Student Loan Debt Statistics: 2023

Student Loan Debt Statistics: 2023

Student loan debtors in the United States owe a collective $1.78 trillion in federal and personal student mortgage debt as of March 2023, in line with the most current quarterly tally via the Federal Reserve.

The figures noted underneath may want to exchange if the White House’s one-time pupil debt cancellation plan, that is presently on ice amid prison challenges, is allowed to continue. The proposed relief could erase up to $20,000 in pupil debt for qualifying debtors. Experts assume the Supreme Court to rule on scholar debt cancellation through the end of June 2023.

Here are key 2023 student loan debt facts to know, consisting of how tons debtors owe, the varieties of loans they have and the way they are repaying them.

Average pupil mortgage debt
Fifty-5 percentage of the magnificence of 2020 graduated with pupil debt, in line with the maximum current data available from College Board
[2]
. Among those graduates, the common pupil mortgage debt turned into $28,four hundred.

The average U.S. Family with student debt owes $58,238, according to NerdWallet’s 2022 household debt study.