What is the average debt of a college student

Find more detailed research in our report on Student Loan Debt by Race. See our report on Educational Attainment Statistics to find additional related data. Some borrowers have multiple federal loans. Presumably, many federal loan holders also have private student loan debt.

A total of Since Spring , the average student loan debt increased by 1. Skip Navigation. Home Contact Us. Enter Search Phrase. APLU has moved! NMLS , is referred to here as "Credible. Statistics about average student loan debt in the U.

As of the last quarter of , federal student loan debt comprises the following, according to EducationData. The standard repayment term for federal student loans is 10 years, but extended and income-driven repayment plans allow borrowers to stretch out their payments for as long as 20 or 25 years.

These repayment plans can ease the burden of monthly student loan payments, but they can also dramatically increase total repayment costs. Similarly, borrowers who opt for longer private student loan repayment options will likely pay much more in interest over time compared to those who choose shorter terms. Does refinancing make sense for you? Compare offers from top refinancing lenders to determine your actual savings. The average graduate school debt comprises the following, according to EducationData.

Department of Education. The average amount of debt taken on to earn a degree can vary significantly by school type. While student loan debt is often thought of as a problem disproportionately affecting millennials, borrowers ages 35 and older hold Additionally, borrowers aged 35 to 61 tend to have the highest loan balances.

Borrowers 24 and younger hold less than 7. While only a small fraction of borrowers 7. Keep in mind that much of this extreme debt is made up of loans for graduate school or professional programs. In comparison, most federal student loan borrowers If you decide to refinance your student loans, be sure to consider as many lenders as possible to find the right loan for you.

Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes. Not necessarily — while student loan debt can be a financial burden, it could also help you access higher education.

Generally, having a college education leads to higher wages and lower rates of unemployment. Earning these higher amounts or meeting other personal goals could make student loan debt worth it despite the potential strain on your budget.