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STUDENT LOAN DEBT - Statistics in 2019
Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans. According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. The average student in the Class of 2016 has $37,172 in student loan debt.
Student Loan Statistics: Overview
- Total Student Loan Debt $1.52 TRILLION
- Total U.S. Borrowers With Student Loan Debt 44.2 MILLION
- New Delinquent Balances $32.6 BILLION
Distribution Of Student Loan Borrowers By Balance
- Less than $5,000: 8,769,700
- $5,000 - $10,000: 7,554,100
- $10,000 - $25,000: 12,368,200
- $25,000 - $50,000: 8,483,600
- $50,000 - $75,000: 3,539,00
- $75,000 - $100,000: 1,503,800
8 States With The Most Student Loan Debt
- New York $78.4B - 2.3M people
- Ohio $53.5B - 1.7M people
- Pennsylvania $53.7B - 1.7M people
- Georgia $54B - 1.5M people
- Florida $78.9B - 2.3M people
- Illinois $52.4B - 1.6M people
- Texas $92.5B - 3.1M people
- California $120B - 3.7M people
8 States With the Lowest Amount of Student Loan Debt
- Wyoming $1.53 B
- Alaska $2.03 B
- Vermont $2.80 B
- North Dakota $2.93 B
- South Dakota $3.34 B
- Montana $3.44 B
- Hawaii $3.55 B
- Delaware $4.21 B
Graduate student loan debt
About 40% of the $1 trillion studunt loan debt was used to finance graduate and professsional degrees.
Combine undergraduateand graduate debt by degree:
- MBA $42,000
- Master of Education $50,879
- Master of Arts $58,539
- Law $140,616
- Medicine and health $161,772
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Late Payment Implications
If something happens and you won’t be able to repay a loan on time, it is recommended you contact the lender. Once this happens, late payment charges and fees may be applied. Federal and state regulations may vary from one case to another, and they are determined for late payment cases. Information regarding costs and procedures when it comes to late payment should be discussed before signing any related document. So, make sure you review these with your lender, and they will be disclosed in the loan agreement.
If you don’t pay a loan or miss the payment, there may be some financial and non-financial penalties. Any financial charges or fees in case of late payments should be disclosed in the loan agreement. Other actions related to non-payment, renewals, for instance, may be implied upon given consent. Renewal terms are going to be disclosed in each loan agreement individually. Keep in mind that renewal may also come with additional fees and charges.
Debt collection practices and any similar procedure will possibly be performed. Any action related to these practices is adjusted to the Fair Debt Collection Practices Act regulations. It is also adjusted to other applicable state and federal laws to ensure the consumers’ protection against negative borrowing and unfair lending experiences. Most lenders don’t refer to outside collection agencies. They will rather collect the debt through in-house means.
Late payment and non-payment may significantly impact a borrowers’ credit score and decrease it. Lenders may report these bad experiences to credit bureaus, including Transunion, Equifax, and Experian. If this happens, the consequences of late payment or non-payment will stay in a borrower’s credit reports for a certain amount of time.