How much student loan debt exists in the United States

The total amount of student loan debt in America is roughly $1.7 trillion as of 2024, though this figure changes throughout the year as borrowers make payments and take out new loans. This makes student loans the second-largest category of consumer debt after mortgages. The number comes from data tracked by the Federal Reserve and the U.S. Department of Education, which monitor federal loans, private loans, and Parent PLUS loans together.

This total represents money owed by roughly 43 million borrowers across the country. The average balance per borrower varies widely depending on the type of degree, the school attended, and how much was borrowed — some borrowers owe under $10,000 while others carry balances over $200,000.

Key Takeaways

  • Student loan debt in America totals approximately $1.7 trillion, making it the second-largest form of consumer debt after mortgages.
  • About 43 million Americans hold student loan debt across federal loans, private loans, and Parent PLUS loans combined.
  • The average balance per borrower varies significantly based on degree type and school, ranging from under $10,000 to over $200,000.
  • Federal loans make up the majority of outstanding student debt, while private student loans account for a smaller but growing portion.
  • The total debt amount changes monthly as borrowers make payments and new students take out loans for school.

Federal loans versus private loans in the total

Federal student loans — those issued by the U.S. Department of Education through programs like Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans — account for the vast majority of the $1.7 trillion total. Federal loans make up roughly 90 percent of all outstanding student debt.

Private student loans, issued by banks and other lenders rather than the government, represent the remaining portion. Private loan balances have grown over the past decade but still remain much smaller than the federal total. The difference matters because federal loans come with income-driven repayment plans, forgiveness programs, and pause options that private loans do not offer.

How the debt breaks down by borrower type

The $1.7 trillion total includes debt held by undergraduate borrowers, graduate students, and parents who borrowed through Parent PLUS loans. Graduate students and professional students (those pursuing law degrees, medical degrees, and similar credentials) tend to carry higher individual balances because their programs cost more and last longer than undergraduate degrees.

Undergraduate borrowers make up the largest group by number but often carry smaller individual balances. Parent PLUS borrowers — parents who took out federal loans to help pay for their children's education — represent a smaller but significant portion of the total debt. These borrowers are often in their 40s and 50s and may still be repaying loans while approaching retirement.

Why the total keeps changing

The $1.7 trillion figure is a snapshot, not a fixed number. Every month, new borrowers take out loans to pay for college, and existing borrowers make payments that reduce their balances. The total also shifts when the government pauses loan payments — during the COVID-19 pandemic, for example, federal student loan payments were paused for over three years, which meant the total debt did not decrease as it normally would have.

Interest also affects the total. For loans that are actively accruing interest, the balance grows each month even if the borrower is not taking out additional funds. This is why a borrower might see their balance increase slightly even while making regular payments — the interest added can exceed the principal paid down, especially early in repayment.

What this debt means for the broader economy

Student loan debt affects the economy in several ways. Borrowers with large balances often delay major purchases like homes or cars because their monthly loan payments reduce the income available for other spending. Some borrowers postpone having children or starting businesses because of debt obligations.

The total debt also influences policy decisions. Lawmakers, the Department of Education, and the Federal Reserve all monitor student loan balances and repayment rates when making decisions about interest rates, loan forgiveness programs, and education funding. Changes to repayment rules or forgiveness programs can shift how much of that $1.7 trillion actually gets repaid versus forgiven.

How individual debt compares to the national total

While $1.7 trillion is a large number, it is spread across 43 million borrowers. The median balance for a borrower who completed a four-year degree is roughly $28,000 to $35,000, though this varies by school and field of study. A borrower with a graduate degree might owe $50,000 to $100,000 or more.

Your own debt situation depends on how much you borrowed, what interest rate you received, and how long you have been repaying. Someone who borrowed $15,000 for a two-year degree and has been paying for five years will have a very different balance than someone who borrowed $80,000 for a four-year degree and just graduated. The national total is useful context, but your individual situation is what determines your monthly payment and repayment timeline.

Frequently Asked Questions

Is student loan debt still growing?

Yes, the total grows each year as new students take out loans. However, the rate of growth has slowed in recent years as fewer students are borrowing and some borrowers have paid off their loans. The total also depends on whether the government is pausing payments — during pauses, the total may not decrease as quickly as it normally would.

How does American student debt compare to other countries?

The United States has significantly higher student loan debt than most other developed countries, partly because American college tuition is much higher and more students borrow to pay for it. Many other countries offer free or low-cost higher education funded by taxes, so fewer students carry personal debt.

What percentage of Americans have student loan debt?

Roughly 10 to 12 percent of American adults hold student loan debt. This means the majority of adults either did not attend college, paid for college without borrowing, or have already paid off their loans. The percentage is higher among younger adults — roughly 30 to 40 percent of people in their 20s and 30s carry student debt.

Does the total include Parent PLUS loans?

Yes, the $1.7 trillion total includes Parent PLUS loans taken out by parents to help pay for their children's education. Parent PLUS debt makes up roughly 10 to 15 percent of the total federal student loan balance. These loans are the responsibility of the parent who borrowed, not the student.

Why is the exact total hard to pin down?

Different agencies track student debt slightly differently, and the numbers are updated at different times. The Federal Reserve, the Department of Education, and private research firms all publish figures that may vary by a few percentage points. The most reliable source is the Federal Reserve's quarterly report on household debt, which includes student loans.