Which households hold the most student debt?

Who has the highest amount of student debt?

Federal student loan debt among the 50 U.S. states averages $35.5 billion per state. District of Columbia residents have the nation’s highest average federal student loan debt at $55,077 per borrower. D.C. also has the highest number of indebted student borrowers per capita, with 16.5% of residents in debt.

Which major has the most debt?

Unsurprisingly, majors in STEM-related fields make up the top five majors with the highest earnings-to-debt ratio:

  • Physical Sciences.
  • Computer Engineering.
  • Engineering.
  • Chemical Engineering.
  • Computer Science.

What is the average student loan debt in 2020?

Overall Average Student Debt

Student Loans in 2020 & 2021: A Snapshot
30% Percentage of college attendees taking on debt, including student loans, to pay for their education
$38,792 Average amount of student loan debt per borrower
5.7% Percentage of student debt that was 90+ days delinquent or in default
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Who has the most student loan debt by race?

Size of Student Loan Debt by Race

  • Black men and women both had the largest average student loan debt in 2017, with Black women having the highest overall debt at $37,558.
  • Next were White borrowers, with White women similarly holding more student loan debt than their male peers.

What is the average student loan debt per person in 2019?

Private student loan debt grew at a much faster rate than federal debt. The average federal student loan debt is $36,510 per borrower. Private student loan debt averages $54,921 per borrower. The average student borrows over $30,000 to pursue a bachelor’s degree.

What is the average student loan debt?

Average Student Loan Debt in The United States. The average college debt among student loan borrowers in America is $32,731, according to the Federal Reserve. This is an increase of approximately 20% from 2015-2016. Most borrowers have between $25,000 and $50,000 outstanding in student loan debt.

In which majors do students go furthest into debt and is it worth it?

At the undergraduate level, student debt at graduation typically doesn’t vary much by major, because most colleges do not charge different tuition rates for different programs. But in the long run, psychology and political science majors end up taking on more debt because they’re far more likely to go back to school.

How can I make the most money with the least amount of school?

Top high-paying jobs that require little schooling

  1. Civil engineering technician. Average base pay: $76,540 per year. …
  2. Computer programmer. Average base pay: $76,526 per year. …
  3. Construction manager. …
  4. Website developer. …
  5. Registered nurse. …
  6. Clinical laboratory assistant. …
  7. Diagnostic medical sonographer. …
  8. Physical therapist assistant.
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What percent of the US population lives paycheck to paycheck?

In fact, it is far more widespread than one might think: Fifty-four percent of consumers in the United States today live paycheck to paycheck, including 53 percent of those who earn $50,000 to $100,000 per year.

How long does it take to pay off $40 000 in student loans?

The extended repayment plan gives borrowers up to 30 years to repay their loans in full, depending on the amount owed.

Extended repayment.

Loan balance Repayment term
$20,000 to $39,999 20 years
$40,000 to $59,999 25 years
$60,000 or more 30 years

How much student debt is too much?

Research potential salaries.

This ensures that you have enough income to comfortably make your student loan payments. So if you anticipate that you’ll earn $40,000 in your first entry-level job after graduation, you shouldn’t take out more than $40,000 in total student loans.