6 Student Loan Debt Statistics For 2016 That College Grads Need To Know
When the current college semester comes to end, then the next journey in a student’s life begins. The reality is that a majority of students will have some sort of student loan debt after graduation. In fact, the average student loan debt of a 2016 graduate is $37,172, up six percent from last year. The student loan debt crisis is real, leaving many college grads in need of student loan debt help for both federal student loans and private student loans. It’s important to know you have debt relief options for student loan debt. Each student loan scenario is different, requiring unique approaches to lowering your student loan debt. Below we have highlighted 6 student loan debt statistics for 2016 that college grads need to know!
Student Loan Debt Statistics For 2016
The average student loan monthly payment is $351 (source: Wall Street Journal). The need for those with student loans to budget this amount each month is causing many recent graduates to delay many other life goals like owning a home. In fact, 68% of college grads say their student loan payments are getting in the way of their other goals. Working on a debt plan immediately is key to becoming student loan debt free.
The total percent of graduates with student loan debt in 2016 is 71% (source: ticas.org). How can you stay on top of your student loan debt? We’ve put together the Ultimate Guide To Student Loan Debt Settlement that can give you insights on actions you can take now!
59% of millennial graduates say they have no idea when their student loans will be paid off (source: Citizens Bank survey). It’s important that those with student loans first figure out exactly how much and to whom they owe, as well as how much needs to be paid each month. Look at the big picture and figure out the best strategy to pay off your student loan debt the fastest over time. Our law firm offers a free student debt consultation to those wondering what their student loan debt options are.
Students who borrowed private student loans are more likely to graduate with excessive student loan debt (36.4% vs. 22.8%) (source: studentaidpolicy.com analysis paper). This may be because it is more difficult for dependent students to borrow excessively with federal student loans alone, given the low annual and cumulative loan limits on federal student loans. You can find out about your service provider and info about your student loans by logging into the National Student Loan Data System, a central database for student aid.
About 40 percent of the $1 trillion total student loan debt was used to finance graduate and professional degrees (source: newamerica.org study). Student loan debt isn’t just affecting undergraduates it’s also taking a toll on those seeking a graduate degree. Before you consider getting your master’s degree, make sure you can finance your student loans.
For loans taken out for the 2016-2017 school year, undergraduate students receive a 3.76% interest rate and graduate students receive a 5.31% interest rate (source: edvisors.com). As student debt becomes more and more common for university students, it’s critical that borrowers understand how much student loan interest rates can affect the total payments over the life of your loan.
Student Loan Debt Help
If you find yourself needing help with student loan debt to lower your monthly payments or total debt, seek professional help such as a student loan debt attorney. We offer a free debt consultation to discuss your best student loan debt relief options so you can live a debt free life and move on from your student loan debt.
Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego, CA. For more information, please contact Daniel Gamez at 858-217-5051, firstname.lastname@example.org or use our online contact form. Stay updated with the latest debt relief tips by following on Facebook and Twitter!