These are the demographics of student loan debt in Pennsylvania and beyond | The numbers racket

In last week’s edition of Numbers Racket, the Capital-Star looked at Americans’ student loan debt.

This week, we continue our examination of student loan debt, using demographic data from the Education Data Initiative, a research organization studying the American education system.

Student loan debt by age

  • A third of adults under 30 to have to 34% of all student loan debtaccording to EDI.
  • 34% of adults aged 18-29 have student loan debt, which makes them more than twice as likely than adults in any other age group to have student debt.
  • Borrowing students from 30 to 44 years old to have to 49 percent the balance of the national debt of student loans or $823 billion.

In Pennsylvania, 661,000 borrowers between 25 and 34 years old owe on average more than $35,000 eachtotaling more than 23 billion dollars, according EDI data.

Pennsylvania borrowers between the ages 50 and 61 owe the most of any age group, due, on average, $46,926.

The 447,200 35 to 49 years old in Pennsylvania owe a average of $46,377, totaling $20.74 billionEDI reports.

Similarly, EDI data shows that 75,100 federal borrowers in Pennsylvania aged 62 and over owes a average of $45,539, totaling $3.42 billion.

Student loan debt by race and ethnicity

Whereas white borrowers owes more than half – 54 percent – of the national student loan debt balance, Black university students are the most likely to use federal loans, with 49.4% borrowing, according to EDI data. Asian students are the less likely receive federal loans to 62 percent.

Within the the first 12 years of repayment, 30 percent of Black university graduates with delinquent student loans.

Among the students leaving private student loans, white students are the most likely receive private loans, with 7.1% borrow privately. EDI reports that Native American and Alaska Native Students are less likely borrow privately from 2.6 percent.

Student debt by gender

More than half of all student loan debt – 58 percent – belongs to women, according EDI.

Despite an income 26 percent inferior to their male counterparts, Women are more likely than men TO DO high monthly student loan Payments.

In reality, 54% women have student loan repayments in the 75th percentilemonthly payments are greater than 75% of all monthly payments – compared to 51% men.

55.9 … the percentage of male students who got federal loans during 21.5% received non-federal loans.

67.2 … the percentage of Students who obtained federal loans, and 24.2% received non-federal loans.

About Judith J. George

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