Student Loan Facts

  • Money borrowed by students for advanced degrees: $300 billion
  • Percentage of 2010 college graduates working jobs that require less than a high school diploma: 38%
  • Average default rate on loans for associate’s degrees or certificates: 17.6%
  • Average default rate on loans for bachelor’s degrees: 9.3%
  • Private student loans that came from the same seven private lenders: 87%
  • Number of Americans age 60 and older who owe money on student loans: 2.2 million
  • Percentage of college-age students who are choosing less selective colleges in order to take on less debt: 41%
  • Default rates on student loans that causes a college or university to become ineligible for federal student loan subsidies: 30%
  • Number of Americans age 50 and older who account for roughly $149 billion in student loan debt: 6.8 million
  • Institutions with higher-than-average default rates that also grant associate’s degrees or certificates: 75%
  • Student loan borrowers under the age of 30: 14 million
  • Borrowers who take out more than $100,000 in student loans: 3%
  • Average student loan debt owed in the US: $24,301
  • Federal student loans owed directly to the US government: $864 billion
  • Default rates for students with advanced degrees: 6.1%
  • Student loans owed to private lenders, like banks: $150 billion
  • Student loan borrowers in the US: 37 million
  • Americans with bachelor’s degrees working minimum-wage jobs: 280,000
  • Graduate students that signed up for federally subsidized Stafford loans before 2012: 30%
  • Americans with advanced degrees working minimum-wage jobs: 37,000
  • Unemployment rate for college graduates: 4.6%
  • Interest rate charged on some loans by Sallie Mae: 9.25%
  • Average student loan debt for the class of 2010: $25,350
  • Average starting salary for 2012 college graduates: $44,482
  • Average student loan debt for the class of 2011, as of 2011 (estimated): $22,900
  • Borrowers who owe less than $6,000: 25%
  • Current interest rate on federally subsidized Stafford loans: 3.4%
  • Average student loan debt for the class of 2011, as of 2013: $26,600
  • Interest rate on federally subsidized Stafford loans, as of 1 July: 6.8%
  • Date that federally subsidized Stafford loans became unavailable to graduate students: July 2012

Sources: Federal Reserve, Department of Labor, Sarah Millar of ConvergEx, Center for College Affordability and Productivity, College Board, Project on Student Debt

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