![]() Nearly all PSLF forms (98%) were denied because the applicant did not meet requirements.Most Employment Certification forms were approved-99.7% met the employer requirements.An additional 1.3 million borrowers may be eligible for PSLF in the future, representing about $132 billion in debt. More than $1 billion has been forgiven, with the average applicant discharging about $95,000 in debt. Sources: Federal Reserve Bank of New York, Federal Student Aid, MeasureOneĬheck Out: Best Student Loan Refinance Lenders Student Loan ForgivenessĪs of September 2021, 10,776 borrowers have successfully had their federal loans forgiven through the Public Service Loan Forgiveness (PSLF) program. Here are the current repayment statuses of the federal Direct Loan program. However, this reprieve is set to expire in May 2022, when federal student loan payments are expected to resume. That number had shot up to 24 million borrowers by the end of 2021. However, nearly 37 million student loan borrowers will need to restart their monthly payments in October 2023.Īt the beginning of 2020, just 2.7 million borrowers had their federal loans in forbearance. Federal student loan payments have been paused nationwide since March 2020, and the majority of federal loans are currently in forbearance. Since the start of the Covid-19 pandemic, student loan payments have been flipped on their head. Source: MeasureOne Student Loan Repayment Statistics Essentially all private loans (99.9%) require school certification, a process where the school confirms the borrower’s student status and cost of attendance.92% of undergraduate private loans are co-signed, 66% of graduate private loans required a co-signer.89% of private loans are owed for undergraduate degrees 11% are owed for graduate school.Only 7.6% of all education debt comes from private student loans.$131 billion in outstanding private student loan debt.Source: Federal Student Aid Private Student Loan Portfolio Here’s how that debt breaks down by loan type. The federal student loan portfolio currently totals more than $1.6 trillion, owed by about 43 million borrowers. Louis Federal Student Loan Portfolioįederal student loans make up the vast majority of American education debt-about 92% of all outstanding student loans is federal debt. 37% of Hispanic/Latino adults have student loan debt, with an average balance of $7,000.44% of white adults have student loan debt, with an average balance of $8,700.50% of Black adults have student loan debt, with an average balance of $9,800.Average Student Loan Debt for Men and Women Source: Direct Portfolio by Borrower Age Q1 2023Īverage Student Loan Debt by Race and GenderĪlthough most college students take out student loans, women and people of color are more likely to have student loan debt-and higher balances-than their white male counterparts. ![]() Average balances also increase by age group, with those 62 and older having the highest balance. Student loan debt is usually associated with young adults, with those 24 and younger having the lowest average balances. What good is a low payment if it takes you 84 months to pay off the loan? Is the selling price for the car a good deal? What about the trade-in amount the dealership is offering for your car? Ask for the "out-the-door" figures from your salesperson and review them before making a decision.Source: Direct Portfolio Data by Location Q1 2023 When you obtain a monthly payment, be it from a price quote, negotiation or advertised special, make sure you are aware of all the numbers behind it. Furthermore, these figures will differ for those who lease, so take a look at our articles for information specific to that scenario. ![]() Keep in mind that everyone's situation will be different, so these recommendations are not set in stone. ![]() The loan term should ideally be less than 72 months, and you should aim for a down payment of at least 10% or consider GAP insurance. Your loan payment should be no more than 15% of your take-home pay. The general rule for each of these is as follows: It is also important to be aware of how much the loan will total, how much of a down payment you're making, and how long the loan will be. And though this figure is the easiest to understand, it isn't the only number to be aware of. It can give you a reality check on whether you can afford the vehicle. The monthly payment is the best indicator of how the car loan will impact your budget. ![]()
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