we examined, the United Kingdom and the United States hold the record for the highest average student loan debt. In England, students graduate with an average student loan debt of over $54,000, while in the U.S. students have an average of $28,400 at graduation.
The Qualtrics/Intuit Credit Karma report found 20 percent of borrowers hadn't made any payments on their loans.
Student loans are owned by the federal government or private institutions, depending on the type of student loan. Federal student loans are owned by the U.S. Department of Education while private student loans are owned by the financial institution that granted them.
Between medical school and undergraduate study, physicians must pay for 8 years of postsecondary education before they can work as doctors. Medical school graduates owe an average of $243,483 in total educational debt, premedical debt included.
Higher percentages of Black (88 percent) and American Indian/Alaska Native (87 percent) students received grants than students who were of Two or more races (79 percent), White (74 percent), and Asian (66 percent).
64% of all student loan debt belongs to women. The average student debt for women in the U.S. is $31,726. Women have a median annual salary of $56,170 following college graduation, which is 26% of what men can expect to earn following graduation.
Cancelling student loan debt may reduce unemployment by adding up to 1.5 million new jobs. Federal student loans represent 90.8% of all student loan debt, public and privately held ($1.77 trillion total).
Student loan debt
Young people are more likely to have student loan balances: 24.3% of millennials and 20.2% of Gen Z are in student debt, compared to 14.9% of Gen X, 6.1% of boomers and only 1.4% of the silent generation.
Whether your family is rich, poor, or somewhere in between, you can take advantage of student loans provided by the US government. These loans (known as Federal Loans, Direct Loans or Stafford Loans) offer lower rates and more flexible payback options than you can find from almost any other source.
Billionaire Robert F. Smith pledged to pay off student loans for every member of Morehouse College's graduating class. The Ivy League-educated business leader made his fortune investing in software firms and other tech companies.
District of Columbia residents have the nation's highest average federal student loan debt at $54,795 per borrower.
Low-income, first-generation college students, independent students, and borrowers who are Black, Hispanic or Native American are more likely to borrow larger amounts and face greater difficulty repaying their loans. Female graduates are also more likely to have student loan debt and typically earn less after ...
Today's student debt problem can be traced to the 1960s, when California Gov. Ronald Reagan cut higher education funding and raised tuition. Once considered a public good, higher education became seen nationwide as a private commodity.
Reason Foundation finds California has twice the total liabilities of any other state. California had $498 billion in total liabilities at the end of fiscal year 2022.
The average federal student loan debt is $37,853 per borrower. Outstanding private student loan debt totals $128.8 billion. The average student borrows over $30,000 to pursue a bachelor's degree.
According to a recent Forbes Advisor and Talker Research survey of 2,000 adults, one in three respondents said they regret using student loans to finance their education and would not choose that route again if given the opportunity.
Average Student Loan Payments
As of May 30, 2023, the average monthly payment for federal student loans was estimated to be about $500 per month when adjusted for inflation. However, the final number depends on the type of loan, loan amount, interest rates, and repayment plan.
Borrowers who do not feel secure about their household finances are more than three times more likely (20%) not to make payments than borrowers who feel financially secure (6%). About one-third (32%) of borrowers with less than $25,000 in household income are not current on payments on their student loans.