Average Student Loan Debt in America 2019 - Elite Personal Finance
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Average Student Loan Debt in America 2019

EPF December 7, 2018

A student loan is another debt that has overburdened the economic status of America.  This is because the debt has ballooned with over 300% since 2004, as the new students enrol and the older ones graduate from universities and colleges. For example, the average student loan debt for 2017 graduates was $39,400 which is almost 6% from that of 2016 graduates.  The approximate number of student loan borrowers is 44.2million with the outstanding debt of $1.52trillion which will be carried over to 2019($620B more than the American’s total outstanding credit card debt,) leading to an average debt of $32,731 as per the Federal Reserve report. Below is a breakdown of US student loan debt by loan program, loan type, state, age, and balance.

Student loan debt by loan programs

Loan programLoan borrowers in million (M)Total loan debt in billions (B)Average student loan debt in dollars($)
Direct loans32.1$1,003.331,255.5
FFEL loans15.7$320.520,414.0
Perkins loans2.6$7.93,038.5
Total federal loans42.3$1,331.731,482.3

 

From the table, the direct student loan program has the highest number of borrowers (32.1 million) therefore, holding the massive debt of $1,003.3 billion in the 2017 debt analysis.  On the contrary, the Perkins loan program was preferred by the least number of borrowers hence, least amount of debts.

Student loan debt by loan type

According to the government portfolio, there are seven student loan types where a significant number of students prefer the Stafford Combined. On the other hand, the Perkins loan type has the least borrowers, therefore, disbursing the least student loan of $7.9 billion in 2017.

Loan typeNo. of borrowers in million(M)Total debts in billionsAverage student loan debt in dollars($)
Stafford subsidized29.4$272.59,268.7
Stafford unsubsidized27.9$449.616,114.7
Stafford combined32.6$722.222,153.4
Grad PLUS1.1$55.750,636.4
Parent PLUS3.4$81.523,970.6
Perkins2.6$7.93,038.5
Consolidation12.0$464.538,708.3

 

To determine the average student loan debt, you need to subdivide the total debt by the number of borrowers.

Student loan debt by state

The 2017 student loan statistics by state shows that 74% of the graduates from West Virginia, New Hampshire, and South Dakota had an average debt of $27,505, $34,415, and $31,275 respectively. On the other hand, 38% of graduates from Utah held an average loan debt of $18,838. Besides, that only 57% of the Connecticut graduates left some debt, the state carried the largest average student loan debt of $38,510.

StateAverage student loan debt in dollars ($)Student loan debt in percentage (%)
Alaska 25,68246
Wyoming22,52447
Utah18,83838
California22,78550
Montana28,46659
New Jersey32,24761
Colorado26,53052
New York30,93160
Oregano27,88556
Idaho26,67561
North Dakota
Florida24,04150
Hawaii25,12549
Washington DC30,77536
Washington23,93652
Oklahoma25,95249
New Mexico21,23754
Maryland29,31456
Nevada22,06449
Virginia29,88756
Texas26,82455
South Dakota31,27574
Connecticut38,51057
Illinois29,21461
Louisiana27,21048
North Carolina26,52657
Kentucky28,44764
Delaware34,14462
Alabama31,89950
Arizona23,96754
Georgia28,65357
West Virginia27,50574
Kansas27,72059
Indiana29,56157
New Hampshire34,41574
Minnesota31,73468
Arkansas26,79955
Iowa29,85963
Mississippi30,43958
Vermont30,65160
Missouri27,10858
Wisconsin29,56964
Massachusetts32,06559
Tennessee25,25256
Nebraska25,75054
Rhode Island36,25064
Michigan31,28958
Pennsylvania36,85467
Maine31,36456
South Carolina30,89158
Ohio30,62962

 

Average student loan debt by age

According to the 2017 Elite Personal finance data analysis, individuals within the range of 30-39 years had the most significant debt amounting to $461.0B while those above 60 years account for the least student loan debt of $85.4B. The reason may be that a considerable number of students under the age of 30 depend entirely on their parents or guardians while the majority of those between 30 and 39 are newly independent. Under several occasions responsibilities emerge within the age bracket; by the time you get to 40 years, you will have adapted to life to the extent of becoming financially stable. Finally, the elderly students (beyond 60 years) are fewer compared to the rest, and in several occasions, self-sponsored since they already have some financial confidence. For your information, the average debt depends entirely on the number of borrowers.

Age bracket in yearsNo. of borrowers in millionTotal debt in billionsAverage student loan debt
Below 3016.8$383.8$22,845.2
30-3912.3$461.0$37,479.7
40-497.3$278.9$38,205.5
50-595.2$177.2$34,076.9
Above 603.2$85.4$26,687.5

 

Average student loan debt by balance

According to the recent report, since 2004 the outstanding student loan debt has been increasing by 80 billion dollars per annum, moving the debt from $1.3 billion to $1.52trillion. From the analysis, above 12 million students lies between a debt of 10,000 dollars and 25,000 dollars, while only 604,900 students borrow a loan between $150,000 and 200,000. On the other hand, the private students have also been borrowing from private lenders, where the outstanding debt has been climbing up by around 20% since 2014 pushing it to $113.2 billion in 2017.

Average debt range in dollars ($)No. of borrowers
Below 5,0008,547,500
5,000-10,0007,425,400
10,000-25,00012,277,200
25,000-50,0008,609,700
50,000-75,0003,681,000
75,000-100,0001,612,600
100,000-150,0001,347,400
150,000-200,000604,900
Above 200,000609,800

 

Since the year 2004, the average student loan debt has been ballooning inconsiderate of the age bracket, overburdening the economy of the United States. This is because a significant number of students joining the higher learning institutions request for financial support from both the private and government lenders. The factor has pushed the average debt to $32,731 while crossing over to 2019.

Elite Personal Finance

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