What are the demographics of student debt?

70% of White and Caucasian student borrowers have student loan debt. Four years after graduation, 48% of Black students owe an average of 12.5% more than they borrowed. After that same period, 83% of White students owe 12% less than they borrowed.

What group has the most student debt?

The highest-income 40% of households (those with incomes above $74,000) owe almost 60% of student loan debt. These borrowers make almost three-quarters of student loan payments. The lowest-income 40% of households hold just under 20% of student loans and make only 10% of the payments.

What profession has the most debt?

Dental school graduates have an average debt of 292,169, making them the most debt laden professional degree, followed by medical school at $201,490. Average state student loan debts range from $29,200 in North Dakota to $55,400 in DC.

What is the average student loan debt in 2020?

The average student borrows over $30,000 to pursue a bachelor’s degree. A total of 45.3 million borrowers have student loan debt; 95% of them have federal loan debt.

Average Student Loan Debt by Year.

Year Undergraduate Only All Student Debt
Year 2020 Undergraduate Only $36,635 All Student Debt $36,510

What happens if you don’t pay student loans?

Failing to pay your student loan within 90 days classifies the debt as delinquent, which means your credit rating will take a hit. After 270 days, the student loan is in default and may then be transferred to a collection agency to recover.

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