The total U.S. student loan debt is over $1.7 trillion
As of 2024, Americans owe more than $1.7 trillion in federal and private student loans combined. This figure comes from the Federal Reserve, the U.S. Department of Education, and private loan servicers who track outstanding balances. The number has grown steadily over the past two decades as college costs have risen and more people have borrowed to pay for education.
This total includes federal loans (which make up roughly 92 percent of all student debt) and private loans issued by banks and other lenders. Federal loans are tracked by the Department of Education's loan servicing systems. Private loan balances are harder to measure precisely because no single agency collects all of them, so estimates vary slightly depending on the source.
The debt is spread across roughly 43 million borrowers. That means the average balance per borrower is around $37,000 to $40,000, though this varies widely. Some people owe $5,000; others owe $200,000 or more, particularly those who attended graduate or professional school.
Key Takeaways
- The total U.S. student loan debt exceeds $1.7 trillion as of 2024, making it the second-largest category of consumer debt after mortgages.
- Federal loans account for roughly 92 percent of all student debt, while private loans make up the remainder.
- About 43 million people carry student loan debt, with an average balance between $37,000 and $40,000 per borrower.
- Student loan debt has grown faster than wages over the past 20 years, which is why many borrowers struggle with repayment.
- The size of your own debt depends on what you borrowed, what interest rates you received, and how much you have already repaid.
How federal and private loans make up the total
Federal student loans are issued directly by the U.S. Department of Education or through the Federal Family Education Loan (FFEL) program, which ended in 2010. These loans carry fixed interest rates set by Congress, and borrowers have access to income-driven repayment plans and loan forgiveness programs. Federal loans are the largest piece of the $1.7 trillion total.
Private student loans are issued by banks, credit unions, and other lenders. They typically have variable interest rates and fewer repayment options than federal loans. Private loans make up a smaller share of total debt but can carry higher interest rates, which means borrowers pay more over time. The exact amount of private student debt is harder to pin down because lenders do not report to a central database the way federal loan servicers do.
Parent PLUS loans, which parents borrow on behalf of their children, are federal loans and are included in the total. Graduate PLUS loans, which graduate students borrow for themselves, are also federal and counted in the $1.7 trillion figure.
Why the total has grown so much
Student loan debt has grown because college tuition has risen faster than inflation and faster than wages. In 1990, the average cost of one year at a public four-year university was around $3,500 (in today's dollars). By 2024, that same year costs roughly $10,000 to $12,000 for tuition and fees alone, not including room and board. As costs climbed, more students borrowed, and those who did borrow took out larger loans.
The number of people attending college has also increased. More high school graduates enroll in college now than in previous decades, and more adults return to school for additional degrees or credentials. Each of these trends adds to the total debt outstanding.
Interest also plays a role. Federal loans accrue interest while students are in school (except for subsidized loans, which do not). If a borrower enters a repayment plan but does not pay enough to cover the interest, the unpaid interest capitalizes—meaning it gets added to the principal balance. This causes the debt to grow even when the borrower is making payments.
How your individual debt compares to the average
Your own student loan balance depends on several factors: how much you borrowed, what type of loans you took out, what interest rates you received, and how long you have been repaying. Someone who attended a community college for two years and borrowed $15,000 will have a very different balance than someone who attended a private university for four years and borrowed $80,000.
Graduate school borrowers typically owe more than undergraduate borrowers. A person with a master's degree or professional degree (law, medicine, dentistry) often carries $100,000 or more in debt. Undergraduate-only borrowers average lower balances, though this still varies widely based on the school attended and how much was borrowed.
You can find your own federal loan balance by logging into the Federal Student Aid website using your FSA ID. This shows every federal loan you have taken out and the current balance on each one. For private loans, you will need to contact each lender directly or check your credit report, which lists all outstanding debts.
What the total debt means for the economy
Student loan debt affects the broader economy because it reduces how much money borrowers can spend on other things. Someone paying $300 a month toward student loans has $300 less to spend on a car payment, a house down payment, or everyday expenses. This can delay major life decisions like buying a home or starting a family.
High student debt levels also affect labor markets. Some borrowers stay in jobs they might otherwise leave because they need the income to service their debt. Others may choose lower-paying careers in public service or nonprofits, which can affect workforce distribution across industries.
The total debt figure is also a political issue. Policymakers debate whether student loans should be forgiven, whether interest rates should be lower, and whether colleges should be required to do more to control costs. These debates affect whether future borrowers will face similar debt levels.
How to track changes in the total over time
The Federal Reserve publishes quarterly reports on household debt, including student loans. The U.S. Department of Education releases annual reports on federal student loan portfolio data. These sources show how the total has changed year to year and which types of loans are growing fastest.
The total figure you see reported in news articles may vary slightly depending on the source and the date. Some reports include only federal loans; others include federal and private combined. Some reports are from mid-year; others are from year-end. This is why you might see the total described as $1.6 trillion in one article and $1.8 trillion in another—the difference usually reflects timing and which loans are included.
Frequently Asked Questions
Is student loan debt the largest type of debt Americans carry?
No. Mortgage debt is larger—Americans owe roughly $11 trillion in mortgages. Student loan debt is the second-largest category of consumer debt, followed by credit card debt and auto loans. Student loans are the largest non-housing debt.
How much of the $1.7 trillion is federal versus private?
Roughly 92 percent is federal student loan debt, and about 8 percent is private. Federal loans are easier to track because they are reported to the Department of Education. Private loan totals are estimates because lenders do not report to a single database.
Does the total include Parent PLUS loans?
Yes. Parent PLUS loans are federal loans and are included in the $1.7 trillion total. These are loans parents take out to pay for their children's education. The balance is owed by the parent, not the student.
Why do news articles report different totals for student loan debt?
The total changes throughout the year as people borrow and repay. Reports may also differ on whether they include only federal loans or both federal and private, and whether they are from the beginning or end of a year. The variation is usually within a few hundred billion dollars.
Can I find out how much I personally owe?
Yes. For federal loans, log into the Federal Student Aid website using your FSA ID to see all your loans and balances. For private loans, contact your lender directly or check your credit report, which lists all outstanding debts with their current balances.