Los Angeles CA
9-23-2022 11:20pm

Student Loan Statistics Released - How it Relates to California

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

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. 
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