10 Latest Student Loan Trends: 2025 Current Data, Reports & Insights

Co-Founder and Chief Data Scientist

For most students in the United States, the only way to see themselves through college is by getting a loan. For 45 million of them aged 18 and above, that means a running debt of $1.6 trillion in private and federal student loans and counting (Friedman, 2020). Credit card debt and auto loan debt used to top consumer debts. Student loan debt has overtaken them in recent years, reaching the trillion-dollar mark in 2012. It’s seen to hit $2 trillion in late 2023 or early 2024 (Kantrowitz, 2019). Stakeholders in the unfolding developments around student debt thus have all the reasons to watch out for the latest student loan trends among the current trends in higher education.

A student who has successfully obtained his/her degree in 2018 does not only have to deal with the difficulty of finding work but also the burden of paying a student loan that averages $29,200 (TICAS, 2019). For the rest of federal loan borrowers, the average debt that they need to repay is $35,397 (Hornsby, 2020). With such a financial burden even before they are able to accumulate wealth, it is hard to refute that rising student debt is a crisis that is significantly changing how Americans ultimately make decisions about money and life.

The national preoccupation about student loan debt could easily top the list of thought-provoking questions to ask students and friends. Given the anxiety and the pressure that many students and parents face with student loans, we believe it is important to take a look at some possible scenarios that borrowers can face in the future when it comes to managing their student debt. We will discuss borrowing, repayments, and student loan forgiveness. Also, we point out some of the crushing effects this trillion-dollar debt can have on one’s finances and mental health.

Student Loan Trends Table of Contents

The Total Loan Amount Taken Out by Students May Decline
Borrowers Take Advantage of Low Interests Due to COVID-19 Economic Fallout
More Students Take out Loans Due to Rising College Costs
Federal Student Loan Cancellation Unlikely to Happen
Borrowers Explore Loan Cancellation via PSLF Program
Senior Student Loans Continue to Rise
More Employers Offer Student Loan Repayment Benefits
Student Loan Default Rate Continues to Decline
More Colleges Could be Pushed to Help Students Avoid Defaulting on Their Payments
Impact of the Student Loan Debt Crisis Will Be More Pervasive

Student Loan Borrowing

1. The Total Loan Amount Taken Out by Students May Decline

Though the current total student loan debt in the trillions can be unsettling, and many more students might take out loans in succeeding years, there is a sign that the amount being borrowed is on a downward trend. This can be attributed to more state spending and more grants and aid injected into the higher education system (TICAS, 2019).

In 2018-2019, the total amount of aid that undergraduate and graduate students received from all grants, loans, tax credits, and work-study was $246 billion. From 2008-09 to 2018-19, total grant aid rose by 56% to $135.6 billion. Institutional grants had the biggest increase from 78% to $64.7 billion. The total amount that parents and students borrowed to pay for postsecondary education in 2018-19 was $106.2 billion. This was the eighth straight year that annual borrowing declined (College Board, 2019).

However, even after receiving financial aid from grants and scholarships, a student may still need to shoulder almost $11,000 based on the most recent data from 2015-2016 (College Board, 2019). In addition, a likely outcome of the overall increased reliance on student loans to finance tertiary education—aggravated by the previous and on-going economic recessions—is the considerable struggle to repay these debt obligations (Mezza & Sommer, 2016).

2. Borrowers Take Advantage of Low Interests Due to COVID-19 Economic Fallout

When the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed on March 27, 2020, it brought down the interest rates on federal student loans to historic lows—below 3% for undergraduate loans this fall. The new rate will be implemented starting July 1, 2020, to June 30, 2021. This means students who take out a loan for the upcoming school year 2020-2021 will benefit the most from these lowest rates in over a decade (Mulhere, 2020). The current rates stand at 2.75% for undergraduate student loans, 4.30% for graduate students with unsubsidized direct loans, and 5.30% for graduate students and parents who take out PLUS loans (Mulhere, 2020).

Coibion et al. (2020) have observed one of the biggest declines in debt payments, which include, in large part, student loans. This outcome underscores the likelihood of a torrent of defaults in the coming months, suggesting a snail-paced economic recovery and probably justifying the recent rise in loan provisions by top American financial institutions.

Interest rates for private loans will also most likely remain low as they follow the 3-month London Interbank Offered Rate, or “LIBOR," when setting their rates. The LIBOR is based on the federal funds rate; thus, rates will most probably remain close to zero possibly until 2022 (Rivera and Mulhere, 2020).

3. More Students Take Out Loans Due to Rising College Costs

With 74% of jobs that pay a minimum of $35,000 requiring a bachelor’s degree or higher (Carnevale et al., 2018), it’s no wonder why Americans are following the Bachelor of Arts pathway to good jobs. However, any college studentor parent of a college studentknows that a degree comes with a hefty price.

For the academic year 2019-2020, the yearly price of tuition, fees, room, and board was approximately $30,500, while the average total price for a four-year degree was $122,000 (Bustamante, 2019). This is just assuming that the student graduates on time. The latest American school statistics, however, tell a different story. Only 41% of first-time, full-time college students finish their degree in four years, and 59% earn their BA in six years (NCES, 2019).

The growing demand for higher education means we can expect a continued rise in tuition and fees and other related expenses to get a college degree. For many families, footing the bill by using their savings or investments will simply not suffice. Thus, many will still rely on student loans.

Understanding the Timeline for Student Loans to Enhance Financial Planning

A significant aspect of managing student loans effectively is understanding the timeline involved in the application, approval, and disbursement process. Many students underestimate how long it may take to secure financing for their education, which could lead to unanticipated financial pressures.

The timeline for obtaining a student loan typically varies depending on the type of loan (federal vs. private) and the procedural requirements of the lending institution. For federal loans, the process begins with completing the Free Application for Federal Student Aid (FAFSA), which generally takes 3-5 days to process if submitted online, or up to 10 days for paper submissions. After that, schools craft financial aid packages, a process that can span several weeks. Private loans, on the other hand, may have more expedited timelines, but they require credit checks and additional paperwork, which can take anywhere from several days to a few weeks.

Given these timeframes, prospective borrowers must plan well in advance to ensure their funding is in place before tuition deadlines. A detailed breakdown of the timelines involved for both federal and private loans can be explored further in this resource on how long does it take to get a student loan. This knowledge empowers students to align their financial strategies with institutional deadlines and avoid unnecessary delays.

By carefully navigating these processes, borrowers can mitigate last-minute financial stress and better prepare for the rising costs associated with higher education.

What alternative funding options can reduce student loan dependency?

Diversifying education financing can lessen the heavy reliance on traditional student loans. In addition to scholarships and work-study programs, borrowers may explore income share agreements, employer tuition assistance plans, community-based funding, and specialized grants tailored to specific fields. Targeted assistance, such as options available for financial aid for cosmetology school, demonstrates that alternative funding streams can offer more favourable terms while reducing long-term financial stress. Evaluating these alternatives alongside conventional loan products can lead to a balanced and sustainable approach to financing higher education.

Are alternative education pathways a cost-effective solution to reduce student debt?

Rising tuition costs have spurred interest in non-traditional, skills-focused education models that minimize financial burdens while addressing industry demand. A growing number of career training programs deliver practical expertise and industry certifications as an alternative to four-year degrees, which can offer faster entry into the workforce and lower initial costs. Analysis of emerging educational trends shows that students seeking financial flexibility are increasingly comparing these pathways with conventional university routes, including online trade school programs. Such alternatives present a strategic approach for reducing long-term debt while meeting specific job market needs.

How does financial literacy impact effective student loan management?

Strengthening financial literacy equips borrowers with the analytical tools to compare repayment plans, assess refinancing benefits, and respond effectively to market fluctuations. A well-informed borrower can evaluate the nuances of variable interest rates, identify optimized consolidation solutions, and implement targeted budgeting strategies without relying solely on external agencies. Advanced understanding also enhances the ability to leverage tax deductions and comprehend long-term financial implications, ultimately reducing debt burdens. In turn, improved financial education supports strategic career planning, opening avenues towards degrees that pay 100k a year, and fostering a sustainable approach to managing student loans.

Student Loan Repayments

4. Federal Student Loan Cancellation Unlikely to Happen

Closer scrutiny of who makes up the trillion-dollar student loan reveals that the majority are undergraduates. About 75% go to two- or four-year colleges and make up approximately half of all outstanding debt. The rest, 25%, are graduate students (Looney et al., 2020).

Democratic presidential candidates Bernie Sanders and Elizabeth Warren had proposals on sweeping federal student loan forgiveness (Nova, 2020). Although these plans can help many families and give them a chance for a new start, they are also very costly. Taxpayers who didn’t accumulate debt, did not go to college, or who paid off their debts already will also shoulder the burden of debt cancellation (Solon, 2020).

Furthermore, cancelling the current student loan debt will not prevent future debt from coming. As long as the cost of higher education continues to soar, students will rely on loans to finance their education; thus, new debt will be incurred and the problem will appear again.

Who owes all that student debt?

Source: Source: Brookings

5. Borrowers Explore Loan Cancellation via PSLF Program

The chances of all federal student loans getting canceled might be small but there is a way for some individuals to receive forgiveness if they apply for Public Service Loan Forgiveness (PSLF). This program discharges a borrower’s remaining debt after they have paid 10 years’ worth of payments while working for the government or a non-profit.

Keep in mind, though, that when applying for the PSLF, you have to meet the eligibility requirementsand they can be quite strict. Aside from the aforementioned requirements, you must also have the correct type of loan, be working full time for a qualifying employer, and pay using the income-based repayment scheme (Helhoski, 2020). The processing time of a PSLF application is on a case-by-case basis. Factors such as when you submitted your documents or whether you have gaps in your employment or payment history can all influence processing time (Federal Student Aid, 2020).

As of May 2020, there have been 202, 094 applications submitted for PSLF, 3,697 of those were approved, and the total value of loans discharged stands at $163, 876, 367 (Federal Student Aid, 2020). This represents a 1.8% approval rate, which is low but can still improve once more people become aware of what they can do to qualify for the program.

6. Senior Student Loans Continue to Rise

Crippling student debt is not exclusive to the young population. In fact, people aged 60-69 years old have as much debt as people in their 30s, averaging $35,637 in 2018 for the former and $36,406 for the latter (Knueven, 2019).

Senior student debt increased to a drastic 1,256% from $6.3 billion to $85.4 billion in only 13 years (Song, 2019). According to The Consumer Financial Protection Bureau (CFPB), 73% of seniors co-signed loans for other people, usually their child or grandchild, while 27% obtained loans for their spouse or themselves (CFPB, 2017).

There are issues particular to older borrowers when it comes to repaying their student loan debt that younger borrowers might not experience. For example, 9% of seniors delayed seeking healthcare services, while 31% had to either stop saving for retirement or use their nest eggs due to student loan debt (AARP, 2018).

Moreover, since most student loan debt cannot be discharged in bankruptcy, some seniors suddenly found lenders garnishing part of their Social Security benefits or a portion of their tax refunds (CFPB, 2017). In 2018, nearly 40% of senior borrowers were in default (Nova, 2018). With still so much debt to repay and not enough resources to utilize, more seniors might find it harder to achieve a comfortable retirement.

7. More Employers Offer Student Loan Repayment Benefits

Employer student loan contributions are a type of employee benefit where the employer pays a fixed amount every month on behalf of an employee in order to assist them in paying back their student loan debt. These programs are still in their infancy but the share of employers offering the benefit has increased to 8% in 2019 from only 4% in 2018 (Miller, 2019). In the past, the focus was on providing healthcare benefits, but with the introduction of the Employer Participation in Repayment Act (H.R. 1043) in February 2019, which would allow employers to give tax-free student loan assistance up to $5,250 annually per employee (Congress.gov, 2019), we hope to see this benefit become mainstream in the future.

Adoption is faster among small and medium-sized organizations who are also using the perk as a competitive edge. With 80% of workers saying that they would like to work for a company that provides student loan repayment benefits (Fried, 2017), employers eager to recruit and retain top-level talent in a tight labor market should look into offering this financial benefit.

How can alternative accelerated education pathways reduce student loan debt?

Accelerated education programs offer a condensed timeline and streamlined curriculum that can significantly cut overall tuition costs and time spent in school. These programs allow adult learners to complete their degrees faster, thereby reducing the total amount of debt incurred and minimizing the period over which interest accrues. Additionally, by quickly transitioning into the workforce, graduates can start earning sooner, which positively impacts their repayment capabilities and long-term financial stability. For more targeted options, consider exploring accelerated bachelor's degree programs for adults to determine if these pathways align with your financial and career goals.

How can borrowers secure immediate student loans when facing urgent financial needs?

In situations where processing times or unexpected expenses create financial gaps, borrowers may need to explore options that offer rapid access to funds. One potential solution is leveraging immediate student loans, which are designed to streamline application and approval processes during time-critical situations. Evaluating these loans requires careful scrutiny of interest rates, fees, and repayment terms to ensure that short-term relief does not negatively impact long-term financial strategies. Borrowers should compare these products against traditional loan options and alternative financial assistance, ensuring that their short-term need for liquidity is balanced with sustainable credit health and future financial stability.

Student Loan Delinquency and Defaults

8. Student Loan Default Rate Continues To Decline

Borrowers who do not make payments for more than 270 days on federal student loans automatically enter default. Based on data released by the Education Department, the cohort default rate from 2015 to 2016 decreased for public, private, and proprietary institutions. This decline has continued for six consecutive years (US Department of Education, 2019).

Though the data might be encouraging, there are also speculations that it does not represent the real struggles of students when it comes to repaying their debt. Pundits have argued that many colleges manage their default rates by pushing students to go into forbearance (GAO, 2018).

Student Loan Default Rate 2016

Source: Source: US Department of Education

9. More Colleges Could be Pushed to Help Students Avoid Defaulting on Their Payments

Among institutions, for-profit colleges had the highest default rate at 15.2% compared to 9.6% and 6.6 % at public and private colleges, respectively (U.S. Department of Education, 2019). For-profit institutions have been publicly criticized for their predatory behavior, charging exorbitant fees and falsely promising high job placement rates, which lead students to take on more loans than what they can actually afford.

We might soon see more accountability from for-profit colleges with the reauthorization of the Higher Education Act. One of its pillars is for Congress to “require colleges and universities to share a portion of the financial risk associated with student loans, in consideration of the actual loan repayment rate." (Inside Higher Ed, n.d.). This provision could compel institutions to not only think twice about increasing tuition but also improve the quality of their courses.

Student Loan Default Rate by Educational Institution

Source: Source: US Department of Education

10. Impact of the Student Loan Debt Crisis Will Be More Pervasive

With these trends and predictions, we can imagine how the student loan debt crisis can have adverse effects on the lives of many Americans. And amidst these social and economic indicators, the fact remains that the total amount of outstanding student loan debt is currently the second-biggest source of consumer debts (next to home mortgages) and has grown more than three times over the past 10 years (Hillman, 2015).

From a financial perspective, huge student debt can hamper people’s life milestones. They will have less financial resources to place a downpayment on a home, invest in a business, build wealth and save for retirement, or get married and take care of their family. High loan repayments can also negatively impact a person’s credit and job prospects.

One’s mental health and well-being are also affected. A UCLA study has shown a correlation between student debt and lower levels of psychological wellbeing for 25- to 31-year-olds (Walsemann et. al., 2015). Meanwhile, the national research study on the state of student loan borrowers in 2018, “Buried in Debt," revealed that more than 85% of respondents agree that student loan debt was a major source of stress, and one in three reported, “such debt is the biggest stress in their lives." (Hembree, 2018).

How are refinancing options evolving for student loan borrowers?

In recent years, student loan refinancing has become a more attractive option for borrowers looking to manage their debt better. Refinancing involves taking out a new loan with a private lender to pay off existing student loans, potentially securing a lower interest rate or better repayment terms. This trend is gaining traction due to a few key factors:

Lower Interest Rates: Many private lenders offer competitive interest rates, particularly for borrowers with good credit scores. This can lead to significant savings over the life of the loan.
Flexible Repayment Terms: Borrowers can choose repayment terms that fit their financial situation, with options typically ranging from 5 to 20 years. This flexibility allows for either lower monthly payments or faster loan payoff.
Combining Multiple Loans: Refinancing can simplify debt management by consolidating multiple federal and private student loans into one new loan, with a single monthly payment.
Access to Rate Discounts: Some lenders provide additional rate discounts for setting up automatic payments or having an existing banking relationship, making refinancing even more attractive.
Limitations of Federal Protections: Refinancing federal student loans into a private loan results in the loss of federal protections such as income-driven repayment plans and Public Service Loan Forgiveness. Borrowers should carefully weigh these trade-offs before proceeding.
Increased Competition Among Lenders: More lenders entering the refinancing market has driven innovation, resulting in more borrower-friendly products and services, including no-fee refinancing and customer support enhancements.

What college majors offer the best return on investment for managing student loan burdens?

Carefully evaluating college majors is essential for borrowers aiming to optimize long-term financial stability while effectively managing loan debt. In this context, assessing factors such as projected earning potential, industry growth trends, and professional stability can steer students toward choices that yield higher returns on their educational investments. Leveraging available analytical tools and data can assist in identifying fields likely to support robust repayment capacity and career advancement. For additional insights into market-driven choices, review the top degrees in demand for the future.

What are the best strategies for managing nursing student loans effectively?

Effectively managing nursing student loans is essential for students pursuing careers in healthcare, given the high costs of education. Below are key strategies to help minimize financial strain and ensure timely repayment:

Understand loan types: Differentiate between federal and private loans. Federal loans often offer lower interest rates, flexible repayment plans, and loan forgiveness options like Public Service Loan Forgiveness (PSLF).
Explore repayment options: Federal loan borrowers can choose income-driven repayment plans, which cap payments based on income and family size. This can be particularly helpful for new nurses starting at entry-level salaries.
Take advantage of forgiveness programs: Nurses working in underserved areas or non-profit organizations may qualify for PSLF or other state-specific forgiveness programs. Research eligibility criteria early to maximize benefits.
Refinance or consolidate loans: Refinancing private loans can lower interest rates, while consolidation can simplify payments. Assess whether refinancing federal loans is worth the loss of federal protections and benefits.
Budget effectively: Create a detailed budget to track income, expenses, and loan payments. Allocate extra funds towards loans with the highest interest rates to reduce long-term costs.
Seek employer benefits: Many healthcare employers offer student loan repayment assistance. Negotiate these benefits during the hiring process to offset your debt burden.

For further guidance, explore nursing student loans, where you’ll find tailored advice on securing and managing loans for nursing education. Adopting these strategies ensures financial stability while building a fulfilling nursing career.

What specialized loan options are available for dental students?

Dental education presents unique financial challenges that require loan products tailored to the high costs and specific repayment dynamics of the field. Specialized financing options offer features such as flexible repayment terms aligned with the delayed income trajectory of new dental graduates, deferred payment plans during residency, and competitive interest rates reflecting lower risk profiles. These products allow borrowers to manage debt more predictably while focusing on their clinical training and career development. For an in-depth comparison of targeted loan products, explore loans for dental school.

How do student loans impact credit scores and long-term financial stability?

Timely student loan repayments can bolster a borrower’s credit profile, while missed or inconsistent payments often lead to credit score declines and limited future borrowing capacity. Understanding how repayment behaviors and interest accrual affect credit performance is essential for long-term financial planning. Borrowers should regularly review their credit reports and consider strategic measures—such as consolidating loans or adopting automated payments—to mitigate financial risks. Additionally, selecting academic programs that offer strong career prospects, like the best 4 year degrees, may improve income potential and support more robust credit health over time.

How can accredited online programs reduce student loan burdens?

Accredited online programs offer a cost-effective alternative to traditional campus-based education by lowering associated expenses such as housing, transportation, and on-campus fees. These programs often deliver competitive curricula that enable students to complete their courses with greater flexibility and reduced overhead, thereby lessening the need for high loan amounts. Furthermore, by streamlining educational pathways and promoting timely degree completion, online education can enhance long-term financial stability. For institutions that meet rigorous quality standards, pursuing a best online degree may represent a strategic approach to optimizing student loan investments while maintaining academic credibility.

Solutions in Sight?

Amid all the challenges, big changes could be on their way for many families struggling with student loan debt. Pending legislation such as H.R. 1043 and the Higher Education Act Reauthorization, no doubt, will aim to rewrite the rules that govern student loan repayment and refinancing. New income-based repayment plans laid out in the FUTURE Act, can also help borrowers access more affordable repayment options (Streeter, 2019). It is unclear yet how these new proposals will actually play out once implemented; however, we can be sure that as long as discontent with the current system remains, discussions on how to address the issues will also drag on.

Key Insights

Escalating Student Debt: The U.S. student loan debt has reached $1.6 trillion, surpassing credit card and auto loan debt. It is projected to hit $2 trillion by late 2023 or early 2024.
Rising Loan Balances: Graduates from 2018 have an average student loan debt of $29,200, while the average debt for all federal loan borrowers is $35,397.
Federal Support and Grants: State spending, grants, and financial aid have increased, contributing to a downward trend in the total loan amount taken out by students.
Low Interest Rates: Due to COVID-19 economic fallout, interest rates on federal student loans have dropped to historic lows, benefiting students taking out loans for the 2020-2021 school year.
Increasing College Costs: With the rising cost of higher education, more students are compelled to take out loans, as the average cost for a four-year degree is $122,000.
Student Loan Cancellation Unlikely: Large-scale federal student loan forgiveness is improbable, although programs like Public Service Loan Forgiveness (PSLF) offer some relief.
Senior Student Debt: Student loan debt among seniors (60-69 years old) has drastically increased, impacting their financial stability and retirement plans.
Employer Repayment Benefits: More employers are offering student loan repayment benefits, with adoption increasing as a competitive edge in the labor market.
Declining Default Rates: The student loan default rate has been declining, though there are concerns about the true financial struggles of borrowers.
Institutional Accountability: There is a push for more accountability from for-profit colleges to help students avoid defaulting on their payments and improve the quality of education.
Pervasive Impact: The student loan debt crisis affects financial milestones, mental health, and overall well-being, highlighting the need for systemic changes.

FAQ

What is the current state of student loan debt in the U.S.? Student loan debt in the U.S. has reached $1.6 trillion, affecting 45 million borrowers. It is expected to reach $2 trillion by late 2023 or early 2024.
How much debt do recent graduates typically have? Graduates from 2018 have an average student loan debt of $29,200, while the average debt for all federal loan borrowers is $35,397.
Why is the total loan amount taken out by students declining? The decline is attributed to increased state spending, more grants, and financial aid injected into the higher education system. In 2018-2019, total grant aid rose by 56% to $135.6 billion.
How has COVID-19 affected student loan interest rates? The CARES Act brought down federal student loan interest rates to historic lows—2.75% for undergraduates, 4.30% for graduate students with unsubsidized direct loans, and 5.30% for PLUS loans for the 2020-2021 school year.
What are the average costs of attending college? For the academic year 2019-2020, the yearly cost of tuition, fees, room, and board was approximately $30,500, with the total price for a four-year degree averaging $122,000.
Is federal student loan cancellation likely to happen? Large-scale federal student loan cancellation is unlikely due to its high cost and the burden it would place on taxpayers who did not accumulate debt or have already paid off their debts.
What is the Public Service Loan Forgiveness (PSLF) program? The PSLF program discharges a borrower’s remaining debt after 10 years of payments while working for the government or a non-profit. Applicants must meet strict eligibility requirements and use the income-based repayment scheme.
How is student debt affecting senior citizens? Senior student debt has increased by 1,256% over 13 years, with older borrowers facing issues like delayed healthcare, depleted retirement savings, and garnished Social Security benefits due to loan defaults.
Are more employers offering student loan repayment benefits? Yes, the share of employers offering student loan repayment benefits increased to 8% in 2019, up from 4% in 2018. This benefit is gaining traction as a competitive edge in the labor market.
What is the trend in student loan default rates? The student loan default rate has been declining for six consecutive years, although some speculate that this does not fully represent the financial struggles of students, as many colleges push students into forbearance to manage default rates.
How does the student loan debt crisis impact individuals and the economy? The student loan debt crisis hampers financial milestones like home buying, business investments, and retirement savings. It also negatively impacts mental health, with many borrowers experiencing significant stress due to their debt obligations.

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