What college degree has the most debt?

Looking at all U.S. bachelor's degrees, certain majors were more likely than others to result in a heavy burden of debt, according to the Education Data Initiative's new study. At the top of the list for debt was behavioral sciences, which racked up a median debt of $42,822.

What professions have the most college debt?

Oral surgeons have the highest average amount of student loan debt, according to a 2023 report from personal banking and finance company SoFi. SoFi identified the 16 professional specialties with the highest average student loan debt, with 14 of the careers being in healthcare.

What types of degrees typically result in the largest amount of student debt?

The largest individual source of student loan debt is MBA programs, whose graduates owed 4.3 percent of all student debt in those two graduating years even though those borrowers represented only 2.6 percent of all borrowers. That's because of the high cost of MBA programs and higher-than-average borrowing amount.

Who holds the most college debt?

By the numbers: Borrowers between 35 and 49 years old owe the most in federal student loans, according to Federal Student Aid data. Details: Women typically borrow more for college than men, according to NerdWallet, a personal finance company.

What is the average debt for a 4 year degree?

Data Summary. The average federal student loan debt in the U.S. is about $37,090. In 2019-2020, the average student loan amount borrowed for a four-year bachelor's degree was $30,500. Today's total federal student loan debt balance is just over $1.6 trillion.

“This Rubbed Me the Wrong Way”

Is 50k of student debt normal?

The average student loan debt amount is slightly over $30,000. However, many borrowers owe $50,000 or more in student loan debt. This isn't impossible to overcome using the right repayment methods.

How much debt is a master's degree?

The average graduate student loan debt balance is $76,620 among federal borrowers. The average undergraduate student loan debt balance is $37,337. The average debt among master's degree holders is $83,651. The average debt among PhD holders is $125,276.

What race has the most debt?

Approximately three-quarters of Black- and White-headed families have debt, but the median debt-to-asset ratio is 50% higher among Black than White families (Copeland, 2020), with Black borrowers less likely to fully repay loans (Brevoort et al., 2021).

What age has the most student debt?

Most debt belongs to 25- to 34-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 8.0%. 104,800 federal borrowers aged 24 years and younger owe an average $14,599 each for a total of $1.53 billion.

Is college worth all the debt?

Borrowing to earn a four-year college degree typically pays off, according to research from the College Board, a company that helps prepare students for higher education. This conclusion holds true even after considering the time out of the labor force when a student could have been earning money.

What degrees are worth the debt?

The 14 majors with the highest earnings-to-debt ratio could all be connected to science, technology, engineering and math (STEM). Physical sciences, computer engineering, general engineering, chemical engineering and computer science rounded out the top five.

What is the average college debt in 2023?

The average federal student loan debt is $37,338 per borrower. Private student loan debt averages $54,921 per borrower. The average student borrows over $30,000 to pursue a bachelor's degree.

What is the average student debt payment?

Data Summary. The average federal student loan payment is about $302 for bachelor's and $208 for associate degree-completers. The average monthly repayment for master's degree-holders is about $688.

What percent of college grads have no debt?

Although 49 percent of undergraduate students at public four-year universities graduate without any debt, a student graduating with the average amount of debt among borrowers would have a student debt payment of $275 a month.

How many college graduates are debt free?

42% of students seeking a Bachelor's degree from a public 4-year college have no student loan debt. 4% of Bachelor's degree graduates who went to a public 4-year school owe over $60,000 in debt. 1 in 1,000 in-state public school Bachelor's degree graduates will have $100,000 in student loan debt.

How long does it take to pay off $100 K student loans?

How long does paying off $100K in student loans take? Although the standard repayment plan is typically 10 years, some loans and repayment plans have longer terms, so you could be repaying for 20 or even 30 years.

What is the average debt for a 35 year old?

Here's the average debt balances by age group: Gen Z (ages 18 to 23): $9,593. Millennials (ages 24 to 39): $78,396. Gen X (ages 40 to 55): $135,841.

Which gender has more debt?

On average, men have more debt than women across all categories, except for student loans. While there isn't much data yet, early studies have shown that nonbinary students undergo more financial strain than their cisgender peers, and are more likely to have student loan debt.

How much credit card debt is normal?

Average American Credit Card Debt

The Federal Reserve study does not provide numbers for the average credit card balance per consumer. However, according to recent numbers put out by Transunion, this figure rose from $5,474 in Q3 2022 to $6,088 in Q3 2023.

Do masters degrees pay off?

Does a master's degree increase your salary? Earning a master's degree won't automatically increase your salary, but with a master's degree, you may qualify for higher paying positions or career advancement opportunities.

Is 20k in student loans a lot?

If those monthly payments look low compared to what most borrowers pay, it's because most borrowers carry a lot more than $20,000 in student loan debt. As of March 2023, the average federal student loan debt in the United States was about $37,720, according to a BestColleges analysis of Education Department data.

How much student debt does a lawyer have?

Before pursuing your degree, you'll want to consider the average debt loads students encumber from law school and think about ways to reduce costs. According to the latest data from the American Bar Association: The average law school graduate owes approximately $130,000 in educational debt upon graduating.