In the USA there are two main types of undergraduate degrees – an associate’s degree and a bachelor’s degree. Typically, an associate degree takes two years to complete and a bachelor’s degree is a 4-year course. These often lay the foundation for further degrees that also require the student to take out a federal student loan.
Top undergraduate student loan debt statistics
The typical amount of money borrowed for a four-year bachelor’s degree is $34,100.
On average, students borrow $14,000 for a two-year associate degree.
The average amount of debt for a bachelor’s degree varies wildly depending on the type of institution attended:
For public colleges, it is $31,900
For private non-profit universities, it is $34,300
For private for-profit colleges, it is $58,600.
A greater percentage of students pursuing a Bachelor’s degree at private non-profit colleges (83%) have student loan debt compared to those attending public 4-year colleges (65%).
Among students who took out loans to attend public colleges, 4% defaulted on their federal student loans within 12 years.
Among students who took out loans to attend non-profit colleges, 5% defaulted on their federal student loans within 12 years.
Among students who took out loans to attend for-profit colleges, a much higher percentage (30%) defaulted on their federal student loans within 12 years.
Average debt at graduation for bachelor and associate degree levels
Approximately 47% of Associate’s degree recipients borrowed to pay for their education, with an average debt of $19,600 at graduation
From 2008 to 2018, the average debt at graduation increased by 21% for Bachelor’s degree recipients and 39% for Associate’s degree recipients
Between 1998 and 2018, the average debt at graduation increased by 86% for Bachelor’s degree recipients, 136% for Associate’s degree recipients, and 146% for Certificate recipients
Year
Bachelor’s Degrees
Associate’s Degrees
1992-93
$9,300
$5,100
1993-94
$10,300
$5,300
1994-95
$11,500
$5,500
1995-96
$12,800
$5,700
1996-97
$13,800
$6,400
1997-98
$14,900
$7,300
1998-99
$16,000
$8,300
1999-00
$17,300
$9,400
2000-01
$17,600
$9,600
2001-02
$17,900
$9,800
2002-03
$18,300
$10,100
2003-04
$18,600
$10,300
2004-05
$19,700
$10,900
2005-06
$20,800
$11,600
2006-07
$22,000
$12,400
2007-08
$23,200
$13,200
2008-09
$24,600
$14,100
2009-10
$26,100
$15,000
2010-11
$27,700
$16,100
2011-12
$29,400
$17,200
2012-13
$29,500
$17,500
2013-14
$29,500
$17,800
2014-15
$29,600
$18,200
2015-16
$29,700
$18,500
2016-17
$29,700
$18,900
2017-18
$29,800
$19,200
2018-19
$29,900
$19,600
Average bachelor’s degree debt by state
In 18 states, the student debt load has increased at a rate twice that of inflation over the past 17 years.
New Hampshire has the highest average debt for students who have completed a 4-year bachelor’s degree, with an average debt load of $39,930.
Utah has the lowest average debt for students who have completed a 4-year bachelor’s degree, with an average debt load of $18,344.
South Dakota has the highest percentage of students in debt, with 73% of students carrying student loans.
Utah has the lowest percentage of students in debt, with only 39% of students carrying student loans.
