65 Student Loan Statistics: 2025 Data, Trends & Predictions

Co-Founder and Chief Data Scientist

Most high-paying jobs today require a college degree. If not, one has to have many years of experience before attaining such, especially if the job is at a managerial level. With a bachelor’s degree, one can look forward to earning $1.3 million more than their high school graduate counterparts in their entire working lives (Fay, n.d.). Other than banking more earnings, a college diploma also means there are more job opportunities, thus there are fewer unemployed individuals who have a college degree (U.S. Bureau of Labor Statistics, 2019). On top of that, college degree is also linked to longer life expectancies (Sasson, 2016).

However, the cost of a college education has steadily increased over the last several years (Hess, 2019). As it continues to rapidly rise, so do student loan debts, which have reached “disquieting record levels for both graduates and governments (Chamie, 2017)." It is estimated that at least one in five adult Americans has a student loan debt (Chiwaya, 2019).

This article lays down the crucial facts and figures that shape the trends revolving around the growing debt of students and graduates. It aims to help students make wiser decisions before taking out a student loan. This article may also assist other readers who wish to better understand how the rising student loan debts impact the nation’s people and economy.

The Rising Cost of Higher Education in the USA

The U.S. is among the world’s most popular destinations for quality higher education. However, it is also one of the most expensive. Higher education costs are among the fastest rising in today’s American society. This is in stark contrast to Europe, as there are European countries with free college whose quality can hold their own against American counterparts.

Between 1980 and 2017, there was a 344% increase in American public university tuition costs (from $2,119 to $9,410).
Meanwhile, private college education saw a 241% increase in costs, from $9,500 in 1980 to $32,410 in 2017.
For the sake of comparison, food and electricity costs increased by 150% over the same period, while gasoline prices increased by about 200%.

The Average Cost of an Undergraduate Degree in the U.S.

For any student looking to get quality higher education in the U.S., they should look at these figures to get an idea of how much it will cost them to earn a U.S. degree.

In the USA, tuition fees range between $5,000 and $50,000 per year. For example, if one wanted to have a geography job in the future, they have to shell out between $26, 590 and $42,970 per year for a degree.
According to HSBC’s The Value of Education report (2018), students report that they spend an average of $99,417 throughout the course of their U.S. degree.
When charging students, American universities typically differentiate between in-state and out-of-state students. In 2019, the average annual cost to attend a two-year course at a public university was $12,720.
Meanwhile, a public four-year course will set an in-state student back by $21,950
An out-of-state student can expect to spend an average of $38,330 for a public four-year undergraduate degree.
On the other hand, a four-year degree at a private non-profit university costs an average of $49,870 per year.

Non-Tuition Costs That Add to College Students’ Expenses

Studying comes with other costs besides tuition fees. These are the top non-tuition costs U.S. students often encounter.

The cost of higher education goes beyond tuition fees. According to HSBC’s The Value of Education report (2018), next to tuition fees, the biggest expenses of students are accommodation, food (groceries), and utilities.
In general, accommodation costs are less expensive in the U.S. Midwest region compared to the East and Northeast regions. On average, rent for a one-bedroom rural area apartment starts at $500 monthly. One-bedroom apartments in urban areas can cost as much as $3,500 per month.
On-campus accommodations, on the other hand, cost around $5,000 to $8,000 including utilities and other housing costs. A dormitory room can be typically shared by two to three people.
In the academic year 2017-2018, the annual average cost for room and board at U.S. universities was $10,869.
Other essential expenditures include internet service, which may cost $35 to $60 per month. Monthly phone service generally costs around $50. Those who commute around town typically need to spare $50 to $60 monthly. Moreover, academic books and supplies cost around $400 per semester.

Student Debt Increase Rate

Now that the cost of getting a college degree in the USA has been established, it is time to look at how most students fund their education: student loans. Student debt has been increasing in the past several years as education costs also continue to rise. However, unlike other types of debts, a student loan cannot be easily discharged by filing bankruptcy based on federal rules (Millera & Nikaj, 2018). Here are some striking data.

As tuition fees in the USA can go upwards of $50,000 a year, it is common for four-year degree students to graduate with a six-digit worth of debt.
The student loan debt rate has been accelerating quickly over the last several years. It has become not just a burden to students and their families, but even the U.S. economy as well. According to data from the Federal Reserve Bank of New York, as of 2017, borrowing for higher education has doubled within only eight years.

The Extent of Student Loan Debts

Below are more statistics that show the extent of student loan debts.

There are now around 45 million student loan borrowers who collectively owe almost $1.6 trillion worth of debt in the U.S.
Most of the borrowers have debt between $10,000 and $50,000.
The average amount of debt per student is $32,731, with a median of $17,000.
The average student loan payment amount is $393, with a median of $222 on a monthly basis.

Student loan debt is dubbed as the second-highest consumer debt category. Mortgage debt takes the top spot, while credit card debt and auto loans come after student loan debt.
Based on figures from the Institute for College Access and Success, members of the Class of 2018 have an average student loan debt of $29,200, which showed an increase of 2% from the year prior.

For the academic year 2018-2019, around $186.9 billion worth of undergraduate student aid was granted in the U.S. Out of this, $54 billion were from federal loans, $52 billion from institutional grants and $28 billion were from federal Pell grants.
Meanwhile, a total of $59.2 billion worth of aid was granted to graduate students during the 2018-2019 school year. Out of this amount, $38.8 billion were in the form of federal loans, $12.2 billion from institutional grants, and $4 billion from private and employer grants.

Student Loan Debt By Education Level and Discipline

It is also worth noting that it is not just undergraduate students who finance their studies through student loans. Based on the latest data available, here are vital student loan statistics by education level and field of discipline.

According to the National Center for Education Statistics (NCES), the average graduate school student debt during the academic year 2015-16 was $71,000, not counting outstanding undergraduate loan debt.
When undergraduate student loan balance is factored in, the average increased to $82,800.
A master’s degree student will graduate owing an average of $64,800.
Students who took professional degrees, which are often longer programs, could very well leave school owing around $183,200.
The NCES also estimates that non-teaching Ph.D. graduates owe an average of $98,800, including debt from taking their previous degrees.
The average debt among those who earned medical doctorates was $246,000.
Meanwhile, those who took other non-Ph.D. doctorate degrees had outstanding debt averaging $132,200.
In general, student debt amount varies widely depending on the student’s degree. Below are the averages for some of the top professional graduate degrees.

Student Loan Debt By Institution

Student loan statistics vary from institution to institution, and concerned stakeholders can better grasp the state of education financing by looking at these figures and facts.

As of the academic year 2017-2018, the average amount of debt is higher for those who graduated from private institutions ($33,148) than those who graduated from public colleges ($26,777).
The overall average graduate debt for the same period was $29,456.

Furthermore, many students dream of attending leading universities in the United States. Unfortunately, these institutions are also among the most expensive. Although most of the universities have programs that help ensure students graduate with as little debt as possible, many students still graduate with a considerable amount of debt.

The average debt of Princeton University students is $9,059.
Harvard University student borrowers owe an average of $13,372.
Meanwhile, Yale University students have a cumulative student loan average of $14,575.

Student Loan Data By State

Student loan amount averages also vary depending on location. Here are the latest figures.

States with larger populations, unsurprisingly, also had the biggest shares of student loan borrowers. The top five states with the most borrowers are California (3.8 million), Texas (3.4 million), Florida (2.5 million), New York (2.4 million), and Georgia (1.6 million).
Meanwhile, Connecticut holds the highest average student loan amount per student ($38,669) as of 2018.
Utah has the lowest loan debt average per student at $19,728 as of 2018.

Student Loan Data By Type of Loan

There are various types of student loans available in the United States. These come in varying repayment and interest structures. The U.S. Department of Education oversees the disbursement of student financial aid in the form of these loans. Below are the recorded amounts of outstanding student loan debt per type of financial aid as of 2019.

Stafford combined $767 billion
In consolidation $508 billion
Stafford unsubsidized $489.6 billion
Stafford subsidized $277.5 billion
Parent PLUS $88.9 billion
Grad PLUS $67 billion
Perkins $7.1 billion

Student Loan Default, Delinquency, and Forgiveness

Unfortunately, not all those who graduate with student loan debt are able to repay their loans as planned and scheduled. Here are figures related to student loan default, delinquency, and forgiveness.

According to data from the Federal Reserve and New York Federal Reserve, as of Q3 2019, student loan default or delinquency rate is at 10.8% for loans that are over 90 days delinquent.
The amount of direct loans in default is around $119.8 billion, which is from around 5.5 million borrowers.
Direct loans in forbearance, on the other hand, amount to around $122.9 billion, which is from 2.8 million borrowers.
As of 2019, student debt amounting to around $43.9 billion is in the grace period.
Meanwhile, around $124.3 billion is in deferment.
Student loan forgiveness comes in various forms, but the most popular is public service loan forgiveness. As of September 2019, there are a total of 1,195,497 public service loan forgiveness borrowers, according to the U.S. Department of Education.
Under the program, the total amount of loan forgiven is around $71.9 million.

Alternatives to Federal Student Loans and Their Impact

While federal student loans remain the primary source of funding higher education for many, they are not the only option available to U.S. students. Private loans and scholarships are increasingly becoming significant alternatives. Private college loans, in particular, play a crucial role in bridging the financial gap for students who do not qualify for sufficient federal aid or need additional funding for tuition, living expenses, or other education-related costs. These loans, offered by private lenders, often come with variable interest rates and flexible repayment terms but require a strong credit history or a co-signer.

Understanding these alternatives is essential for students looking to make informed decisions about financing their education. For more details, explore the best options for private college loans and how to utilize them effectively to minimize debt while pursuing your academic goals. Proper financial planning and exploring all available funding sources can empower students to focus on their education without undue financial stress.

What are the long-term financial implications for borrowers?

Long-term student loan obligations affect personal financial planning through delayed home ownership, reduced savings capacity, and postponed retirement preparations. Persistent debt accumulation and interest can constrain credit access and limit investment opportunities. Assessing sustainable repayment strategies and refinancing options is essential to counteract these economic challenges. Furthermore, when evaluating overall educational investments, consider how much is vet school as a benchmark for understanding the broader financial commitments in various professional fields.

What are effective strategies to manage student loan debt?

Effective debt management focuses on structured repayment plans, refinancing options, and alternative education pathways that lower upfront costs. Analyzing individual financial profiles and carefully comparing refinancing offers can secure reduced interest rates and flexible terms. Additionally, exploring education models that emphasize affordability, such as self-paced online colleges, may present opportunities to complete studies at a lower overall expense.

Is a college degree a smarter investment than an associate degree?

Evaluating educational pathways is critical for managing rising tuition costs and mitigating long-term debt burdens. An individual’s choice between pursuing a longer, comprehensive academic track and a shorter, more affordable program can significantly influence future earnings and financial stability. In-depth comparisons between these educational models are available in our analysis of college degree vs associate degree, which examines return on investment and career trajectory differences. This review helps stakeholders determine the optimal balance between immediate affordability and long-term economic benefits.

What are the long-term benefits of investing in high ROI degree programs?

Choosing a degree with strong long-term returns can provide a strategic advantage in managing student loan burdens. High return on investment (ROI) programs often lead to greater lifetime earnings, enabling graduates to more effectively address their repayment obligations. In addition, a focus on these programs supports sustainable financial planning by improving access to higher-paying opportunities, which can offset the high initial costs associated with higher education. For an in-depth look at potential academic routes, consider exploring our guide on the best paying degrees.

What are the recent policy changes affecting student loans?

Recent regulatory and legislative measures have introduced updates that aim to ease repayment pressures and expand borrower relief. Recent reforms include adjustments to income-driven repayment plans, enhanced transparency in loan servicing, and broadened eligibility for targeted forgiveness programs. These initiatives are designed to offer borrowers more predictable repayment options and to improve access to refinancing opportunities, which many consider alongside alternative educational routes such as accelerated college programs.

How can parents with bad credit explore viable student loan options?

Parents facing credit challenges may benefit from specialized funding solutions designed to ease the burden of financing education. Lenders offering student loans for parents with bad credit tailor their underwriting criteria to accommodate unique financial circumstances, often emphasizing overall stability and repayment capacity over traditional credit history. Evaluating distinct repayment terms, interest rates, and associated fees is crucial to ensure these options align with long-term financial strategies. Consulting with a financial advisor can provide additional insights into effective debt management and alternative financing avenues.

How can borrowers secure last-minute student loans for urgent needs?

When unexpected financial challenges arise, borrowers may need rapid funding without jeopardizing long-term financial stability. Evaluating emergency financing solutions should involve a review of one's credit profile, comparing transparent offers, and consulting professional advice. Some lenders specialize in rapid funding options, including quick student loans, which can provide timely relief while maintaining manageable repayment terms. This approach requires careful risk assessment and cost-benefit analysis to ensure that short-term aid aligns with overall debt management strategies.

Can Accredited Online Education Reduce Student Loan Debt?

Accredited online education offers a cost-effective alternative to traditional campus-based programs by minimizing non-tuition expenses and providing flexible learning schedules that help manage work and study commitments. Research indicates that choosing an accredited online degree can reduce overall education costs, potentially limiting the amount needed in student loans. For further verified information on quality education options, review what online colleges are nationally accredited. This approach provides students with a strategic means to alleviate financial pressures while maintaining competitive academic outcomes without compromising institutional integrity.

How Can Enhanced Financial Literacy Improve Student Loan Repayment Strategies?

Greater financial literacy equips borrowers with clear insights into interest accrual, repayment options, and the long-term financial implications of their choices. By understanding the nuances of structured repayment, refinancing, and consolidation, students can tailor strategies that align with their financial profiles and minimize overall debt burdens. Leveraging professional resources and government programs focused on financial education further enables informed decision-making. Additionally, students might consider cost-effective education pathways such as easy online degrees to get, which can help reduce future reliance on substantial student loans.

Student Loan Repayment Facts and Figures

Students take out loans to finance their studies in the hopes that their education will eventually help them land their dream jobs, get hired for high-paying positions, or establish their own practices and businesses, which will then earn them enough to repay their loans. However, it is not very easy for the majority of borrowers. Here are some related facts and statistics.

The majority of outstanding student debt is in repayment. As of 2019, the estimated amount of student loan debt in repayment status is $623.7 billion.
Only 2% of student loan borrowers estimate to repay their loans in less than a year.
Eighteen percent of borrowers expect to repay their loans in 6 to 10 years.
Seven percent of borrowers think it will take them more than 30 years to fully repay their student loan debt.
A striking 16% think they will never get to repay their debt off.
Ten percent of borrowers do not know if they will ever repay their student loan debt.

Data based on those who were able to repay their loans show hope, however.

The majority of borrowers (46%) repaid their loans within 1 to 5 years.
Eight percent were able to pay off their debt in less than a year.
Twenty-six percent repaid their loans within 6 to 10 years.
None of the borrowers who paid their debt exceeded 30 years.

Student Loan Debt Trends and Predictions

Student loan debt is a 1.6 trillion-issue, and it is disgruntling to think that this debt is shouldered by U.S. students and graduates who simply wanted to acquire quality education and enter the workforce with leverage. As both education costs and student debt rates rise, an action clearly needs to be taken.

Over the past three decades, the financial returns to investing in a four-year bachelor’s degree have significantly increased, compared to completing a two-year tertiary course or a secondary education (Lindley & Machin 2016). Simultaneously, however, the responsibility to finance college/university education has considerably shifted from federal taxpayers to the students and their families (Callan & Finney, 1997, as cited in Woo & Lew, 2020).

Americans’ opinions on whose fault is it that student loan debt continues to increase also vary. Older generations tend to put blame on the borrowers, while GenZers and Millennials see the government, lenders, and universities as responsible. Because of this, as to what action needs to be taken could be up for debate (Duffin, 2020).

Access to free public college emerges as the most popular solution to lower student debt. However, funding higher education through taxes, although standard in other countries, is unlikely to be practiced in the United States in the near future.

Furthermore, as the U.S. economy shrinks at its fastest rate since 2008 due to the COVID-19 pandemic (BBC News, 2020), it is not difficult to see student loan default rates quickly climb. More than 26 million people in the U.S. have already filed for unemployment and it is highly likely that most of those people have outstanding student loan debt.

How are employers responding to the student loan debt crisis?

Employers are increasingly recognizing the impact of student loan debt on their employees' financial well-being and overall job satisfaction. Here's how companies are addressing this issue:

Employer-Paid Student Loan Repayment Programs: Some companies are offering direct student loan repayment assistance as a benefit. Employers make monthly contributions towards an employee's student loan debt, helping to reduce the loan balance faster. For example, some companies offer payments of $50 to $200 per month towards employees' student loans.
Student Loan Refinancing Partnerships: Employers partner with financial institutions to offer student loan refinancing options to employees. This can provide lower interest rates and more manageable repayment plans, helping employees reduce their monthly payments and overall interest costs.
Financial Wellness Programs: Many organizations are expanding their employee benefits to include financial literacy and debt management resources. These programs often include workshops, one-on-one coaching, and tools to help employees create strategies for paying down student loan debt and improving their financial health.
Tuition Assistance and Loan Forgiveness Programs: In addition to helping employees manage existing student loans, some companies offer tuition assistance for continuing education. There are also programs that forgive a portion of student loans for employees who commit to working at the organization for a certain period.
Tax-Advantaged Student Loan Repayment Benefits: With recent legislative changes, some employers are taking advantage of tax incentives for student loan repayment contributions. For example, under the CARES Act, employers can contribute up to $5,250 annually towards an employee's student loans tax-free.

What are the financial aid options for cosmetology students?

Pursuing a cosmetology degree can be expensive, but various financial aid options are available to help aspiring cosmetologists manage the costs. Here are some practical solutions to reduce the financial burden:

Federal Financial Aid: Complete the FAFSA (Free Application for Federal Student Aid) to determine eligibility for federal grants, loans, and work-study programs. Pell Grants, for example, can provide significant support without requiring repayment.
Scholarships and Grants: Many beauty schools and professional organizations offer scholarships tailored to cosmetology students. Look into programs like the Beauty Changes Lives Foundation or local community grants.
Private Loans: If federal aid doesn’t cover all expenses, consider private loans. Be cautious of interest rates and repayment terms when choosing a lender.
Payment Plans: Some cosmetology schools offer in-house payment plans that allow students to spread tuition payments over time, often interest-free.
Employer Sponsorships: Certain salons and beauty companies may sponsor education in exchange for a commitment to work with them after graduation.
State-Specific Programs: Many states offer additional financial aid or loan forgiveness programs for students pursuing vocational training like cosmetology.

For more details on funding your education, explore our guide on student loans for cosmetology school, which provides comprehensive advice tailored to beauty school students.

Understanding these options can help aspiring cosmetologists access quality education without accumulating excessive debt, setting them up for a successful and financially stable career in the beauty industry.

U.S. Student Loan Debt Crisis: An Education and Economic Issue

There is no doubt that higher educational attainment brings forth a number of positive outcomes. This is why getting a college degree is important for individuals hoping to get better employment prospects and wages. Furthermore, having more educated citizens is also a good sign for a country’s stature and economy. Because of that, many students begin their steps toward college by considering dual enrollment vs AP.

However, as more students and graduates struggle to fund their education and pay off student loan debt, what does it say about the system in general? Are we brewing educated but financially-burdened citizens?

The student loan debt crisis in the USA is not merely an education issue. For the most part, it is an economic concern that can only be solved through cooperation and a genuine will to eradicate the problem.

Key Insights

Significant Earnings Advantage: Individuals with a bachelor's degree can earn $1.3 million more over their lifetimes compared to high school graduates.
Rising Education Costs: From 1980 to 2017, public university tuition costs increased by 344%, while private college tuition increased by 241%.
Student Debt Crisis: There are around 45 million student loan borrowers in the U.S., collectively owing nearly $1.6 trillion in debt.
Loan Default and Delinquency: As of 2019, the student loan default rate was 10.8% for loans over 90 days delinquent, with $119.8 billion in defaulted direct loans.
Disparity in Loan Amounts by State: Connecticut has the highest average student loan debt per borrower ($38,669), while Utah has the lowest ($19,728).
Graduate and Professional Degree Debt: Average debt for graduate school students is $71,000, with some professional degrees resulting in debts as high as $246,000.
Economic Impact: The student loan debt crisis impacts the U.S. economy significantly, with many borrowers struggling to repay their loans amidst rising education costs and economic downturns.
Public Perception and Solutions: Opinions on resolving the student loan crisis vary, with younger generations blaming the government and lenders, and older generations blaming borrowers. Free public college is a popular proposed solution, though its implementation is uncertain.

FAQ

Why is the cost of higher education in the U.S. rising so rapidly? The cost of higher education in the U.S. has risen significantly due to a combination of factors, including reduced state funding for public universities, increased administrative costs, and the rising expenses associated with providing high-quality education. Between 1980 and 2017, public university tuition costs increased by 344%, and private college tuition costs rose by 241%.
How much does an average undergraduate degree cost in the U.S.? The cost of an undergraduate degree in the U.S. varies widely. For the 2019 academic year, the average annual cost was $12,720 for a two-year public university course, $21,950 for a four-year public university course for in-state students, $38,330 for out-of-state students, and $49,870 for a private non-profit university.
What are the additional costs besides tuition for college students? Besides tuition, students incur expenses such as accommodation, food, utilities, internet service, phone service, transportation, and academic books and supplies. For instance, the annual average cost for room and board at U.S. universities in the 2017-2018 academic year was $10,869.
How significant is the student loan debt crisis in the U.S.? The student loan debt crisis is substantial, with around 45 million borrowers collectively owing nearly $1.6 trillion. This debt burden affects not only individual borrowers but also the broader U.S. economy, contributing to financial stress and reduced economic mobility for many graduates.
What is the average student loan debt for U.S. graduates? The average student loan debt per borrower is $32,731, with a median debt of $17,000. For the Class of 2018, the average student loan debt was $29,200, showing a 2% increase from the previous year.
What are the default and delinquency rates for student loans? As of Q3 2019, the student loan default or delinquency rate was 10.8% for loans over 90 days delinquent. There were $119.8 billion worth of direct loans in default from about 5.5 million borrowers.
How do student loan debts vary by education level? The average debt for graduate school students during the 2015-2016 academic year was $71,000, not including outstanding undergraduate loans. Professional degree students, such as those pursuing medical doctorates, could graduate with debts as high as $246,000.
How do student loan debts vary by state? Student loan debt averages vary by state, with Connecticut having the highest average debt per borrower at $38,669, and Utah having the lowest at $19,728.
What types of student loans are available in the U.S.? There are various types of student loans, including Stafford loans (subsidized and unsubsidized), Parent PLUS loans, Grad PLUS loans, and Perkins loans. Each type has different repayment and interest structures, managed by the U.S. Department of Education.
What are the common solutions proposed for the student loan debt crisis?

Common solutions include implementing free public college, increasing state funding for higher education, reducing tuition costs, expanding loan forgiveness programs, and improving financial literacy among students. However, there is debate over the feasibility and effectiveness of these solutions.

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