Who is most affected by student loans?
Asked by: Leonie Bins | Last update: January 8, 2026Score: 4.3/5 (47 votes)
Adults with a postgraduate degree are especially likely to have a large amount of
Who suffers the most from student loan debt?
By the numbers: Borrowers between 35 and 49 years old owe the most in federal student loans, according to Federal Student Aid data. Details: Women typically borrow more for college than men, according to NerdWallet, a personal finance company.
What demographic has the most student loan debt?
Black adults are more than twice as likely than white adults to have student loan debt. The following graph includes federal and private student loan debt among all adults. On average, Black adults in the U.S. also hold higher student loan debt balances than borrowers of other races.
Who is affected by student debt?
Over half (56 percent) of the students who attend public two- and four-year institutions in California come from families that earn under $40,000 annually. Subsequently, 90 percent of Black and 72 percent of Latino students take out student loans, compared to 66 percent of white borrowers.
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 Everyone's Getting Wrong About Student Loans
Who does student loans affect the most?
The average federal student loan debt is highest for women, Black borrowers, and those who attended for-profit colleges. Note: Data reflects the average cumulative federal student loan amount owed, including principal and interest, for undergraduate and graduate education 12 months after completing a bachelors degree.
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).
Who is hurt by student loan forgiveness?
It's estimated Black and Hispanic women are expected to experience some of the largest reductions in the percentage with any student loans from the $10,000 relief plan: 5.4 and 4.7 percentage points, respectively. White men are expected to experience among the smallest reductions (2.4 percentage points).
Who owes the majority of student debt?
Student debt by age
Perhaps unsurprisingly, most people with student debt — about two-thirds of them — are between the ages of 25 and 50. This group also owes the most, federal statistics show. That said, the fastest growing group of borrowers in the past several years has actually been older adults.
Does student debt go to children?
Federal student debt is discharged upon the death of the borrower. Many private lenders will also cancel debt when the borrower dies, but policies vary by lender. Loved ones or spouses can't inherit student loan debt.
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).
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).
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 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.
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.
Do rich kids take out student loans?
Whether your family is rich, poor, or somewhere in between, you can take advantage of student loans provided by the US government. These loans (known as Federal Loans, Direct Loans or Stafford Loans) offer lower rates and more flexible payback options than you can find from almost any other source.
Who is the billionaire that paid off student debt?
Billionaire Robert F. Smith pledged to pay off student loans for every member of Morehouse College's graduating class. The Ivy League-educated business leader made his fortune investing in software firms and other tech companies.
Why are student loans so hard to pay off?
Your interest charges will be added to the amount you owe, causing your loan to grow over time. This can occur if you are in a deferment for an unsubsidized loan or if you have an income-based repayment (IBR) plan and your payments are not large enough to cover the monthly accruing interest.
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.
Is cancelling student debt good for the economy?
Student loan debt slows new business growth and limits consumer spending. Broad student loan debt forgiveness may help boost the national economy by making it more affordable for borrowers to participate in it.
What is the average student loan debt for a bachelor's degree?
The average federal student loan debt is $37,853 per borrower. Outstanding private student loan debt totals $128.8 billion. The average student borrows over $30,000 to pursue a bachelor's degree.
What is the average monthly payment for student loans?
The average monthly student loan payment is an estimated $500 based on previously recorded average payments and median average salaries among college graduates. The average borrower takes 20 years to repay their student loan debt.
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.
Which gender has the most student loan debt?
The American Association of University Women (AAUW) estimates that women hold nearly 67% of all U.S. student loan debt, or approximately $929 billion.
Which 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.