How many US citizens have student debt?
Asked by: Alaina Cassin | Last update: November 29, 2025Score: 4.1/5 (45 votes)
Roughly 42.7 million Americans have outstanding federal student loan debt — that's about 12.5% of the U.S. population, per census data. $96.3 billion. 6.8 million. $14,162.
What percentage of US citizens have student debt?
The percentage of households with student debt has more than doubled, from 10 percent in 1992 to 21 percent in 2022. That trend is true for younger households as well; the prevalence of student debt for households led by someone aged 25 to 39 has climbed from 15 percent in 1992 to 41 percent in 2022.
How many people have over $100,000 in student debt?
Adults with a postgraduate degree are especially likely to have a large amount of student loan debt. About a quarter of these advanced degree holders who borrowed (26%) owed $100,000 or more in 2023, compared with 9% of all borrowers. Overall, only 1% of all U.S. adults owed at least $100,000.
Is $70,000 in student loans a lot?
A lot of student loan debt is more than you can afford to repay after graduation. For many, this means having more than $70,000 – $100,000 in total student debt.
Is 100k in student loans bad?
“$100k is a lot to pay off, and you'll need to make sure you always have a stream of income to cover your monthly loan payments,” he said.
VERIFY: How many people have federal student loan debt
How to pay off $60,000 in debt in 2 years?
- Figure out your budget.
- Reduce your spending.
- Stop using your credit cards.
- Look for extra income and cash.
- Find a payoff method you'll stick with.
- Look into debt consolidation.
- Know when to call it quits.
Is 200k a lot in student loans?
A student loan balance of $200,000 is comparable to a mortgage, making it a significant financial obligation you'll likely manage for years.
What age do people pay off student loans?
You're not alone if you are still paying off your student loans from your college education years ago. In fact, many Americans are paying their student loans well into middle age. A 2019 study from New York Life found that the average age when people finally pay off their student loans for good is 45.
What is the smartest way to pay off student loans?
- Make extra payments toward the principal. ...
- Enroll in autopay. ...
- Make biweekly payments. ...
- Pay off interest before it capitalizes. ...
- Stick to the standard repayment plan. ...
- Refinance if you have good credit, a steady job and private loans.
Which country has the highest student debt?
The #1 most expensive place to go to college in the world
Student debt is making headlines in the UK as student debt balloons. However, their repayment structure looks quite different from the US's. University graduates begin loan repayment once they earn over the income threshold amount for their repayment plan.
How many Americans have credit card debt?
Slightly fewer Americans carry credit card debt than did earlier this year and late last year. 48% of credit cardholders report having a credit card balance, compared to 50% in June 2024 and 49% in November 2023. The most common reason for credit card debt is emergency or unexpected expenses.
How bad is student debt in America?
Student loan debt in the United States totals $1.773 trillion; annual growth resumed in 2024 following year-over-year (YoY) declines that began in 2023. The outstanding federal student loan balance is $1.693 trillion; 42.7 million student borrowers have federal loan debt.
Why is it so hard to pay off student loans?
If your monthly payment does not cover the accrued interest, your loan balance will go up, even though you're making payments. Unpaid interest will also capitalize each year until your total balance is 10% higher than the original balance. This means you will pay interest on your interest.
What is the average student loan debt in the UK?
How much is the average student loan debt in the UK? According to the Student Loans Company (SLC), the average student debt in the UK is £45,600 for students who started their course in 2022-23. This is expected to be £42,900 for those starting in the reformed system for 2023-24.
How long does it take the average person to pay off student loans?
On average, people with student loans have spent just over 21 years paying back their loans. Federal student loans offer repayment plans that last from 10 to 30 years. Private student loan repayment terms vary.
Are student loans wiped after 25 years?
Your balance can be forgiven after 20 years if your loans were for undergraduate study, or 25 years if you have graduate school loans. Additional changes will roll out in July 2024, further reducing the amount you must pay and potentially offering forgiveness in as little as 10 years.
What is the average debt for a 40 year old?
Here's the average debt balances by age group: Gen Z (ages 18 to 23): $9,593. Millennials (ages 24 to 39): $78,396. Gen X (ages 40 to 55): $135,841.
What is the 20 year rule for student loans?
Income-Driven Repayment (IDR) Forgiveness
If you repay your loans under an IDR plan, any remaining balance on your student loans will be forgiven after you make a certain number of payments over 20 or 25 years—or as few as 10 years under our newest IDR plan, the Saving on a Valuable Education (SAVE) Plan.
Is $50,000 in student loans bad?
Having $50,000 in student loan debt can be a tremendous financial burden. Depending on your interest rate and the types of loans you have, the payments can amount to a very large portion of your monthly budget.
How long would it take to pay off a $200,000 student loan?
Let's say you have $200,000 in student loans at 6% interest on a 10-year repayment term. Your monthly payments would be $2,220. If you can manage an additional $200 a month, you could save a total of $7,796 while trimming a year off your repayment plan.
Is 30k in student loans bad?
If you racked up $30,000 in student loan debt, you're right in line with typical numbers: the average student loan balance per borrower is $33,654. Compared to others who have six-figures worth of debt, that loan balance isn't too bad. However, your student loans can still be a significant burden.
Does all debt fall off after 7 years?
In general, most debt will fall off your credit report after seven years, but some types of debt can stay for up to 10 years or even indefinitely. Certain types of debt or derogatory marks, such as tax liens and paid medical debt collections, will not typically show up on your credit report.
What is the snowball method of debt?
What to know about the snowball vs. the avalanche method. The "snowball method," simply put, means paying off the smallest of all your loans as quickly as possible. Once that debt is paid, you take the money you were putting toward that payment and roll it onto the next-smallest debt owed.
Does the US government have a debt relief program?
When it comes to credit card debt relief, it's important to dispel a common misconception: There are no government-sponsored programs specifically designed to eliminate credit card debt. So, you should be wary of any offers claiming to represent such government initiatives, as they may be misleading or fraudulent.