The numbers vary widely by degree level and graduation year
The average amount of student loan debt depends on what you're measuring. If you look at all borrowers with federal student loans, the median balance sits around $17,000 to $20,000, though this includes people who borrowed small amounts and people still early in repayment. For borrowers who actually completed a four-year degree, the average is substantially higher — typically between $28,000 and $37,000 per person at graduation, according to recent data from the Federal Reserve and the National Center for Education Statistics.
These figures shift based on when someone borrowed. Graduates from 2023 carried higher balances than those from 2015, partly because tuition rose and partly because more students borrowed to cover costs. Graduate degree holders — those with master's degrees or doctorates — often carry $50,000 to over $100,000 in debt, since graduate programs cost more and borrowers typically take larger loans.
The variation within these averages matters more than the average itself. Some borrowers owe nothing. Others owe over $200,000. Your actual debt depends on how much you borrowed, what program you attended, whether you worked while studying, and whether your family contributed money toward tuition.
Key Takeaways
- The median federal student loan balance across all borrowers is roughly $17,000 to $20,000, but this includes people who borrowed small amounts and people partway through repayment.
- Borrowers who completed a four-year bachelor's degree typically owed between $28,000 and $37,000 at graduation, though this varies by school and year.
- Graduate degree holders often carry $50,000 to $100,000 or more in student debt because advanced programs cost significantly more.
- Your individual debt depends on how much you borrowed, your school's cost, whether you worked during school, and family contributions — not on what others owe.
How debt totals differ by degree type
A bachelor's degree from a public university typically costs less than one from a private institution, so borrowers' debt reflects that gap. Public university graduates often owed $25,000 to $30,000 at graduation in recent years, while private university graduates averaged $35,000 to $40,000. Community college students who transferred to a four-year program often carried less debt overall because they completed cheaper coursework first.
Master's degree holders face different borrowing patterns. A two-year master's program can cost $40,000 to $80,000 in tuition alone, and many students borrow to cover living expenses during graduate school. Law school and medical school borrowers are among the highest — many graduates carry $150,000 to $250,000 in debt because professional programs run three to four years and cost $50,000 to $60,000 per year.
These are averages, meaning half of graduates in each category owed less and half owed more. A student who worked part-time, received scholarships, or had family help might graduate with $15,000 in debt from the same program where another student borrowed $45,000.
Why the numbers have grown over time
Student loan debt per borrower has increased over the past two decades for three main reasons: tuition has risen faster than inflation, a larger share of students now borrow (rather than working through school or receiving family support), and living expenses have climbed. In 2000, the average bachelor's degree graduate owed roughly $10,000 to $12,000. By 2023, that figure had roughly tripled.
The growth is not uniform across all schools. Tuition at public universities has risen faster than at private universities in percentage terms, though private schools still cost more in absolute dollars. For-profit colleges often produced higher debt loads relative to earnings after graduation, which is why many borrowers from those institutions report difficulty with repayment.
Borrowing also increased because fewer students work full-time while studying. In earlier decades, many students paid for college through part-time work and summer jobs. Today, most full-time students do not work, or work fewer hours, so they borrow more to cover the gap between what they or their families can pay and what the school costs.
How your debt compares to national figures
Knowing the average is less useful than understanding what your own situation means. If you owe $25,000 and earned a bachelor's degree, you are close to the typical amount for that credential. If you owe $80,000 for the same degree, you either attended an expensive school, received less family or scholarship support, or borrowed for living expenses beyond tuition.
The real question is not whether your debt matches the average, but whether your monthly payment fits your income after graduation. A borrower with $30,000 in debt earning $65,000 per year faces a different situation than a borrower with $30,000 in debt earning $35,000 per year, even though they owe the same amount. Federal repayment plans account for this by tying payments to income, which is why your own numbers matter more than national averages.
If you are still in school, the average tells you what similar graduates typically owe, which can help you decide whether to borrow more or look for scholarships, work, or less expensive school options. If you have already graduated, the average is mainly useful for context — your repayment strategy should focus on your specific loan terms, interest rates, and income.
What happens to debt after graduation
The average balance does not stay the same after graduation. Most borrowers begin repayment six months after leaving school (the grace period), and their balance starts to shrink if they make regular payments. After ten years of standard repayment, a borrower who started with $30,000 typically owes around $15,000 to $18,000, depending on interest rates and whether they made extra payments.
Some borrowers take longer to repay. Income-driven repayment plans can extend the timeline to 20 or 25 years, which means the balance decreases more slowly but monthly payments stay lower. Others pay faster by making extra payments or refinancing with a private lender, which can shorten the repayment period to five to seven years.
Borrowers who entered income-driven repayment and made payments for 20 years became may be able to access for forgiveness of remaining balances under the Public Service Loan Forgiveness program (if they worked in may have access to public service jobs) or under income-driven repayment forgiveness after 20 to 25 years. These programs changed the calculation for some borrowers, since they could owe less in total by stretching payments over time rather than paying as quickly as possible.
The relationship between debt and earnings by field
Average debt tells only part of the story without knowing what someone earned after graduation. An engineer who borrowed $35,000 and earns $75,000 per year has a different debt-to-income ratio than a social worker who borrowed $28,000 and earns $38,000 per year. The engineer's debt is proportionally smaller relative to income, even though the absolute amount is higher.
Some fields produce higher average debt because the programs cost more or take longer. Nursing programs, for example, often cost less than engineering programs, so nursing graduates typically owe less in absolute dollars. But engineering graduates usually earn more, so their debt burden (as a percentage of income) may be similar or smaller. Other fields like education or social work produce lower average earnings, which can make even moderate debt levels feel burdensome.
This is why comparing your debt only to the national average can be misleading. A more useful comparison is your debt relative to your expected income in your field. If you are considering borrowing for a degree, research both the typical debt for that program and the typical starting salary for that field.
Frequently Asked Questions
Does the average include people who did not finish their degree?
No — most statistics about "average student loan debt" refer only to people who completed a degree or are still enrolled. People who borrowed but did not finish typically owe less in total dollars, but they also have no degree to show for the debt, which affects their earning potential. The average for people who left school without finishing is usually $10,000 to $15,000.
Why do some graduates owe so much more than the average?
Graduates who owe significantly more than average typically attended expensive schools, borrowed for graduate degrees, received no scholarships or family support, or borrowed for living expenses beyond tuition. Some also took out private loans in addition to federal loans, which increases the total. Medical and law school graduates routinely owe two to three times the average for bachelor's degree holders.
If I owe less than the average, does that mean I made a good choice?
Owing less than average is generally favorable, but the real measure is whether your debt is manageable relative to your income and career field. Someone who borrowed $15,000 for a degree that leads to $40,000 annual earnings may struggle more than someone who borrowed $35,000 for a degree that leads to $80,000 annual earnings. Your situation depends on your specific numbers, not on how you compare to others.
Are these numbers the same across all states?
No — average debt varies by state because tuition at public universities differs, the cost of living varies, and different states have different mixes of students attending public versus private schools. Students in states with higher public university tuition (like New Hampshire or Vermont) tend to owe more than students in states with lower tuition (like California or New York, which have lower per-credit costs at public schools).
What if I owe more than the average and cannot afford my payments?
If your monthly payment is unaffordable, you can change your repayment plan. Income-driven repayment plans calculate payments as a percentage of your discretionary income, which can lower your payment to $0 if your income is very low. You can also explore whether you work in a field covered by Public Service Loan Forgiveness or whether you meet the requirements for other forgiveness programs. Contact your loan servicer to discuss your options.