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Facts & Figures: U.S. Student Loan Debt by the Numbers as of April 2013

  Student debt owed in the US:  $1.2 trillion
  Borrowers who complained their lender was unresponsive to negotiate loans:  65%
  Average default rate on student loans:  13.4%

  Student debt owed in the US:  $1.2 trillion
  Borrowers who complained their lender was unresponsive to negotiate loans:  65%
  Average default rate on student loans:  13.4%

Facts & Figures: U.S. Student Loan Debt by the Numbers as of April 2013

  Student loan borrowers in the US: 37 million

  Federal student loans owed directly to the US government: $864 billion

  Student loans owed to private lenders, like banks: $150 billion

  Private student loans that came from the same seven private lenders: 87%

  Borrowers who take out more than $100,000 in student loans: 3%

  Borrowers who owe less than $6,000: 25%

  Average student loan debt owed in the US: $24,301

  Money borrowed by students for advanced degrees: $300 billion

  Average student loan debt for the class of 2011, as of 2013: $26,600

  Average student loan debt for the class of 2011, as of 2011 (estimated): $22,900

  Average student loan debt for the class of 2010: $25,350

  Average starting salary for 2012 college graduates: $44,482

  Current interest rate on federally subsidized Stafford loans: 3.4%

  Interest rate on federally subsidized Stafford loans, as of 1 July: 6.8%

  Graduate students that signed up for federally subsidized Stafford loans before 2012: 30%

  Date that federally subsidized Stafford loans became unavailable to graduate students: July 2012

 

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  Interest rate charged on some loans by Sallie Mae: 9.25%

  Average default rate on loans for bachelor’s degrees: 9.3%

  Average default rate on loans for associate’s degrees or certificates: 17.6%

  Default rates for students with advanced degrees: 6.1%

  Default rates on student loans that causes a college or university to become ineligible for federal student loan subsidies: 30%

  Institutions with higher-than-average default rates that also grant associate’s degrees or certificates: 75%

  Unemployment rate for college graduates: 4.6%

  Student loan borrowers under the age of 30: 14 million

  Americans with bachelor’s degrees working minimum-wage jobs: 280,000

  Americans with advanced degrees working minimum-wage jobs: 37,000

  Percentage of 2010 college graduates working jobs that require less than a high school diploma: 38%

  Percentage of college-age students who are choosing less selective colleges in order to take on less debt: 41%

  Number of Americans age 50 and older who account for roughly $149 billion in student loan debt: 6.8 million

  Number of Americans age 60 and older who owe money on student loans: 2.2 million



— Sources: Federal Reserve, Department of Labor, Sarah Millar of ConvergEx, Center for College Affordability and Productivity, College Board, Project on Student Debt

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Student Loans of America offers private, fee based application assistance services to assist consumers in applying for government offered programs.  While such programs may be available for free directly by various government agencies, our services are fee-based and focused on application and document preparation.  We do not charge fees for access to such programs, only to prepare and counsel relating to such applications programs.  Services may be fulfilled by a third party processing agency.  Copyright © 2014, Student Loans of America. All Rights Reserved. STUDENT LOANS OF AMERICA, SLA and their logos are trademarks and service marks are owned by Student Loans of America. All other trademarks used on this site are the property of their respective owners. Site design and maintenance by Design Strategies, Inc.

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