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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%).