The outstanding federal loan balance is $1.645 trillion and accounts for 93.1% of all student loan debt. 43.6 million borrowers have federal student loan debt. The average federal student loan debt balance is $37,718, while the total average balance (including private loan debt) may be as high as $40,499.

“There are many studies out there showing that this debt is causing consumers to delay first-time home purchases, getting married, having children and retirement, just to name a few.” Although shifting social norms impacts some of these statistics, this research also suggests that student loan debt can delay marriage.

Student loans are the most common form of educational debt, followed by credit cards and other types of credit. Borrowers who don't complete their degrees are more likely to default.

Fast Facts. In certain situations, you can have your federal student loans forgiven, canceled, or discharged. That means you won't have to pay back some or all of your loan(s). The terms “forgiveness,” “cancellation,” and “discharge” mean essentially the same thing.

Student debt stays with the student until the loans are repaid or forgiven, even in the case of bankruptcy.

Student loans can be another example of “good debt.” Some student loans have lower interest rates compared to other loan types, and the interest may also be tax-deductible. You're financing an education, which can lead to career opportunities and potentially increasing income.

A student loan is money you can borrow from the U.S. Department of Education or a private organization to pay for college and repay later with interest.

Education loan or student loan is a form of monetary assistance availed by students to meet the expenses associated with their studies. The student loan includes expenses related to school fees, post-secondary education or cost associated to higher education.

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.

For example, you graduate with a $10,000 loan with a 5% interest rate and plan to pay it off over 10 years. You will pay $2,728 in interest over the 10 years that you repay the loan. Your monthly loan payment will include both payments to reduce the principal balance (the amount borrowed) and interest payments.

The U.S. Department of Education's federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. Under this program, the U.S. Department of Education is your lender.

Not making a payment will result in you owing more on your student loans and could also impact your credit score. As interest builds up, your servicer may also be required to increase your monthly payment to ensure you pay off your loans on time.