New York, NY (PRWEB) March 07, 2017
Make Lemonade, a leading personal finance company, today released its “The State of Student Loan Debt In 2017 Report” – and the numbers are staggering.
“Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans,” said Zack Friedman, founder and chief executive officer of Make Lemonade.
According to Make Lemonade, the latest student loan debt statistics for 2017 show how serious the student loan debt crisis has become - for borrowers across all demographics and age groups.
Here are some highlights from the Make Lemonade report:
- Total Student Loan Debt: $1.31 trillion
- Total U.S. Borrowers With Student Loan Debt: 44.2 million
- Student Loan Delinquency Or Default Rate: 11.2%
- Total Increase In Student Loan Debt In 4Q2016: $31 billion
- New Delinquent Balances (30+ days): $32.6 billion
- New Delinquent Balances - Seriously Delinquent (90+ days): $31 billion
High Student Loan Debt States & Low Student Loan Debt States
- New Hampshire has the highest average student loan debt per student ($36,101) from the Class of 2015.
- Utah has the lowest average student loan debt per student ($18,873) from the Class of 2015.
Student Loan Debt Per Capita In Select U.S. States
- In the U.S., the average student loan debt per capita is $4,920. Pennsylvania, New York and Michigan have among the highest student loan debt per capita in the nation.
Distribution Of Student Loan Borrowers By Balance
- As of 2015, more than 42 million student loan borrowers have student loan debt of $100,000 or less.
- More than 2 million student loan borrowers have student loan debt greater than $100,000, with 415,000 of that total holding student loan debt greater than $200,000.
- The largest concentration of student loan debt is $10,000 - $25,000, which accounts for 12.4 million student loan borrowers.
Other Important Student Loan Debt Statistics in the Make Lemonade report include:
- Nearly seven in 10 seniors (68%) who graduated from public and non-profit colleges in 2015 had student loan debt.
- Almost half (47%) of private loan borrowers in 2011-12 borrowed less than they could have in federal Stafford loans for college.
- While private loan volume peaked at $18.1 billion in 2007-2008, private loan volume is now $7.8 billion as of 2014-2015.
- 6% of all undergraduates – 1,373,000 students – borrowed private loans in 2011-12.
To read the full “The State of Student Loan Debt In 2017 Report,” please visit http://www.makelemonade.co/student-loan-debt-statistics
For press inquiries regarding Make Lemonade’s “The State of Student Loan Debt In 2017 Report,” please contact Make Lemonade at press(at)makelemonade(dot)co or (646) 580-3425.
About Make Lemonade
Make Lemonade is a free personal finance website that offers tips, tools and unbiased reviews to find you the lowest rates and best deals on your student loans, personal loans, investing, banking, credit cards, mortgages and more. Our mission is to help you make smart, fully informed decisions that help save you money.