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Student Loan Borrowing Statistics
Student loans and credit card debt add to the pressure of a weak economy. Once the lesser of these two debt categories, student debt now accounts for the majority of family debt outside of home mortgages.
Total student loan debt now exceeds credit card debt for the first time.
Number of College Students in the U.S.: 32.1 Million
Amount of Financial Aid Awarded: $150 Billion
Total number of student loan borrowers: 37 million
Average amount of student debt, after graduation: $26,600, 20% from non-federal student loans
Number of households with college debt: 22.4 million (19%)
Time spent paying back student loans, on average: 10 years
How much credit card debt carried by students: $2,038, Freshman; $4,138, Seniors
Borrowers in their 40s have the highest delinquency rate (12%), while those in their 30s have the lowest delinquency rate (6%).