Applying for a loan is not a simple process, there is a lot of documentation and application you have to fill out in order to just apply for it. Having fulfilled the criteria for a loan doesn’t automatically means that you will get it. Here are some figures about loans you should know to get a better understanding of it.

In 2016, data from Federal Research Bank of NY showed that about 44 million students were in debt from educational loan and the debt totaled $1.31 trillion, the debt increases each year from the previous year as more and more students rely on loans. Think of it this way, in 2015, the average loan debt of a student was $20,000 which increased to $34,000 in 2016 which is a huge increase.

We all are aware of what student loans are generally used for. Most students need them to pay off their education along with housing fee, transportation, books and supplies, meals and so on. So you probably wonder what is the average amount a student gets? The figure varies, the average student gets anywhere from 10,000 to 25,000 US dollars in loans. If we look at previous figures then about 12 million students fall into that category which is the majority. However, there are another 400,000 students that borrow more than that and some even up to $200,000.

So taking that into account, the average student owes roughly $38,000 when graduating from university. Depending on the loan program they have, the payment is set accordingly. The average student that is on a loan repayment plan for 10 years pays about $350 per month to repay the loan. The figure should pretty much stay in the same ballpark for the upcoming year.