The current number of Americans with student loan debt

Roughly 43 million Americans hold federal student loan debt as of 2024, according to the U.S. Department of Education. This figure counts only federal loans — it does not include private student loans, which are tracked separately by credit bureaus and financial institutions. The total does not represent 43 million unique borrowers, because some people hold multiple loans.

The number of federal student loan holders has remained relatively stable over the past five years, though it fluctuates based on new borrowing, loan forgiveness programs, and repayment activity. During the federal student loan payment pause that ran from March 2020 through December 2023, no borrowers were required to make payments, which affected how many people were actively repaying at any given time.

Private student loan debt is held by a smaller population. Estimates from the Federal Reserve and private credit reporting agencies suggest between 8 and 10 million Americans carry private student loans, though the exact number varies depending on the data source and how loans are counted.

Key Takeaways

  • Federal student loan debt is held by approximately 43 million Americans, tracked by the U.S. Department of Education through its loan servicing systems.
  • Private student loans are held by an estimated 8 to 10 million Americans and are not tracked by a single federal agency.
  • The total number of federal borrowers includes people with multiple loans, so the count reflects loan accounts rather than unique individuals in some cases.
  • Student loan debt figures change as borrowers enter repayment, make payments, receive forgiveness, or default on loans.
  • The federal payment pause from 2020 to 2023 temporarily changed how many borrowers were actively repaying, but did not change the total number holding debt.

How the federal government counts student loan borrowers

The U.S. Department of Education maintains records of all federal student loans through its Direct Loan program and through loans it holds from the Federal Family Education Loan (FFEL) program. These records form the basis for the 43 million figure. The count includes borrowers in all repayment statuses: those actively paying, those in deferment or forbearance, those in default, and those whose loans have been discharged.

The Department of Education publishes loan portfolio data quarterly, which is where the most current borrower counts come from. This data is available on the Federal Student Aid website and breaks down borrowers by loan type, repayment plan, and other characteristics. However, the Department does not publish a real-time count — the most recent figures are typically released several months after the quarter ends.

Breakdown by loan type and borrower status

Federal student loans come in several types, and borrowers may hold more than one. Direct Subsidized Loans and Direct Unsubsidized Loans are the most common, followed by Direct PLUS Loans (taken out by parents or graduate students) and Direct Consolidation Loans. The 43 million figure includes holders of all these types.

Borrowers are also categorized by repayment status. Some are in standard repayment, making monthly payments. Others are in income-driven repayment plans, which adjust payments based on income. Still others are in deferment (postponing payments while in school or during economic hardship), forbearance (temporarily stopping payments), or default (having failed to make payments for 270 days or more). The proportion in each status changes over time based on economic conditions and policy changes.

Graduate and professional students make up a significant portion of federal borrowers. They tend to borrow larger amounts than undergraduate borrowers and often carry debt longer because graduate programs take additional years to complete.

Why private student loan numbers are harder to pin down

Private student loans are issued by banks, credit unions, and other lenders, not by the federal government. Because there is no single federal registry, the total number of private borrowers must be estimated from credit bureau data and lender reports. Different sources may report different figures depending on their methodology and the time period they cover.

Private loans are also more likely to be paid off or consolidated into federal loans over time, which makes tracking the active borrower population more difficult. A person may have held a private loan five years ago but no longer carry one, and this person would not appear in current counts.

How student loan debt has changed over the past decade

The total amount of federal student loan debt has grown significantly since 2010, though the number of borrowers has grown more slowly. This means that while more people hold debt, the average amount per borrower has also increased. Rising tuition costs, longer time to degree completion, and more graduate students borrowing have all contributed to this trend.

The federal payment pause from 2020 to 2023 temporarily halted the growth in the number of people in default, because borrowers were not required to make payments during that period. When payments resumed in October 2023, the number of borrowers in active repayment increased again.

Differences between federal and private borrower populations

Federal and private borrowers tend to have different characteristics. Federal borrowers include a broader range of income levels and educational backgrounds, because federal loans are available to most students regardless of credit history. Private borrowers typically have better credit scores or co-signers, because private lenders use credit-based underwriting.

Federal borrowers also have access to income-driven repayment plans, deferment, forbearance, and loan forgiveness programs. Private borrowers generally do not have these protections, though some private lenders offer their own hardship programs. This difference means that federal and private borrowers face different options when they encounter financial difficulty.

What these numbers mean for the broader economy

Student loan debt affects consumer spending, housing purchases, and retirement savings for millions of Americans. When borrowers are in repayment, their monthly payments reduce the money available for other expenses. When borrowers are in deferment or forbearance, they are not building equity in their loans, though interest may still accrue depending on the loan type.

The size of the borrowing population also influences policy decisions. Congress and the Department of Education monitor borrower counts and debt levels when considering changes to loan programs, forgiveness initiatives, or repayment plan rules. Large-scale changes — such as the payment pause or proposed forgiveness programs — affect millions of people simultaneously.

Frequently Asked Questions

Does the 43 million figure include people who have paid off their loans?

No. The 43 million count includes only people who currently hold federal student loan debt. People who have finished repaying are not included in this number. The Department of Education does track how many people have paid off their loans, but this is reported separately.

Are international students included in the federal borrower count?

International students can borrow federal student loans only if they are permanent residents or have a U.S. citizen co-signer. Most international students use private loans or funding from their home countries. Those who do take federal loans are included in the 43 million figure.

How often does the federal government update the borrower count?

The U.S. Department of Education publishes updated loan portfolio data quarterly, though the data is typically released several months after the quarter ends. This means the most current publicly available figure is usually two to three months old. Real-time counts are not published.

Can I find out how many people in my state have student loan debt?

The Department of Education publishes state-level breakdowns of federal student loan debt and borrower counts on the Federal Student Aid website. These figures show the total amount of debt and number of borrowers by state, though they do not include private loans.

Do these numbers include Parent PLUS loans?

Yes. Parent PLUS loans are federal loans taken out by parents to pay for their children's education, and borrowers of these loans are included in the 43 million figure. Graduate PLUS loans, taken out by graduate students, are also included.