GadCapital: Student Loan Debt Statistics for 2022

According to the Federal Reserve Bank of St. Louis, student-loan debtors in the United States owe a total of almost $1.75 trillion in private and federal student loan debt in April 2022. [1]

Here’s the most critical information about student loan debt you should know: how much debtors owe, what types of loans they have, and how they’re repaying them.

Student loan debt is on the rise.

According to the most recent data available from The Institute for College Access & Success, a non-profit organization that aims to enhance access to higher education and affordability [2], 62% of students in 2019 have student debt on their transcripts. The median student loan debt was $28,950 among these.

According to NerdWallet’s household debt survey, the average U.S. household with student debt owes $57,520.

Who has outstanding student loan debt?

According to an examination of the May 2021 census data, 43 million Americans are in debt due to school loans, or one out of every eight people (12.9 percent).

According to official data, persons between the ages of 25 and 34 are the most likely to have student loan debt, but those between the ages of 35 and 49 owe the highest debt, totaling more than $600 billion.

According to data from the American Association of University Women, women have larger college loans than men (and get more degrees) in 2020. According to federal data, Black students are more likely to borrow in larger sums than students of any other race or ethnicity.

Forgiveness of student loans

Applications for federal student loan forgiveness have been authorized by the Federal Student Loan Administration. Consolidation loans online @ GadCapital may also good idea for loan forgiveness

Public Service Loan Forgiveness: 14,566 out of 756,617 applicants were approved, resulting in a 1.9 percent acceptance rate. The approval rate is 1.9 percent. In the case of PSLF, the total discharges processed were 11100, whereas in the case of the Temporary Expanded PSLF, the total discharges handled were 3,466. (Federal student loan forgiveness data as of February 2022.) This information comprises a temporary public service for loan repayment that has been enlarged.)

PSLF waiver: Over 113,000 waiver discharges have been processed, resulting in the discharge of $6.8 billion in debt.

For 32 borrowers, income repayment is a factor in forgiveness (Source Federal data gathered through the National Consumer Law Center and Student Borrower Protection Center).

Ramon J. Espinoza