Your question: What profession has the highest student loan debt?

Nurses who have a master of science in nursing have the most student loan debt, while those who have a bachelor’s degree or associate degree have lower debt, but may have lower salaries as well.

How much debt do engineers graduate with?

The average starting salary for an engineer out of school is just over $62,000 – just over $66,000 for Electrical Engineers, and the average student loan debt for engineers is roughly in-line with the average non-engineer student loan debt, at approx., $37,000.

How much debt do American students have?

Total outstanding student loan debt is $1.59 trillion, according to second quarter of 2021 data from the federal government.

Average student loan amounts by debt type.

Debt type Average debt
Bachelor’s degree debt $28,950
Graduate school loan debt $71,000
Parent PLUS loan debt $16,452
Law school debt $145,500

Which race takes out the most student loans?

Black women owe 22% more in student debt than white women, on average. In the United States, Women owe the majority of the outstanding $1.7 trillion dollars in student loans. As of 2020, women held almost $929 billion in outstanding student debt.

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.

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

How much of my income should go to student loans?

The U.S. Department of Education recommends that students do not take on a student loan payment that exceeds 20 percent of total projected discretionary income, or 8 to 10 percent of total monthly income.

Which degree has the most debt?

Average student loan debt by major varies, but investing in one’s education correlates with higher earnings.

Unsurprisingly, majors in STEM-related fields make up the top five majors with the highest earnings-to-debt ratio:

  • Physical Sciences.
  • Computer Engineering.
  • Engineering.
  • Chemical Engineering.
  • Computer Science.

How long does it take an engineer to pay off student loans?

That means it takes at least 10 years, and you must be on an income-driven repayment plan during that time. There are also other federal and state programs that offer repayment assistance or forgiveness for engineers.