Average Student Loan Debt In the United States: 2024
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent, and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or network providers. Read more about our Editorial Guidelines and How We Make Money.
How Much Student Loan Debt Is There?
a suspension of loan payments a 0% interest rate stopped collections on defaulted loans
Average Student Loan Debt in the United States
Average Undergraduate Student Loan Debt
Undergraduate certificate recipients owed an average of $14,800 Associate degree recipients owed an average of $20,900 Bachelor’s degree recipients owed an average of $27,500
Average Graduate Student Loan Debt
Master’s degree recipients owed an average of $71,800 Doctor of Philosophy (PhD) and similar research-driven doctoral degree recipients owed an average of $112,400 Professional practice doctoral degree recipients (such as medical doctors and law school graduates) owed an average of $185,100
Paying Off Student Loans
Refinancing Student Loans
Losing access to the government’s SAVE program for federal student loans, an income-driven repayment plan that can significantly decrease your monthly payment amount compared to all other government repayment plans. No interest accumulation on subsidized student loans during periods when payments are deferred Access to repayment plans based on your income that provide loan forgiveness once you have been in repayment for 20 or 25 years (or earlier for some SAVE Plan enrollees) Access to various forms of loan forgiveness and discharge, such as Public Service Loan Forgiveness, Teacher Loan Forgiveness, total and permanent disability discharge, and borrower defense to repayment discharge
The Takeaway
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About the Author
Nancy Bilyeau writes about student loans, mortgages, car insurance, medical debt and many other finance topics for Lantern. A veteran of the magazine business, she has edited stories on personal finance for Good Housekeeping and DuJour magazines and has written articles for The Wall Street Journal, Readers' Digest, Parade, Town & Country and Lifetime/A&E, among others. She is a graduate of the University of Michigan.
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