![]() ![]() Fixed interest rates on private student loans can range between 3.7-14%.As of March 2023, private student loans accounted for just over 7% of student loan debt.Over half of students who rely on private loans are not taking full advantage of federal loans and almost a third don't take out any federal loans at all. Private loan interest rates can be double to triple that of federal loans. While private student loan debt comprises less than a tenth of all student debt, some trends are troubling. Federal student loan payments are scheduled to restart in September 2023.Beginning in March 2020, the government paused federal student loan repayment and instituted a 0% interest rate on federal student loan debt.8.05% for parents and graduate students using direct PLUS loans.7.05% for graduate students using direct unsubsidized loans.Interest rates for federal student loans disbursed between July 2023 and July 2024 are:.In 2020-2021, nearly 38.4% of first-time, full-time students borrowed federal student loans.Federal student loans account for roughly 93% of all student loan debt.Federal Student Loan Debt Statisticsįederal loans include subsidized loans - meaning the government pays all or part of your loan interest if you demonstrate financial need - and unsubsidized loans. Federal student loans come from the federal government. īanks, schools, state agencies, and other lending institutions may offer private student loans. Note Reference That's about the same growth rate as the total cost of college over the years in current dollars, not accounting for inflation. Between 20 alone, the average federal student loan debt grew by about 40%.The average federal student loan debt has more than doubled since 2007, from $18,233 in 2007 to $37,575 at the end of 2022.The average student loan debt for a four-year bachelor's degree was $26,190 in 2017-2018, according to the National Center for Education Statistics (NCES).Note Reference That means about half of student loan borrowers owe more than that, and half owe less. The Federal Reserve reports that the median student debt for all borrowers in 2022 was between $20,000 and $24,999.Note Reference However, what individual borrowers owe varies considerably. That's approximately $1.64 trillion of outstanding debt divided by a total of 43.6 million borrowers. The Public Ivies, Little Ivies, and Other Ivy League EquivalentsĪccording to the Department of Education, as of March 2023, the average student loan debt for federal loans was about $37,720. ![]()
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