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2022 Student Loan Statistics You Should Know

Posted on June 2, 2022 by Darius Goldman

The latest student loan debt statistics show that student loan debt totals $1.75 trillion as of April 2022.

Higher education represents a path to financial prosperity and opportunity for millions of Americans. But, due to rising college costs, many students find it necessary to finance higher education with student loans. Unfortunately, some borrowers find it difficult to pay back their hefty debt upon graduation.

The cost of college has steadily increased over the last 30 years. In that timeframe, tuition costs at public four-year colleges grew from $4,160 to $10,740 and from $19,360 to $38,070 at private nonprofit institutions (adjusted for inflation). As costs have risen, so has the need for student loans and other financial aid forms.

When considering your options, it helps to look at the big picture and understand the full impact and scope of student loans. This is a snapshot of student loan debt in the United States in 2022.

Average Student Loan Debt

Here’s how that debt breaks down by loan type.

Loan typeAmount owedNumber of borrowers
Direct Unsubsidized
Direct Subsidized
$564 billion
$292 billion
34 million, combined
Grad PLUS$91 billion1.6 million
Parent PLUS$105 billion3.7 million
Perkins$4 billion1.5 million
Consolidation$555 billion11.3 million

Federal Student Loan Portfolio

Federal student loans make up the vast majority of American education debt—about 92% of all outstanding student loans are federal debt. The federal student loan portfolio currently totals more than $1.6 trillion, owed by about 43 million borrowers

Federal Student Loans by Age

Unsurprisingly; younger people hold the majority of student loan debt. Borrowers between the ages of 25 and 34 carry about $500 billion in federal student loans—the majority of people in this age group owe between $10,000 and $40,000.

However, people carry their education debt well into middle age and beyond. Borrowers ages 35 to 49 owe more than $620 billion in student loans. This cohort has the highest number of borrowers who owe more than $100,000 in loans.

Even retirees feel the pressure from student loans; 2.4 million borrowers aged 62 or older owe $98 billion in student loans.

Student Loan Repayment Statistics

Here are the current repayment statuses of the federal Direct Loan program.

Individual student loan debt statistics

Here’s how student loan debt in the U.S. impacts individual borrowers:

Student debt and mental health

Student loan debt can significantly impact a borrower’s mental health. Feelings of anxiety and stress may coincide with any long-term debt, especially if the debt impedes the ability to meet critical financial milestones, like saving for a house or buying a car.

Student loan debt by degree

Advanced degrees are expensive, but the investment could pay off. Here’s what you need to know before taking out graduate student loans, according to the Brookings Institute and MeasureOne:

Flexible Financing Could Be a Good Option For You

Under Flexible Financing Like Income Share Agreements; students have more options in higher education because they aren’t limited by finances.

 Because their future funding is dependent on graduates securing paid employment, many schools may offer job search assistance. This helps students feel secure when they are picking a school or program because they won’t have to make payments until they secure a job. 

Schools have little incentives to help graduates find a good-paying job post-graduation under traditional loans because their payments are not tied to the student’s income. A lender will likely have already paid them for your tuition. 

An alternative to traditional private student loans in America is long overdue. We believe flexible Financing is that change.

Sources

Posted under: Student Success, Student Loans

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We endeavor to ensure that the information on this site is current and accurate but you should confirm any information directly with your selected learning institution and read the information they provide.  Although every effort has been made to provide complete and accurate information, Meratas makes no warranties, express or implied, or representations as to the accuracy of content contained herein, which has been provided to us by our school partners.. We assume no liability or responsibility for any error or omissions in the information contained herein or the operation or use of these materials.