As a college student, you’ll no doubt hear about the massive rise in the average student loan debt. Rightfully so, you might get scared and overwhelmed at the idea of incurring a lot of debt. However, the amount of debt you’ll incur is based on factors like the type of loan you take out, the program you’re in, the type of school you go to, and more. Let’s explore these factors further and take a look at the debt averages.
Average Student Loan Debt Overall
First off, let’s get a quick overview of the average student loan debt here in the U.S. On average, according to a report done by the Education Data Initiative, graduates with student loans have a debt of about $37k. And, collectively, that adds up to trillions of dollars in student debt.
| Average Student Debt | $37,693 |
| Average Student Monthly Payment | $393 |
| Total Student Loan Debt | $1.75 trillion |
| Number of Student Loan Borrowers | 45.3 million borrowers |
Average Student Loan Monthly Payment
Next, let’s talk about monthly payments. Your monthly student loan payment is where you’ll feel the weight of your debt the most. But, there are different factors that go into calculating your payment, such as the length of the loan term, the principal amount, and your repayment plan. To give you an idea of how much money you’re looking at, here is the data on monthly payments.
| Average Monthly Student Loan Payment | $393 |
| Median Monthly Student Loan Payment | $250 |
Average Student Loan Debt: Federal vs Private
Now, let’s get more into it. Your student debt will be affected by the types of loans you take out. The two biggest loan types are federal student loans and private student loans. Recently, private student loan debt has grown much faster than federal loan debt. The data here shows a difference of about $18,000 between the two.
| Average Federal Student Loan Debt | $36,510 |
| Average Private Student Loan Debt | $54,921 |
Average Student Loan Debt by State
You’ll also want to think about where you’ll go to school. Most states’ student debt average falls in the $30,000-40,000 range. There are a few outliers, however. The District of Columbia, Georgia, and Maryland all have average debts higher than $40,000. Meanwhile, North Dakota and Puerto Rico have averages under $30,000.
| Alabama | $36,826 |
| Alaska | $33,083 |
| Arizona | $35,047 |
| Arkansas | $33,113 |
| California | $36,351 |
| Colorado | $36,610 |
| Connecticut | $34,677 |
| Delaware | $37,221 |
| District of Columbia | $54,983 |
| Florida | $38,160 |
| Georgia | $41,256 |
| Hawaii | $35,803 |
| Idaho | $32,425 |
| Illinois | $37,460 |
| Iowa | $30,381 |
| Kansas | $32,352 |
| Kentucky | $32,622 |
| Louisiana | $34,165 |
| Maine | $32,543 |
| Maryland | $42,592 |
| Massachusetts | $34,075 |
| Michigan | $34,819 |
| Minnesota | $33,252 |
| Mississippi | $36,508 |
| Missouri | $35,260 |
| Montana | $32,626 |
| Nebraska | $31,726 |
| Nevada | $33,573 |
| New Hampshire | $33,459 |
| New Jersey | $35,095 |
| New Mexico | $33,632 |
| New York | $37,639 |
| North Carolina | $37,217 |
| North Dakota | $28,402 |
| Ohio | $34,496 |
| Oklahoma | $31,376 |
| Oregon | $36,988 |
| Pennsylvania | $35,205 |
| Puerto Rico | $26,918 |
| Rhode Island | $31,954 |
| South Carolina | $38,063 |
| South Dakota | $30,946 |
| Tennessee | $36,035 |
| Texas | $32,671 |
| Utah | $32,150 |
| Vermont | $37,284 |
| Virginia | $38,903 |
| Washington | $35,117 |
| West Virginia | $31,532 |
| Wisconsin | $31,766 |
| Wyoming | $30,476 |
Average Student Loan Debt by School Type
The type of school you attend will also contribute to how much debt you’ll have. Usually, public colleges are cheaper than private ones. Similarly, for-profit colleges are cheaper than non-profit schools.
| Public Institution | $26,382 |
| Private, Non-Profit Institution | $37,971 |
| Private, For-Profit Institution | $21,244 |
| Foreign Institution | $90,500 |
Average Student Loan Debt by Degree
Different college degrees are going to cost you different amounts of money. Generally, the longer you have to be in school to get that degree, the more it’ll cost you. As you can see in the table below, the higher you go in your degree, the more money you’ll need.
| Bachelor’s Degree | $28,400 |
| Master’s Degree | $71,318 |
| Doctorate, Research | $117,198 |
| Law Degree | $157,315 |
| Doctorate, Professional | $210,736 |
| Medical Degree | $265,996 |
Final Thoughts from the Nest
While a college education can get expensive and leave you with a lot of debt, many factors go into it. Knowing these factors will help you make a good decision about where you should go to school.
Either way, debt can be hard to manage. So, you want to get good loans right off the bat. Sparrow can help with that. Sparrow partners with 15+ lenders that offer great private student loans. Fill out our Sparrow application to get matched with what you qualify for at each of these lenders. Let us take some of the weight so you can focus on getting your school diploma.
*All data sourced from EducationData.