PLANSPONSOR - October/November 2020 - 14
UPFRONT
Student Loan Debt by the Numbers
A TIAA-MIT AgeLab study finds student loan debt significantly affects retirement
savings longevity planning and family relationships. One-quarter of those not saving
for retirement cite student loans as to why. Parents and grandparents who borrow for
loved ones are the hardest hit, according to the study. U.S. student loan borrowers
owed a collective $1.67 trillion in federal and private student loan debt as of this June,
according to the Federal Reserve.
Average Student Loan Debt
62%
... of the class of 2019
graduated with student
debt. Among these grads,
the average outstanding
debt was $28,950.
$47,671
... is the average amount
owed by U.S. households
that have student debt.
Sources: The Institute for College Access and Success; NerdWallet
Professional Degree Programs
Students who pursue professional degree programs can expect to owe
much more. Here's how their average student loan debt stacks up, based
on the most recent available data for each field:
$292,169
Dental school
$201,490
Medical school
$179,514
Pharmacy school
Total Federal
Student Loan Debt
Approximately 92%
of U.S. student loans
are owned by the
Education Department.
Total borrowers
42.3 million
Total amount owed
$1.54 trillion*
*Federally held student loans' principal
and interest payments have been
suspended until December 31, per the
Coronavirus Aid, Relief and Economic
Security Act and an executive order.
$149,877
Veterinary school
$140,000
Business school
$82,800
Graduate school
Sources: American Dental Education Association; Association of American Medical Colleges;
American Association of Colleges of Pharmacy; American Veterinary Medical Association;
National Center for Education Statistics; The Institute for College Access & Success
Total Private
Student Loan Debt
Private student
loans make up 7.9%
of total outstanding
U.S. student loans.
Total amount owed
$131.81 billion
Sources: Federal Student Aid, Q4 2020;
MeasureOne Private Student Loan
Report, Q1 2020
14 PLANSPONSOR.COM October - November 2020
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PLANSPONSOR - October/November 2020
Table of Contents for the Digital Edition of PLANSPONSOR - October/November 2020
Time to Take Stock
2020 DC Survey: Plan Benchmarking
Dangers of Debt
Everyone Has a Stake
ESG Across Asset Classes
'Onboard' Education
PLANSPONSOR - October/November 2020 - Cover1
PLANSPONSOR - October/November 2020 - Cover2
PLANSPONSOR - October/November 2020 - 1
PLANSPONSOR - October/November 2020 - 2
PLANSPONSOR - October/November 2020 - 3
PLANSPONSOR - October/November 2020 - 4
PLANSPONSOR - October/November 2020 - 5
PLANSPONSOR - October/November 2020 - 6
PLANSPONSOR - October/November 2020 - 7
PLANSPONSOR - October/November 2020 - 8
PLANSPONSOR - October/November 2020 - 9
PLANSPONSOR - October/November 2020 - 10
PLANSPONSOR - October/November 2020 - 11
PLANSPONSOR - October/November 2020 - 12
PLANSPONSOR - October/November 2020 - 13
PLANSPONSOR - October/November 2020 - 14
PLANSPONSOR - October/November 2020 - 15
PLANSPONSOR - October/November 2020 - Time to Take Stock
PLANSPONSOR - October/November 2020 - 17
PLANSPONSOR - October/November 2020 - 18
PLANSPONSOR - October/November 2020 - 19
PLANSPONSOR - October/November 2020 - 2020 DC Survey: Plan Benchmarking
PLANSPONSOR - October/November 2020 - 21
PLANSPONSOR - October/November 2020 - 22
PLANSPONSOR - October/November 2020 - 23
PLANSPONSOR - October/November 2020 - 24
PLANSPONSOR - October/November 2020 - 25
PLANSPONSOR - October/November 2020 - 26
PLANSPONSOR - October/November 2020 - 27
PLANSPONSOR - October/November 2020 - Dangers of Debt
PLANSPONSOR - October/November 2020 - 29
PLANSPONSOR - October/November 2020 - Everyone Has a Stake
PLANSPONSOR - October/November 2020 - 31
PLANSPONSOR - October/November 2020 - ESG Across Asset Classes
PLANSPONSOR - October/November 2020 - 33
PLANSPONSOR - October/November 2020 - 'Onboard' Education
PLANSPONSOR - October/November 2020 - 35
PLANSPONSOR - October/November 2020 - 36
PLANSPONSOR - October/November 2020 - 37
PLANSPONSOR - October/November 2020 - 38
PLANSPONSOR - October/November 2020 - 39
PLANSPONSOR - October/November 2020 - 40
PLANSPONSOR - October/November 2020 - Cover3
PLANSPONSOR - October/November 2020 - Cover4
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