What is the average student debt

The amount of debt you take on for college will depend on a variety of factors. The most important factors to consider are where you attend and how much you can afford to pay out of pocket. Typically, public colleges will be cheaper than private ones, but you might get more financial aid at a private school that could make it cheaper to attend than a public one.

According to the College Board, these were the average costs of colleges for the academic year:. Here are additional factors that will affect your debt load:. Your ability to pay without loans. If you can get scholarships, grants, work-study or have income or savings from family, then you can decrease the amount you borrow. Living off campus or at home might be the cheaper option than paying for four years of room and board, depending where you attend school.

Before you consider borrowing, make sure to complete the Free Application for Federal Student Aid , or FAFSA, which is the key to unlocking free aid like grants, scholarships and work-study, as well as federal loans.

For an undergraduate degree, federal student loan borrowers can borrow up to the following amounts:. Graduate and professional students unsubsidized only. On average, it takes 20 years for borrowers to pay off their student loans, according to EducationData. But keep in mind that you could reduce this timeframe by increasing your monthly payments or by refinancing your loans for a lower interest rate or shorter repayment term. You could also consider refinancing your student loans to get a lower interest rate depending on your credit or to shorten your repayment term.

Actual savings may be higher or lower. Please note that your actual savings may vary depending on interest rate, balance, loan terms, credit score, and other factors.

Home » All » Statistics » U. Average Student Loan Debt Statistics. Student Loan Refinancing. Student Loan Debt Statistics There are several factors that impact the average student loan debt, such as education level and loan type. Federal student loan debt As of the last quarter of , federal student loan debt comprises the following, according to EducationData. Use the slider to see how increasing your payments can change the payoff date.

Enter loan information Loan balance? Interest rate? Loan term? Enter the amount of time left to repay your loan years. Keep in mind: While you can refinance both federal and private student loans , refinancing federal loans will cost you federal benefits and protections — such as access to IDR plans and student loan forgiveness programs.

Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term. These examples provide estimates based on payments beginning immediately upon loan disbursement.

For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Terms and Conditions apply. These examples provide estimates based on the Deferred Repayment option, meaning you make no payments while enrolled in school and during the separation period of 9 billing periods thereafter.

California Financing Law License Visit earnest. One American Bank, S. Offers from Laurel Road cannot be combined. This offer is not valid for current Laurel Road clients who refinance their existing Laurel Road loans, clients who have previously received a bonus, or with any other bonus offers received from Laurel Road via this or any other channel.

The amount of the bonus will depend on the total loan amount disbursed. In order to receive this bonus, customers will be required to complete and submit a W9 form with all required documents.

Taxes are the sole responsibility of the recipient. This offer is not valid for current ELFI customers who refinance their existing ELFI loans, customers who have previously received a bonus, or with any other bonus offers received from ELFI via this or any other channel. If the applicant was referred using the referral bonus, they will not receive the bonus provided via the referring party. If the applicant becomes an ELFI customer, they may participate in the referral bonus by becoming the referring party.

Additional terms and conditions apply. This offer is not valid for current Splash customers who refinance their existing Splash loans, customers who have previously received a bonus, or with any other bonus offers received from Splash via this or any other channel.

Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and year terms are capped at 8. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent 0.

The SoFi 0. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment.

This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Additional terms and conditions apply; see SoFi. Void where prohibited by state law.

SoFi reserves the right to modify or discontinue at any time without notice. A customer will only be eligible to receive the bonus one time. New applicants are eligible for only one bonus. This offer is not valid for current LendKey clients who refinance their existing LendKey loans, clients who have previously received a bonus, or with any other bonus offers received from LendKey via this or any other channel.

Additional menu. Advertising Disclosure Advertising Disclosure This post may contain affiliate links, which means Student Loan Planner may receive a commission, at no extra cost to you, if you click through to make a purchase. Table of Contents hide. Average student loan debt facts.

Student loan statistics by state. Student loan forgiveness. Student loan default and delinquency. Deferment and forbearance. Federal student loan data. Income-Driven Repayment. Private student loan data. Student loan debt statistics. Average Student Loan Debt Facts. As of June 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.