9-23-2022 11:20pm

Student Loan Statistics Released - How it Relates to California

Lorraine Mabbett Editor

Details The Biden-Harris Administration's Student Debt Relief Plan Explained (studentaid.gov)

Income-based repayment plans have long existed within the U.S. Department of Education. However, the Biden-Harris Administration is proposing a rule to create a new income-driven repayment plan that will substantially reduce future monthly payments for lower- and middle-income borrowers.

Aug 2022 Statistics - according to the Federal Reserve Bank of St. Louis.

$1.75 trillion in total U.S. student loan debt.
48 million Americans have student loan debt
94.5% of student loans are federally backed. ($1.65 trillion).

2021 Statistics - according to Nerd Wallet

$1.59 trillion in total U.S. student loan debt.
42.9 million Americans have student loan debt -1 in 8 (12.9%) people in the United States
92.3% of student loans are federally backed ($1.47 trillion)

Student-Debt-for-College-Graduates-in-California.pdf (ticas.org)

School	Average Debt of Graduates	Graduates With Debt	Average Private Debt of Graduates	Graduates With Private Debt	Total College Cost	Tuition and Fees
UCLA P (public)	$20,305	40%	$32,911	3%	$35,793	$13,240
USC (Private)	$26,850	33%	$48,056	5%	$77,459	$58,195
CSULA	$12,536	74%	$15,872	2%	$28,027	$ 6,768

Nerd-Wallet details the Debt:Degree ratio - as an example

Bachelor's degree debt $ 28,950
Medical school debt $201,490
Law school debt $145,500

According to California Institute for Access & Success, in 2013, California had the third lowest student loan debt average.

National average - $26,000
California average - $18,879
CSUN average - $16,172

Details of the Biden-Harris Administration Student Dept Relief Plan

$20,000 max relief for recipients who received Pell-Grant loans (federally-backed student loan).
$10,000 max relief for those who did not receive Pell-Grant loans
Income limitations now - not at the time of the loan - to receive relief
- Borrowers who make more than $125,000 individually
- $250,000 as a household

The debt is not erased or cancelled until it is paid. Recipients of the loan will receive a capped amount of the outstanding debt, not exceeding the amount received.