Perkins Loans: $5.2 billion (1.7 million borrowers) Approximately 11.0 million student loan borrowers hold $246 billion in Federal Family Education Loans (FFEL).ĭirect Loans: $1,315.2 billion (35.9 million borrowers)įederal Family Education Loans (FFEL): $245.9 billion (11.0 million borrowers) There are 36 million student loan borrowers who hold approximately $1.3 billion in Direct Loans. Student Loan Debt Outstanding By Student Loan Program 62: $86.8 billion (2.3 million borrowers) Here is the breakdown of student loan borrowers by age: Strikingly, there are 2.3 million borrowers who are 62-years-old or older and collectively owe $86.8 billion. There are 22.6 million student loan borrowers under the age of 34, with this group representing about half of all student loan borrowers. Number Of Student Loan Borrowers By Age Groupīased on the federal student loan portfolio, the largest concentration of student loan borrowers is 25 to 34 years-old, followed by the 35-49 age group. Collectively, borrowers in these states owe more than $440 billion of student loan debt. California, Florida, Texas and New York are among the four highest states for total federal student loan debt outstanding among borrowers.Ĭalifornia, Florida, Texas and New York represent nearly 30% of all U.S. Not surprisingly, states with larger populations have higher aggregate student loan debt. Total dollar amount forgiven: $290.4 millionĪverage student loan balance forgiven: $76,906 % of applications denied due to missing information: 26%īorrowers who have received student loan forgiveness: 3,776 % of applications denied due to payments that don’t qualify: 56% Public Service Loan Forgiveness cumulative borrowers: 1,378,000īorrowers who submitted applications: 227,382 Public Service Loan Forgiveness StatisticsĪs of November 30, 2020, here are the latest public service student loan debt statistics: (Source: Federal Reserve, Federal Reserve Bank of New York,, Federal Student Aid) Student Loan Delinquency Rate: 11.1% (90+ days delinquent)ĭirect Loans - Cumulative In Default: $122.2 billion (5.5 million borrowers)ĭirect Loan In Forbearance: $887.4 billion borrowers (22.2 million borrowers) Average Federal Student Loan Debt: $36,510
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