Total student loan debt in the United States

As of 2024, Americans owe roughly $1.7 trillion in federal and private student loans combined. This figure comes from the Federal Reserve, which tracks consumer debt quarterly. The number has grown steadily over the past 15 years as college costs have risen and more people have borrowed to pay for education.

The total includes federal loans held by the Department of Education, federal loans held by private lenders, and private student loans issued by banks and other financial institutions. Federal loans make up the majority of this debt — roughly 90 percent — because federal programs are the primary source of borrowing for undergraduate and graduate students.

This total does not include Parent PLUS loans that parents have taken out in their own names, though those are counted separately in federal loan statistics. The $1.7 trillion figure also does not include loans that have been fully repaid, only outstanding balances.

Key Takeaways

  • Outstanding student loan debt in the United States totals approximately $1.7 trillion as of 2024, with federal loans representing about 90 percent of that amount.
  • The average federal student loan balance per borrower is around $37,000, though this varies significantly by degree type and when the person borrowed.
  • Student loan debt has grown faster than wages over the past 20 years, meaning each dollar of debt represents a larger share of a typical borrower's income than it did in the past.
  • Private student loans account for roughly 10 percent of total student debt, and borrowers with private loans often carry higher balances than those with federal loans alone.

How much the average borrower owes

The average federal student loan balance per borrower is approximately $37,000. This number comes from the Federal Reserve's Survey of Household Economics and Decisionmaking, which surveys borrowers directly. However, this average masks significant variation: some borrowers owe $5,000 or less, while others owe $100,000 or more.

Graduate degree holders typically carry much higher balances than undergraduate borrowers. Someone who borrowed only for a bachelor's degree might owe $20,000 to $30,000, while a person who also took out loans for law school, medical school, or a master's program might owe $80,000 to $150,000 or higher. Professional degree borrowers — particularly doctors and lawyers — often owe $200,000 or more.

The year someone borrowed also affects their balance. Borrowers who graduated in 2008 or later generally owe more than those who graduated earlier, because college costs were higher and interest rates on federal loans were higher during that period. Someone who borrowed in 2010 likely owes more than someone who borrowed in 2000, even if they attended the same school.

Federal versus private student loan debt

Federal student loans account for approximately $1.55 trillion of the total $1.7 trillion in outstanding student debt. These loans are issued by the Department of Education and include Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Federal Family Education Loans (FFEL) that are still in repayment.

Private student loans make up the remaining $150 billion to $200 billion. Private loans are issued by banks, credit unions, and other lenders, not by the federal government. Borrowers typically take out private loans after exhausting federal loan limits, or to cover costs that federal loans do not cover. Private loan balances tend to be higher per borrower than federal loan balances, because people who borrow privately often have greater total education costs.

The split between federal and private debt matters because the two types have different repayment rules, interest rates, and protections. Federal loans offer income-driven repayment plans and forgiveness programs; private loans do not. Federal loans have fixed interest rates set by Congress; private loan rates vary by lender and borrower credit.

Student debt by age and income level

Student loan debt is concentrated among people in their 20s and 30s, though borrowers in their 40s and 50s also carry significant balances. The Federal Reserve reports that the median student loan balance for borrowers aged 25 to 34 is around $20,000. Borrowers aged 35 to 49 often owe more in total dollars because they may have borrowed for graduate school or taken longer to repay, but fewer people in this age group carry debt at all.

Income level affects both how much people borrow and how long they take to repay. Lower-income borrowers often owe less in total dollars because they attended less expensive schools or borrowed less, but the debt represents a much larger share of their income. A borrower earning $30,000 per year with $25,000 in student debt faces a different repayment reality than a borrower earning $100,000 per year with the same debt.

Higher-income borrowers — particularly those with graduate degrees — often owe more in absolute dollars but less as a percentage of income. A doctor earning $200,000 per year with $150,000 in student debt has a different burden than a teacher earning $45,000 per year with $40,000 in debt, even though the dollar amounts are closer.

How student debt has grown over time

Student loan debt has grown faster than any other form of consumer debt over the past 20 years. In 2004, total outstanding student debt was approximately $260 billion. By 2014, it had reached $1.1 trillion. The growth has continued, reaching $1.7 trillion by 2024.

This growth reflects several factors: college costs have risen faster than inflation, more people have pursued higher education, and borrowers have taken out larger loans per degree. The average cost of attending a four-year public university has roughly tripled since 2000, adjusted for inflation. Private university costs have risen similarly.

Wage growth has not kept pace with education cost growth. This means that each dollar of student debt represents a larger share of a typical graduate's income than it did 20 years ago. A person who borrowed $20,000 in 2000 and earned $40,000 per year had a debt-to-income ratio of 0.5. A person who borrows $40,000 in 2024 and earns $50,000 per year has a debt-to-income ratio of 0.8, even though the dollar amounts are only twice as large.

Student debt by state

Student loan debt varies significantly by state, depending on the cost of higher education in that state, the percentage of residents who attended college, and the types of degrees people pursued. States with expensive public universities or high concentrations of graduate degree holders tend to have higher average balances.

The Federal Reserve does not publish state-by-state breakdowns of average student loan balances, so precise comparisons are difficult. However, data from the U.S. Census Bureau and education research organizations show that states with high concentrations of graduate students — such as Massachusetts, Maryland, and the District of Columbia — tend to have higher average balances. States with lower college attendance rates or lower-cost public universities tend to have lower average balances.

Within any state, variation between individuals is much larger than variation between states. A borrower's balance depends far more on their own education choices and borrowing decisions than on where they live.

Frequently Asked Questions

Is the $1.7 trillion figure only federal student loans?

No. The $1.7 trillion includes both federal student loans (about $1.55 trillion) and private student loans (about $150 billion to $200 billion). Federal loans make up the vast majority because they are the primary source of education borrowing.

Does the total student debt include Parent PLUS loans?

Parent PLUS loans are included in the federal loan total, but they are often counted separately because parents, not students, are the borrowers. Parent PLUS loans represent roughly $100 billion to $150 billion of the total federal student debt.

How much does the average person owe if they have student loans?

The average federal student loan balance per borrower is around $37,000. This includes all borrowers with outstanding federal loans, from those who owe a few thousand dollars to those who owe over $200,000. Graduate degree holders typically owe significantly more than undergraduate borrowers.

Has student debt grown faster than other types of debt?

Yes. Student loan debt has grown faster than credit card debt, auto loans, and other consumer debt over the past 20 years. Total student debt has grown from roughly $260 billion in 2004 to $1.7 trillion in 2024, driven by rising college costs and increased borrowing.

Why do some states have higher student debt than others?

States with higher-cost universities, higher college attendance rates, or more graduate degree holders tend to have higher average student loan balances. However, individual borrowing decisions matter far more than state location — your own education choices and the amount you borrowed affect your balance much more than where you live.