According to Forbes, there are over 45 million student loan borrowers in the United States, totaling more than $1.7 trillion in debt. This is the second-largest debt amount in the country, only behind mortgages. How does that loan debt break down, though? Which states have the highest loan averages, and what age groups owe the most?
With more students pursuing higher education after an undergraduate program, it seems that loan debt increases every year. If you have significant debt, reach out to the attorneys at McCarthy Law. Our attorneys will negotiate with lenders to significantly reduce the amount you owe.
States with the Most Student Loan Debt
Not surprisingly, the most populous states have the highest amount of student loan debt. California has the highest amount, with $140 billion among nearly four million borrowers. Texas follows with $114 billion borrowed by 3.5 million students. Florida and New York each have 2.5 million borrowers, with $100 billion and $90 billion in loan debt, respectively. Students in these four states collectively owe more than $400 billion, representing nearly 30% of all U.S. loan debt.
What States Have the Highest Average of Student Loan Debt?
Despite not being a state (yet), Washington D.C. has the highest average student loan debt in the nation at nearly $53,000 per student. Maryland and Georgia both have an average of $42,000 per borrower. Virginia and Florida have an average student loan debt of $38,000.
Distribution of Student Loan Borrowers by Balance
More than 44 million loan borrowers owe less than $100,000. Only one million borrowers hold more than $200,000 worth of debt. The largest concentration of student loan debts falls between $20,000–40,000, which accounts for nearly 10 million people.
Number of Student Loan Borrowers by Age Group
The largest concentration of student loan debt is from 25- to 34-year-olds, with nearly 15 million borrowers. This group owes about $500 billion. Following closely behind, 35- to 49-year-olds are at 14 million borrowers. However, this age group has the higher amount of debt at $600 billion. There are 8 million people under 24 who owe student loans. What’s most unexpected is that there are 2.3 million borrowers over 62, owing $86 billion.
Breakdown of Student Loan Debt by Degree
Students with a master’s degree make up 36% of all student loan debt. Conversely, those with an associate degree make up the least amount of borrowers at just 7%. People without any college degree make up 8% of borrowers. Bachelor’s degree holders make up 29% of student loan borrowers, while doctoral students make up 20%.
Skilled Debt Settlement Attorneys to Help with Student Loans
The average student loan debt for an undergraduate degree at public colleges is $30,000. At non-profit private universities, it’s $34,000, and it’s $44,000 at for-profit private colleges. Remember that cost only considers tuition and does not include books, housing, or dining. The more advanced the program or degree is, the higher the cost will be. This puts students in significant debt before they even enter the workforce.
Under the student loan debt settlement program at McCarthy Law, one of our licensed attorneys will contact your lender and begin negotiating to lower the interest and amount owed. At the end of a successful settlement, the borrower ends up paying only a fraction of the original balance. However, our attorneys only work with private student loans.
To learn more about our services, call (855) 976-5777 or complete our contact form.