The following is a list of the top 10 federal student loans, which are the most expensive for borrowers, according to the Department of Education’s annual Student Loan Report.
Here are the ten highest-priced loans in 2017.
(Photo: Department of Justice)The Department of Veterans Affairs, which is one of the biggest borrowers in the federal student loan system, had the second-highest-priced student loan with a median payment of $24,837, and the third-highest median amount of payments was $22,856.
The average repayment rate was 5.5 years, according the report.
The Department’s loan forgiveness program was the top-paying program, with a total of $17,858 in payments for each $1 of debt forgiven, according an analysis of federal loan data by the New York Times.
The top-paid programs included the Veterans’ Administration, which has the highest loan forgiveness amount ($5,500) and the Veterans Education Assistance Corporation ($2,000), the report said.
The Federal Housing Administration had the highest average loan forgiveness, at $5,700, and for borrowers who have an outstanding loan balance of $50,000 or more.
The median amount owed was $4,000, according.
The largest category of federal student debt was student loans for private schools, which account for nearly one-fifth of all student loans in the country.
Private schools typically have lower interest rates than public schools, and some private schools have the highest rates in the industry.
Private school borrowers were also more likely to have private loans than federal borrowers.
The private student loan industry has been growing rapidly over the past decade, but is still largely an industry for people with a high school education or less.