How much student loan debt exists in the United States
As of mid-2024, total student loan debt in the United States is approximately $1.7 trillion across roughly 43 million borrowers. This figure includes federal loans held by the Department of Education, private student loans from banks and other lenders, and Parent PLUS loans. The number changes constantly as borrowers make payments, take out new loans, and interest accrues.
The total has grown significantly over the past two decades. In 2004, outstanding student loan debt was around $260 billion. The increase reflects both more people borrowing for college and higher costs per degree. However, the total has stabilized somewhat in recent years — it grew rapidly from 2008 to 2020 but has grown more slowly since then.
These figures come from the Federal Reserve, the Department of Education, and the Consumer Financial Protection Bureau, which track different pieces of the debt. No single source captures all student borrowing because federal and private loans are reported through separate systems.
Key Takeaways
- Total student loan debt in the United States is approximately $1.7 trillion held by about 43 million borrowers as of mid-2024.
- Federal loans make up the majority of outstanding student debt, while private student loans account for a smaller but significant portion.
- The total debt has grown from roughly $260 billion in 2004, though the rate of growth has slowed in recent years.
- Student loan debt is spread unevenly — some borrowers owe under $10,000 while others carry six-figure balances.
Federal loans versus private loans in the total
Federal student loans make up the majority of the $1.7 trillion total. The Department of Education reports that federal loans account for roughly $1.4 trillion of outstanding debt. This includes Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and older Federal Family Education Loans (FFEL) that are still being repaid.
Private student loans account for the remaining portion — estimates range from $200 billion to $300 billion depending on the source and how loans are categorized. Private loans come from banks, credit unions, and other financial institutions. They typically have higher interest rates than federal loans and fewer repayment options.
The split matters because federal and private loans have different rules for repayment, forgiveness, and what happens if you stop paying. Federal loans offer income-driven repayment plans and potential forgiveness programs; private loans generally do not.
How student loan debt breaks down by borrower
The 43 million borrowers carrying student loan debt do not all owe the same amount. The median federal student loan balance for borrowers who still have debt is around $17,000 to $20,000, though this varies by age and education level. Some borrowers owe far more — graduate degree holders often carry balances of $50,000 or higher.
About 2 million borrowers owe more than $100,000 in federal student loans. These are typically people who attended graduate or professional school. On the other end, roughly 30% of borrowers with federal loans owe less than $10,000.
Age affects the distribution significantly. Borrowers in their 20s and early 30s tend to have lower balances because they borrowed more recently and have had less time to accumulate interest. Borrowers in their 40s and 50s sometimes carry larger balances because they borrowed for graduate school or because they have been in repayment longer and interest has compounded.
Why the total keeps changing
The total student loan debt figure moves for several reasons. New borrowers take out loans each year — roughly 1.5 million students borrow federal loans annually. At the same time, millions of borrowers make payments that reduce their balances. Interest accrues on unpaid balances, which increases the total even when no new loans are issued.
Loan forgiveness and cancellation also affect the total. When the federal government forgives loans through programs like Public Service Loan Forgiveness or income-driven repayment plan forgiveness after 20 or 25 years, those balances disappear from the total. Temporary payment pauses — like the one that ran from March 2020 through October 2023 — affect how quickly balances shrink because borrowers are not required to make payments during those periods.
Economic conditions matter too. During recessions, more borrowers may request deferment or forbearance, which pauses payments but allows interest to continue accruing on some loan types. This can increase the total debt even if no new borrowing occurs.
Student loan debt compared to other types of American debt
Student loan debt is the second-largest category of consumer debt in the United States after mortgage debt. Mortgage debt totals roughly $11 trillion. Credit card debt is approximately $1 trillion, and auto loan debt is roughly $1.5 trillion. This means student loans represent a significant but smaller portion of total household debt.
However, student loans are unique because they cannot be discharged in bankruptcy in most cases, and they follow borrowers for decades. A mortgage is tied to a specific house; if you stop paying, the lender takes the house. A student loan is tied to the borrower, and collection options include wage garnishment and Social Security offset.
The average federal student loan payment for borrowers in repayment is around $200 to $300 per month, though this varies widely based on the repayment plan chosen and the total balance owed.
What the debt means for different age groups
Borrowers in their 20s and 30s are most likely to be actively repaying student loans. This age group carries the largest share of total outstanding debt because they are the most recent cohorts to borrow. Many are still in the early years of repayment, so their balances have not declined much.
Borrowers in their 40s and 50s represent a growing concern. Some borrowed decades ago and are still paying; others returned to school later in life. The number of borrowers over 50 with outstanding student loan debt has increased significantly. Some of these borrowers are on income-driven repayment plans that extend repayment into their 60s or beyond.
Borrowers over 60 represent a small but visible portion of the total. Some are still repaying loans from their own education; others borrowed through Parent PLUS loans to help their children attend college. Parent PLUS loans are taken out in the parent's name and become the parent's responsibility to repay.
How the total is measured and reported
Three main sources track student loan debt: the Federal Reserve, the Department of Education, and the Consumer Financial Protection Bureau. Each reports slightly different numbers because they measure different things or use different time periods.
The Department of Education tracks federal loans directly because it owns or guarantees most of them. The Federal Reserve tracks consumer debt more broadly through surveys and reports from credit bureaus. The CFPB monitors both federal and private loans and publishes reports on borrower complaints and market trends.
The figures you see in news articles often come from one of these three sources, which is why different outlets sometimes report slightly different totals. The differences are usually small — within a few billion dollars — but they reflect different measurement methods and reporting dates.
Frequently Asked Questions
Is student loan debt still growing?
The total has stabilized in recent years. From 2008 to 2020, it grew rapidly, but growth has slowed since then. New borrowing continues, but it is offset by repayment and forgiveness. The exact trajectory depends on federal policy changes and economic conditions.
How much of the total is in default?
Federal loan default rates have fluctuated. Before the pandemic payment pause, roughly 10% to 11% of federal loans were in default. During the pause, default rates dropped because payments were not required. Rates may shift again as repayment resumes and economic conditions change.
What percentage of Americans have student loan debt?
Roughly 13% to 14% of American adults carry student loan debt. This means the majority of adults do not have outstanding student loans, though many have paid them off. The percentage is higher among younger adults — around 30% to 35% of people in their 20s and 30s have outstanding debt.
Does the total include loans that have been forgiven?
No. The $1.7 trillion figure represents only outstanding debt — loans that borrowers still owe. Once a loan is forgiven through any program, it is removed from the total. Loans in deferment or forbearance are still counted because the borrower still owes them.
Why does student loan debt keep growing if fewer people are borrowing?
Interest accrual is the main reason. Even if the number of new borrowers stays flat, interest continues to compound on existing loans. Additionally, some borrowers are not making payments, so their balances grow. Forgiveness programs remove some debt, but new borrowing and interest typically outpace those reductions.