A Year in Review: Student Loan Debt in 2017

Student Loan Debt in 2017

2017 was a big year for student loan debt. Changes were proposed with the new tax bill, we saw the end of the Perkins Loan Program, more students are defaulting on loans than ever before, and the amount of student loans is at an all-time high. Here’s a look at the numbers for student loan debt in 2017:

Student Loans At-a-Glance

  • Total Amount of Student Loan Debt in the U.S.: $1.45 trillion (source)
  • Number of Americans with Student Loan Debt: 44.2 million (source)
  • The Average Amount of Student Loan Debt Per Person: $37,172 (source)

Repayments of Student Loans

  • More often than ever before, student loans are going into default. Out of 5 million people who started repayment in October 2013, 580,671 people defaulted on their loans - that comes out to 11.6 percent of borrowers struggling to make their payments. (source)
  • Percentage of Borrowers who are 90-days Delinquent on Payments: 11.6 percent (source)
  • The number of those defaulting climbed twice in 2017, with millions of borrowers not making payments in nine consecutive months. (source)
  • Total Amount Student Loan Debt in Repayment: $535.6 billion (source)
  • Total Amount of Loans in Default: $74.9 billion (source)

Other Quick Facts About Student Loan Debt:

  • By 2015, students graduated with debt equivalent to 74.3 percent of their earnings compared to 1990 when then number was only 28.6 percent. (source)
  • The amount of student loan debt doubled between the years 2008 to 2016. (source)
  • 1 in 4 student loan borrowers is in default or having trouble paying their bill due each month. (source)

While we saw plenty of jumps in student loan debt in 2017, we’re working everyday with borrowers to help get their repayment back on track for a better 2018. If you’re looking for assistance when it comes to working with your student loan borrowers, contact us today. We’d be happy to work with your clients for a better year!