Taking out a loan for school is more common than ever, and here are some student load debt stats that demonstrate this.
General Student Loan Debt Stats 2023
Average Student Loan Debt Stats 2023
Federal vs. Private Student Loan Debt Stats 2023
Student Loan Stats about Demographics 2023
Student Loan Debt Stats During the Pandemic
What percentage of the population has student debt?
Almost 13% of all people living in the US have student loan debt. That’s roughly 42 million people living in debt. For this reason, student loans are now the second-largest form of household debt after home loans.
What percentage of students graduate with no debt?
65% of students in a 4-year university graduate with some amount of student debt. That means only 35% of students have the benefits of obtaining their degree without owing any money. However, 25% of students graduate owing less than $25,000.
Which majors have the most student debt?
The major with the highest percentage of borrowers is a bachelor’s degree in nursing. They account for 4.2% of all loan borrowers. This is followed by a bachelor’s in business administration (4.1%), associate’s degree in liberal arts (4%), bachelor’s in psychology (3.3%), and bachelor’s in cosmetology (2.9%).
Conclusion
Student loan debt has reached a record high. This makes it difficult for students to obtain a bachelor’s or graduate degree. Although it’s hard to say if it’s worth the investment, we do know that this number is going to continue growing unless something drastically changes in our education system. Sources:
EducationData.org NerdWallet Brookings.edu Debt.com Forbes
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