What income group has the most student debt?
Asked by: Tyrese King | Last update: November 24, 2025Score: 4.2/5 (45 votes)
The average student loan debt was $29,300 for 2022-23 graduates. Higher-income families tend to have higher average student loan debts. Student loan debt is highest among Black families, compared with other races.
Which group has the most student debt?
A large cadre of research now shows that student debt disproportionately burdens Black borrowers. Not only are Black students more likely to borrow, and to need to borrow more, but they struggle much more with paying back their loans.
What demographic is most affected by student loan debt?
Student loan debt disproportionately impacts Black student borrowers, affecting monthly budgets and financial milestones alike. Though there are racial disparities in student debt burdens, borrowers of color may also be eligible for scholarships or other financial aid that is race-specific.
Who owes the majority of student debt?
Among student borrowers, women take out an average of $31,276, while men borrow an average of $29,270, according to a 2021 data analysis by the American Association of University Women. Black women owe a disproportionate amount of student debt.
Who is most likely to have the most college student debt?
Women, Black borrowers, and students at for-profit schools owe more federal student debt, on average, than other groups of borrowers. On average, women owe nearly $3,000, or 10 percent, more student debt than men. Black borrowers owe over $13,000, or nearly 50 percent, more than white borrowers.
What Everyone's Getting Wrong About Student Loans
Which racial group has the highest percentage of graduates with student loan debt over $60,000?
Black women are the most likely to graduate with student debt (95.9 percent), followed closely by Black men (94.6 percent), and Black women graduate with the highest average debt among student loan borrowers ($78,500).
What generation has the most student debt?
In 2024, the generation Z in the United States had an average of roughly 22,950 U.S. dollars in student loan debt. By contrast, Generation X had the highest student loan debt, amounting to approximately 44,240 U.S. dollars.
What race receives the most financial aid?
Asian students received a higher average annual amount of grant aid ($13,840) than did students who were of Two or more races ($11,940), White ($11,420), Black ($11,390), Hispanic ($11,090), American Indian/Alaska Native ($10,750), and Pacific Islander ($10,280).
How many low-income families have student loan debt?
Student Loan Debt by Household Income
20th to 40th percentile households owe 22% of all outstanding student debt. The lowest income quintile (20th percentile and lower) owes 5% of all student loan debt. Households between the 11th and 20th percentile hold 14% of all student debt.
Which race is most in debt?
Approximately three-quarters of Black- and White-headed families have debt, but the median debt-to-asset ratio is 50% higher among Black than White families (Copeland, 2020), with Black borrowers less likely to fully repay loans (Brevoort et al., 2021).
What professions have the most student loan debt?
1. Medical Professionals (Doctors and Surgeons) Medical professionals consistently top the list of careers with the highest student loan debt. Reason for debt: Lengthy education (4 years of undergraduate studies, 4 years of medical school, plus residency and possibly fellowship).
Who struggles most with student debt?
Black college students generally take on more debt than white students, and they are more likely to struggle with loan repayment after graduating, in part because they typically have lower levels of family wealth.
Do minorities have more student debt?
For some borrowers, the impact is even greater. Black and Latino borrowers are disproportionately impacted by student loan debt. Due to racial wealth disparities, most Black and Latino college students come from low-income backgrounds and can count on only a fraction of the financial support.
Which group is the most behind on repayment of their student loans?
Overview. Black and Hispanic or Latino student loan borrowers are more likely to have difficulty repaying their loans than their White peers, according to a significant body of research.
What are the demographics of student loan debt?
Student Loan Debt by Race or Ethnicity
On average, Black or African American student borrowers owe $25,000 more than White or Caucasian borrowers owe for bachelor's graduates. Four years after graduation, 48% of Black student borrowers and 17% of White student borrowers owe more than they initially borrowed.
Who owes the most student debt?
- Black student borrowers owe the highest monthly payments.
- Black student borrowers with an associate's degree are the most likely to have monthly payments of $260.
- Black student borrowers with a bachelor's degree are the most likely to have monthly payments of $390.
Is $100,000 a lot of student debt?
Overall, only 1% of all U.S. adults owed at least $100,000. Young college graduates with student loans are more likely than those without this kind of debt to say they struggle financially.
What is the income ratio for student debt?
Some experts say your future student loan payments should be no more than 8% to 12% of your monthly salary at the time you begin making payments. Mathematically, this translates to borrowing no more than the equivalent of one year's salary, which is a simple guideline for students to remember.
What race is the most generous?
GIVING AS A PERCENTAGE OF INCOME (2018)
Black Americans donated a higher percentage of their income to religious congregations and secular causes in 2018 than all other racial groups, except for White Americans.
Which race goes to college the most?
In 2022, the college enrollment rate for 18- to 24-year-olds was higher for those who were Asian (61 percent) than for those of all other racial/ethnic groups: White (41 percent) Two or more races (36 percent) Black (36 percent)
Which group is most likely to have the highest student debt?
Black women's average loan balance is the highest of any group, at $11,000 (Addo and Zhang 2022). A high percentage of Black men also have student debt (32.1%). Among Hispanic borrowers who attended some college or higher in their educational career, 24.1% of women and 18.9% of men are paying off student loans.
How many Americans have over $1000000 in student debt?
Behind the numbers (WSJ): Due to escalating tuition and easy credit, the U.S. has 101 people who owe at least $1 million in federal student loans, according to the Education Department. Five years ago, 14 people owed that much. More could join that group.
Will Gen Z be the most educated generation?
Highly educated
Generation Z students are on track to become the most educated generation. They have higher high school graduation rates and lower dropout rates than those who came before.