Student Loan Debt by Degree Statistics
Top student loan debt by degree statistics
- From 2008 to 2018, the average debt at graduation increased by 21% for Bachelor’s degree recipients and 39% for Associate’s degree recipients
- The average graduate’s student loan balance is 145.6% higher than the average student’s from the entire population
- Across all advanced degrees, debt from graduate school alone averages $88,212
- By the time they graduate, the average law school student owes $180,000 in total student loan debt
- It is more expensive to attend a top 10 law school with students borrowing an additional $40,000 on average
- Lawyers have reported as much as 75% of their disposable income goes towards repaying student loan debt
- The average medical school graduate in the USA pays a total of $273,000 to pay off their student loans (including interest)
- Academic counselors recommend applying to 4 or more schools – at a combined cost of more than $10,000 – to have the best chance of being accepted
- The average graduate student debt is 145.6% higher than the average debt balance among all student borrowers
Average student loan debt by degree
| Degree type | Avg. amount borrowed |
| Associate’s degree | $14,000 |
| Bachelor’s degree | $34,100 |
| Master’s degree | $80,494 |
| Law degree | $118,100 |
| Medical degree | $250,990 |
| Ph.D. | $132,268 |
Starting salary by degree type
- Despite students needing to borrow more than twice as much to complete a master’s degree when compared to a bachelor’s degree, the average salary is $12,480 more
- The average master’s student will recoup this difference in 3.72 years
- A master’s degree holder is also less likely to be unemployed than a bachelor’s degree holder
| Degree | Salary | Unemployment Rate |
| Doctoral degree | $98,436 | 2.5% |
| Professional degree | $98,020 | 3.1% |
| Master’s degree | $80,340 | 4.1% |
| Bachelor’s degree | $67,860 | 5.5% |
| Associate’s degree | $48,776 | 7.1% |
| High school diploma | $40,612 | 9.0% |
Percentage of advanced degree holders who believe their degree was worth the cost
- Ph.D. and doctoral degree holders are most likely to believe their degree was worth the price they paid for it out of all advanced degree holders
- Less than 1 of every 4 law school graduates believes that their degree was worth the cost
- Less than 50% of master’s students believe that their degree was worth the cost with MBA students the least satisfied at 42%
| Degree type | % satisfied |
| PHD | 64% |
| Medical degree | 58% |
| Master of science | 49% |
| Master of art | 45% |
| Master of business | 42% |
| Law degree | 23% |
