Student Loan Debt In 2018: A $1.5 Trillion Crisis
Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans.
According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. The average student in the Class of 2016 has $37,172 in student loan debt.
The latest student loan debt statistics for 2018 show how serious the student loan debt crisis has become - for borrowers across all demographics and age groups.
If you are a student loan borrower, the following student loan debt statistics can help you make more informed decisions regarding student loan refinance, student loan consolidation, student loan repayment and student loan forgiveness.
Student Loan Statistics: Overview
Total Student Loan Debt: $1.52 trillion
Total U.S. Borrowers With Student Loan Debt: 44.2 million
Student Loan Delinquency Or Default Rate: 10.7% (90+ days delinquent)
Total Increase In Student Loan Debt In Most Recent Quarter:$29 billion
New Delinquent Balances (30+ days): $32.6 billion
New Delinquent Balances - Seriously Delinquent (90+ days):$31 billion
(Source: As of 1Q 2018, Federal Reserve & New York Federal Reserve)
States With The Most Student Loan Debt
Not surprisingly, states with larger populations have higher aggregate student loan debt. California, Florida, Texas and New York are among the four highest states for total student loan debt outstanding among resident borrowers.
California, Florida, Texas and New York represent more than 20% of all U.S. student loan borrowers.
High Student Loan Debt States & Low Student Loan Debt States
New Hampshire has the highest average student loan debt per student ($36,367) from the Class of 2016.
Utah has the lowest average student loan debt per student ($19,975) from the Class of 2016.
Student Loan Debt Per Capita In Select U.S. States
In the U.S., as of 2016, the average student loan debt per capita is $4,920. Pennsylvania, New York and Michigan have among the highest student loan debt per capita in the nation.
New York: $5,570
Distribution Of Student Loan Borrowers By Balance
As of 2018, more than 42 million student loan borrowers have student loan debt of $100,000 or less.
More than 2 million student loan borrowers have student loan debt greater than $100,000, with 415,000 of that total holding student loan debt greater than $200,000.
The largest concentration of student loan debt is $10,000 - $25,000, which accounts for 12.4 million student loan borrowers.