Average student loan debt statistics: How do you stack up to your peers?

Millennials face a student loan debt problem. But you already knew that.

You know full well how student loans are impacting your life. What you probably don’t know is how it’s impacting your friends, coworkers, and other peers. Is your debt repayment situation better or worse than theirs?

Let’s find out.

What is the average U.S. student loan debt?

The average student loan debt is $28,500 for those graduating with a bachelor’s degree from a public or private four-year college. For those graduating from a public university, the average is slightly lower — $26,900. As you’d expect, private college graduates’ average debt is higher than the norm at $32,600. These averages exclude people who graduated without incurring student debt.

But what about those who went to grad school? The average almost doubles, all the way up to $57,600. Here’s how it breaks down between graduate programs: $42,000 for MBA recipients, $140,616 for law school, and $161,772 for medicine and health sciences.

What's the impact?

OK, now that we’ve established there’s lots of student loan debt to go around, let’s shift to how much it impacts millennials’ lives. Probably a lot, right? Ding, ding!

Millennials with student loan debt play with a metaphorical arm tied behind their back. Compared to those without student debt, these people have, on average:

• 75% less net worth
• 46% less money collectively in their savings and checking accounts
• $19,000 less in retirement savings
• 5% less valuable homes
• $6,000 more on their mortgages

A lot of these numbers make sense — no student loan payment can mean hundreds or thousands of dollars freed up each month to allocate to your retirement fund, down payment savings, or other uses. Still, it’s striking to see just how much of a difference it makes.

Is there anything you can do about it?

Yes, there is! Sure, refinancing your student loans won’t reduce your principal, but it’ll simplify repayment by giving you one monthly payment among other potential benefits: a lower interest rate to net savings over the life of the loan, or extended repayment term to lower your monthly payment.

Want to capitalize on these benefits? Compare rates for different lenders and check your credit score — applications are approved based on creditworthiness. The same goes for the interest rate you get.

Explore your options

Student loan debt is, for many, a fact of life. You can either sit back and throw up your hands in defeat, or try to do something about it! Check into refinancing options to see if they’ll provide the kind of financial relief you’re looking for.

Be ready for whatever's next

What if you could save thousands of dollars each year by refinancing your student loans? It’s possible with the Citizens Education Refinance Loan. You can get a personalized rate in less than two minutes.