It definitely seems like how more and more Americans are carrying the burden of a student loan. Unfortunately, the number of students trying to refinance or pay their debts is just rising. If you have wondered how the statistics of student loan debts look like in 2019, continue reading and find out.
70% of Students Tied to Private and Federal Loans
Let’s start with saying how almost 70% of student who took loans graduated with an incredible amount of debt-$29,800! This is both for federal and private loans.
There are more than 45 million borrowers and they have created a huge debt of $1.56 trillion! So, unfortunately, students definitely have higher debts than those who struggle with credit card debts ($521 billion more!).
Average and Median Monthly Student Loan Payment
What about the average and median monthly student loan payment? How high is it? For the median, it is around $222, and the average is $393. It is completely clear how American students need to get some help or immediately do something about their loans.
So, why don’t they turn to Public Service Loan Forgiveness? Let’s talk about those statistics for a bit. When it comes to borrowers of this kind, there are 890,516 of them. Many others submitted their application as well, 41,221 of them, but only 421 of those applications were actually approved. Yet, there are 206 of borrowers who have succeeded to get some help from student loan forgiveness programs.
US Countries with Highest Student Loan Debts
California and Texas are definitely the states with the highest student loan debts. California counts 3.4 million borrowers which have created $111.7 billion of student debts! When it comes to Texas, it has 2.9 million borrowers with a total amount of $85.4 billion student loan debt.
Also, direct loans are definitely ”the winner” here, with 34.2 million borrowers and over $1.1503 trillion student loan debt. Right after direct loans, FFEL loans took second place with 13.5 million borrowers and $281.8 billion student loan debt.
As we can see, the statistics are very bad and there must be done something about this as soon as possible.