Over 43 million people in the US are in student loan debt. Collectively, they owe a staggering total of $1.26 trillion. The average monthly payment on a student loan debt is $351 for borrowers between 20 and 30 years old.
Infographic by Money Goody.
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The class of 2016 college graduates, on average, still owe $37,172 in student loan debt. Over 11% of student loans fall into delinquency.
Public vs Private Colleges
In 2012:
- 66% of graduates from public colleges had student loans with an average debt of $25,550.
- 75% of graduates from private nonprofit colleges had student loans with an average debt of $32,300.
- 88% of graduates from for-profit colleges had student loans with an average debt of $39,950.
Graduate School Debt
Over 40% of student loan debt paid for graduate and professional degrees. These debts are even larger.
Graduates of:
- MBA programs typically owe $42,000 in student loan debt.
- Master of Science programs typically owe $50,400 in student loan debt.
- Master of Education programs typically owe $50,879 in student loan debt.
- Master of Arts programs typically owe $58,539 in student loan debt.
- Law school typically owe $140,616 in student loan debt.
- Medicine and Health Sciences programs typically owe $161,772 in student loan debt.
