The total amount of student loan debt in the United States
The total amount of student loan debt held by Americans is measured in the trillions of dollars. The exact figure changes month to month as borrowers make payments, take out new loans, and interest accrues. As of the most recent data available, the total sits somewhere between $1.7 and $1.8 trillion across all federal and private student loans combined.
This number includes loans held by current students, recent graduates, and people who borrowed decades ago. It does not include Parent PLUS loans that parents took out on behalf of their children, though those are counted separately in some government reports. The total has grown steadily over the past 15 years as college costs have risen and more people have borrowed to pay for education.
Key Takeaways
- Total student loan debt in the United States is approximately $1.7 to $1.8 trillion, though the exact figure varies depending on the source and reporting date.
- Federal student loans make up the majority of this debt, with private student loans accounting for a smaller but still significant portion.
- The average borrower who took out federal loans owes somewhere between $20,000 and $37,000, depending on the type of degree and when they borrowed.
- Not all borrowers owe money — some have paid off their loans, and some never borrowed in the first place.
- The total debt figure includes loans at every stage: active repayment, deferment, forbearance, and default.
Federal loans versus private loans
Federal student loans account for roughly 90 percent of all student loan debt. These are loans issued by the U.S. Department of Education through programs like the Direct Loan program, which includes Subsidized Stafford Loans, Unsubsidized Stafford Loans, PLUS Loans, and Perkins Loans. The federal government holds and services these loans, though it may contract with private companies to handle billing and customer service.
Private student loans make up the remaining portion. These come from banks, credit unions, and other lenders and are not backed by the federal government. Private loan terms, interest rates, and repayment options vary widely by lender. Because private loans are scattered across many different companies, there is no single total figure for private debt — estimates come from surveys and industry reports rather than a central government database.
How the debt breaks down by borrower
Not every person who attended college owes student loan debt. Some paid through savings, scholarships, or family contributions. Some attended community college or trade school and borrowed little or nothing. Of those who did borrow, the amount owed varies dramatically.
The average federal student loan debt per borrower who has loans is typically reported between $20,000 and $37,000. This average masks huge variation: some borrowers owe $5,000 or less, while others owe $100,000 or more, particularly those who attended graduate or professional school. Graduate degree holders tend to owe significantly more than those with bachelor's degrees, and those with bachelor's degrees owe more than those with associate degrees.
The total debt figure is the sum of all individual loans across all borrowers, so it reflects both the number of people borrowing and how much each person borrows on average. When either number rises, the total rises.
Why the total has grown over time
Student loan debt has increased for two main reasons: more people are borrowing, and those who borrow are borrowing larger amounts. College tuition and fees have risen faster than inflation for decades, making it harder for students to pay without loans. At the same time, the cost of living while in school — housing, food, books, transportation — has also increased.
Federal loan limits have been raised several times to allow students to borrow more as costs climbed. Graduate students can borrow much larger amounts than undergraduates. Private loans filled in gaps when federal loan limits were not enough. The result is that each new cohort of borrowers tends to graduate with more debt than the cohort before them.
What the total debt number does and does not tell you
The total debt figure is useful for understanding the scale of student borrowing in the economy, but it does not tell you how many people are struggling or how many have paid off their loans. It includes people in active repayment, people in deferment or forbearance (temporary pauses), people in default, and people whose loans have been forgiven or discharged.
The total also does not account for income. A borrower who owes $50,000 but earns $150,000 per year is in a very different situation than a borrower who owes $50,000 but earns $30,000 per year. The raw debt number alone does not capture financial hardship or repayment difficulty.
How this debt affects the broader economy
Student loan debt influences decisions people make about housing, marriage, starting businesses, and saving for retirement. When a significant portion of income goes to loan payments, less money is available for other purchases and investments. Some research suggests that high student debt levels delay home purchases and reduce spending on goods and services, though economists disagree about how large this effect is.
The total debt also matters to policymakers and lawmakers who consider changes to federal loan programs, forgiveness initiatives, and interest rate policies. Changes to any of these affect both individual borrowers and the overall size of the debt.
Frequently Asked Questions
Is the $1.7 trillion figure accurate right now?
The exact total changes constantly as borrowers make payments and new students take out loans. Different government agencies and research organizations report slightly different figures depending on when they measure and what they include. The $1.7 to $1.8 trillion range is the most commonly cited estimate, but the precise number on any given day may be higher or lower.
How much of this debt is in default?
The percentage of loans in default varies by data source and how "default" is defined. Federal loans are considered in default after 270 days of nonpayment. The share of federal loans in default has fluctuated between roughly 10 and 15 percent in recent years, though this varies by loan type and borrower characteristics. Private loan default rates are typically tracked separately by lenders.
Does the total include Parent PLUS loans?
Parent PLUS loans are federal loans that parents take out to pay for their child's education. Some government reports include them in the total student loan debt figure, while others report them separately. If you see different totals from different sources, the difference may be whether Parent PLUS loans are counted.
Why does the total keep growing if people are paying back their loans?
New students borrow more each year than the total amount paid back by all borrowers combined. This is because college costs continue to rise and more people are attending college. Even as some borrowers pay off their loans completely, the new borrowing outpaces the payoff, causing the total to grow.
How does U.S. student loan debt compare to other types of debt?
Student loan debt is the second-largest category of consumer debt in the United States after mortgage debt. It is larger than credit card debt and auto loan debt combined. However, student loans typically have lower interest rates and longer repayment periods than credit cards, which affects how the debt impacts borrowers' finances.