Data on who owes the most in student loans


At one point or another, students need to borrow loans to go through their education. The expectation is that they will service such loans to the end upon securing a job, but that is not always the case. It is a fact that many individuals pay attention to how much public debt there is on various occasions. That is the same interest one should express regarding those who owe the most in student loans.

Such information can determine individuals who succeed in the job market after achieving an education by securing loans as learners and those who struggle with the burden of servicing such loans. Here are details on who owes the most in student loans according to a Survey of Consumer Finances by the Federal Reserve.

High-income households

The share of student loan debt for high-income households is not proportional, and the money they pay towards student debts from their pockets is even more. These households make almost three-quarters of total payments, and the outstanding student loans they owe is about 60%. Without a doubt, other homes do not owe as much education debt as what well-to-do families owe.

The reason in part is that there is a higher likelihood that students from wealthy families will attend college when they get to that age. Additionally, employees who earn more in the labor market are those with a degree. That is not the case for those who do not have such qualifications.

Homes with high education level attainment

The Fed data for the year 2019 indicates that individuals with graduate degrees owe 56% in education debt. Note that 14% of adults aged 25 years or more have graduate degrees. On the other hand, those with a doctorate and professional degrees are 3% of grown ups, and they hold 20% in education debt.

It is also worth mentioning that the median earnings of households with high levels of education attainment are twice as much as the total median earnings.


There may be no need for students from the wealthiest households to borrow since their parents can finance their education and also cover their other expenses when they are in school. However, according to this data from the Fed, students who attend college and particularly graduate school tend to earn more and are mostly financially secure.

That explains the reason why higher-income and well-educated households owe the most in student loans.