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Student Loan Debt Crisis Continues To Rise In 2019

May 14, 2019 by

Student borrowers in all age groups have accumulated colossal amounts of loan debt, making 2019 student loan debt the highest ever recorded. Statistics show that the US holds over 44 million student borrowers who jointly make up the student loan debt of $1.5 trillion. As it stands, student loan debt is greater than auto and credit cards loans, making it the second greatest under the category of consumer debt.

As student loan crisis continues to escalate, many student borrowers will likely need to make vital decisions. Therefore, this article comprises statistics geared towards helping US student borrowers obtain information regarding student loan forgiveness, States with highest and lowest student loan debt and other essential statistics.

Top U.S. States and Their Rates of Student Loan Debt Per Capita

As of 2019, the U.S maintains the total of $1,439.2 billions as the average student loan debt per capita. Below is a list of some top U.S. States and their respective rates of average student loan debt per capita. With the total of $5,700, Ohio takes the lead among these States while California comes last with the total of $4,160.

Ohio –$5,700

Pennsylvania –$5,690

New York –$5,570

Michigan –$5,330

Arizona –$4,760

Texas –$4,510

Florida –$4,480

California –$4,160

US States with Highest and Lowest Average Student Loan Debt

As obtained from the Class of 2017, Utah maintains the total of $18,838, making it the State with the least average student loan debt per student. Also from the Class of 2017, Connecticut maintains the total of $38,510, making it the State with the most average student loan debt per student.

According to Forbes:

  1. Utah ($19,975)
  2. New Mexico ($21,373)
  3. California ($22,744)
  4. Arizona ($23,447)
  5. Nevada ($24,128)

Statistics of Student Loan Forgiveness

Student loan forgiveness is an idea intended to save student borrowers who can’t repay their loans. While there are various types of student loan forgiveness, two of the commonest types are Teacher Student Loan Forgiveness and Public Service Loan Forgiveness.

Below are the details of Public Service Loan Forgiveness as of September 30, 2018 and as provided by the U.S. Department of Education:

  • 41,221 student borrowers applied for Public Service Loan Forgiveness
  • The number of Public Service Loan Forgiveness cumulative borrowers stands at 890,516 students
  • 206 student borrowers were granted student loan forgiveness
  • $12.3 million is the overall amount of loan forgiven
  • 32,409 applications for Public Service Loan Forgiveness were rejected
  • 11,892 applications rejected as a result of missing information
  • 423 applications for Public Service Loan Forgiveness were approved

Additional Information on Student Loan Debt

  • 2.6 million borrowers collectively make up $111.1 billion as student loans in forbearance
  • 3.7 million borrowers collectively make up $124.3 billion as student loans in deferment
  • 1.7 million borrowers collectively account for $43.9 billion as student loans in grace period
  • 17.8 million borrowers collectively make up the sum of $623.7 billion as student loans in repayment
  • 5.1 million borrowers are collectively responsible for $101.4 billion as student loans in default
  • 7.4 million borrowers are collectively responsible for the total of $137.7 billion as student loans in school
  • There are 44.7 million borrowers with student loan debt in the United States
  • The sum of $1.56 trillion is recorded as the overall student loan debt
  • Graduates of profit-based colleges account for 75% of overall student loan borrowers. Also, they hold the average student loan debt of $39,950
  • Compared to that of 2008, the current average student loan debt at profit-based colleges stands at a 26-percent increase
  • Graduates of private non-profit colleges account for 75% of overall student loan borrowers. Also, they hold the average student loan debt of $32,300
  • Compared to that of 2008, the current average student loan debt at private non-profit colleges stands at a 15-percent increase
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