Facts & Figures: U.S. Student Loan Debt by the Numbers as of April 2013

  Student debt owed in the US:  $1.2 trillion
  Borrowers who complained their lender was unresponsive to negotiate loans:  65%
  Average default rate on student loans:  13.4%

  Student debt owed in the US:  $1.2 trillion
  Borrowers who complained their lender was unresponsive to negotiate loans:  65%
  Average default rate on student loans:  13.4%

Facts & Figures: U.S. Student Loan Debt by the Numbers as of April 2013

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  Student loan borrowers in the US: 37 million

  Federal student loans owed directly to the US government: $864 billion

  Student loans owed to private lenders, like banks: $150 billion

  Private student loans that came from the same seven private lenders: 87%

  Borrowers who take out more than $100,000 in student loans: 3%

  Borrowers who owe less than $6,000: 25%

  Average student loan debt owed in the US: $24,301

  Money borrowed by students for advanced degrees: $300 billion

  Average student loan debt for the class of 2011, as of 2013: $26,600

  Average student loan debt for the class of 2011, as of 2011 (estimated): $22,900

  Average student loan debt for the class of 2010: $25,350

  Average starting salary for 2012 college graduates: $44,482

  Current interest rate on federally subsidized Stafford loans: 3.4%

  Interest rate on federally subsidized Stafford loans, as of 1 July: 6.8%

  Graduate students that signed up for federally subsidized Stafford loans before 2012: 30%

  Date that federally subsidized Stafford loans became unavailable to graduate students: July 2012

 

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  Interest rate charged on some loans by Sallie Mae: 9.25%

  Average default rate on loans for bachelor’s degrees: 9.3%

  Average default rate on loans for associates degrees or certificates: 17.6%

  Default rates for students with advanced degrees: 6.1%

  Default rates on student loans that causes a college or university to become ineligible for federal student loan subsidies: 30%

  Institutions with higher-than-average default rates that also grant associate’s degrees or certificates: 75%

  Unemployment rate for college graduates: 4.6%

  Student loan borrowers under the age of 30: 14 million

  Americans with bachelor’s degrees working minimum-wage jobs: 280,000

  Americans with advanced degrees working minimum-wage jobs: 37,000

  Percentage of 2010 college graduates working jobs that require less than a high school diploma: 38%

  Percentage of college-age students who are choosing less selective colleges in order to take on less debt: 41%

  Number of Americans age 50 and older who account for roughly $149 billion in student loan debt: 6.8 million

  Number of Americans age 60 and older who owe money on student loans: 2.2 million



— Sources: Federal Reserve, Department of Labor, Sarah Millar of ConvergEx, Center for College Affordability and Productivity, College Board, Project on Student Debt

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