What percent of the US population has student loan debt?

What Percentage of the U.S. Population Has Student Loan Debt? As of 2020, about 30\% of all American adults were saddled with student debt, according to the Fed. 1 That figure reflects the growing importance of a college degree to getting a well-paying job.

How many federal student loan borrowers are there?

43.4 million
Total federal student loan borrowers: 43.4 million. Total outstanding federal student loan debt: $1.61 trillion.

How can the high amount of student debt affect the macro economy?

According to a report from the Federal Reserve Bank of Philadelphia, higher student loan debt means fewer new businesses are created. “If you’re paying off student loans or other types of debt, you have less capital to start a new business. New businesses have an impact on long-term employment.”

Who has the highest student loan debt?

Federal student loan debt among the 50 U.S. states averages $35.5 billion per state.

• District of Columbia residents have the nation’s highest average federal student loan debt at $55,077 per borrower.
• D.C. also has the highest number of indebted student borrowers per capita, with 16.5\% of residents in debt.

What profession has the most student debt?

Future medical professionals—a category that includes doctors, dentists, and pharmacists—can expect to take on the most debt to finance their degrees—over $190,000 in student loans.

Which demographics have the most student debt?

Black/African American graduates across all types of institutions constituted the highest percentage of borrowers to finance higher education in 2020. Asian borrowers had the lowest percentages across all categories, meaning they were the most likely to graduate without any student loan debt.

Who has the most student debt?

The report concludes that majority of student loan debt is held in households that have higher earnings and a graduate degree. The highest-income 40\% of households (those with incomes above $74,000) owe almost 60\% of student loan debt. These borrowers make almost three-quarters of student loan payments.

How does student loan debt affect the US economy?

Student debt impacts borrowers over time by raising debt burdens, lowering credit scores and ultimately, limiting the purchasing power of those with student debt. Because young people are disproportionately burdened by student debt, they will be less able to participate in — and help grow — the economy in the long run.

How does student loan debt affect America?

The effect student loan debt has on the economy is similar to that of a recession, reducing business growth and suppressing consumer spending. From 2019 to 2020, the average student loan debt grew 3.5\%; meanwhile, the national economy shrank 3.5\%.

Which state has the highest student loan debt per person?

In 2019, the District of Columbia had the highest per capita debt of university students in the United States.

How much do nurses owe in student loans?

Graduate nursing students expect to finish school with a median debt between $40,000 and $54,999, according to a 2017 report by the American Association of Colleges of Nursing. This aligns with the $47,321 average nursing student debt found via College Scorecard data.

How much student loan debt are Americans borrowing?

More than 2.5 million student loan borrowers have student loan debt greater than $100,000, with 610,000 of that total holding student loan debt greater than $200,000. The largest concentration of student loan debt is $10,000 – $25,000, which accounts for 12.3 million student loan borrowers.

How many undergraduates borrowed private loans in 2015?

While private loan volume peaked at $18.1 billion in 2007-2008, private loan volume is now $7.8 billion as of 2014-2015. 6\% of all undergraduates – 1,373,000 students – borrowed private loans in 2011-12. Four out of five 2016 graduates with state loan debt attended schools in just four states: Texas, Minnesota, Massachusetts, and

How many student loan borrowers are there by balance?

Distribution Of Student Loan Borrowers By Balance. As of 2018, more than 42 million student loan borrowers have student loan debt of $100,000 or less. More than 2 million student loan borrowers have student loan debt greater than $100,000, with 415,000 of that total holding student loan debt greater than $200,000.

How much private student loan debt was there in 2014?

Private student loan debt statistics Private student loan debt volume hit $7.8 billion in 2014-15, up from $5.2 billion in 2010-11. More than half of undergraduates don’t take full advantage of federal students, borrowing private loans before they’ve exhausted their available federal loans.