The average student loan debt varies widely by borrower type and year

There is no single "average" student loan debt that applies to everyone. The number depends on whether you borrowed for a four-year degree, a graduate program, or a shorter credential — and it changes year to year as tuition rises and borrowing patterns shift. The most commonly cited figure is around $37,000 to $38,000 per borrower who took out federal student loans, but this includes people who borrowed small amounts alongside scholarships or family money, and people who borrowed six figures for medical school. That wide range is why the average alone tells you very little about your own situation.

The Federal Reserve, the U.S. Department of Education, and private research firms all track student debt differently, so you will see different numbers depending on the source. Some count only federal loans; others include private loans. Some measure debt at graduation; others measure it years later after people have paid some down or taken out more. Understanding which number applies to your situation — and what it actually means — matters more than memorizing a single figure.

Key Takeaways

  • Average federal student loan debt per borrower is roughly $37,000 to $38,000, but this includes borrowers with no debt and borrowers with over $100,000, so the middle is not the same as the average.
  • Graduate degree borrowers carry significantly more debt than undergraduate borrowers — often $50,000 to $100,000 or more — because graduate programs cost more and borrowers take out larger loans.
  • The average changes every year as tuition increases and borrowing patterns shift, so a figure from three years ago is outdated.
  • Debt at graduation is different from debt years later, because some borrowers pay loans down quickly while others enter income-driven repayment plans that stretch payments over 20 or 25 years.

What the federal government counts as "average" debt

The U.S. Department of Education tracks federal student loan debt through the National Student Loan Data System (NSLDS), which records every federal loan disbursed. When the department reports an average, it is dividing total federal loan dollars by the number of borrowers who have at least one federal loan. That calculation produces a figure in the $37,000 to $38,000 range in recent years, though the exact number shifts as new borrowers enter repayment and others pay down balances.

This average includes borrowers who took out $5,000 for a community college program and borrowers who took out $200,000 for a medical degree. It also includes borrowers who have been paying for 15 years and have reduced their balance, and borrowers who just graduated and owe the full amount. Because of this mixing, the average is pulled higher by the small number of people with very large balances and pulled lower by the large number of people with smaller balances. The median — the middle point where half owe more and half owe less — is typically lower than the average, usually somewhere in the $20,000 to $25,000 range, though this figure is not reported as consistently.

How undergraduate and graduate debt differ

Undergraduate borrowers typically graduate with less debt than graduate borrowers because undergraduate programs are shorter and less expensive. A four-year bachelor's degree from a public university might result in $25,000 to $30,000 in federal debt for a borrower who took out loans each year. A borrower who attended a private university or borrowed for room and board as well as tuition might owe $35,000 to $45,000 at graduation.

Graduate borrowers — those pursuing master's degrees, doctorates, law degrees, or medical degrees — often carry much larger balances. Graduate programs cost more per year, last longer, and allow borrowers to take out larger federal loans because graduate students can borrow up to the full cost of attendance. A master's degree program might result in $40,000 to $60,000 in debt; a law degree often results in $80,000 to $120,000 or more; a medical degree frequently results in $150,000 to $250,000 or higher. These larger balances pull the overall average upward significantly.

How debt changes after graduation

The debt a borrower owes at graduation is not the same as the debt they carry years later. Some borrowers enter the workforce and pay aggressively, reducing their balance by thousands each year. Others enter income-driven repayment plans — such as SAVE, PAYE, or IBR — which set monthly payments based on income rather than the loan balance, sometimes resulting in very low payments that do not cover interest, so the balance actually grows over time.

A borrower who graduates with $35,000 in debt might owe $28,000 five years later if they made standard payments, or they might owe $38,000 if they entered an income-driven plan with a low income and negative amortization (when interest accrues faster than payments reduce the balance). This is why comparing your own debt to an average is less useful than understanding your own repayment plan and how much you are paying down each month.

Why the average keeps changing

Student loan debt averages shift every year because tuition increases, borrowing patterns change, and new cohorts of borrowers enter repayment. When tuition rises faster than inflation, new borrowers take out larger loans, which eventually raises the average. When the economy improves and more borrowers can pay down debt quickly, the average may fall. When federal loan programs change — such as changes to income-driven repayment rules or loan forgiveness programs — borrower behavior changes, which affects the average over time.

A figure from 2020 is not reliable for understanding 2024 debt levels, because tuition has continued to rise and new borrowers have entered the system. If you are researching what to expect before you borrow, look for the most recent data available from the Department of Education or from the Federal Reserve's Survey of Household Economics and Decisionmaking, which tracks debt by year and by degree type.

How to find debt figures for your specific situation

If you want to know what borrowers in your situation typically owe, look for breakdowns by degree type rather than a single average. The Department of Education publishes data on average debt by degree level (associate, bachelor, master, doctorate, professional). The National Association of Student Financial Aid Administrators (NASFAA) and the Institute for College Access and Success (TICAS) also publish reports that break down debt by institution type, degree type, and sometimes by state.

Your own federal loan balance is visible in the National Student Loan Data System (NSLDS) at studentaid.gov, where you can log in with your FSA ID to see every federal loan you have taken out, the current balance, and the interest rate. If you have private loans, you will need to contact each lender separately to see your balance. Comparing your own debt to others in your field or with your degree type is more useful than comparing to a national average that includes people in very different situations.

Frequently Asked Questions

Is $37,000 in student debt a lot?

Whether $37,000 is a lot depends on your income, your degree type, and your repayment plan. A borrower earning $60,000 per year with a $37,000 balance faces a different situation than a borrower earning $120,000 per year with the same balance. A borrower with a degree that typically leads to higher-paying work may pay off $37,000 faster than a borrower in a lower-paying field. Your monthly payment and how long you will be paying matter more than the total balance.

Why is graduate student debt so much higher?

Graduate programs cost more per year, last longer than undergraduate programs, and allow students to borrow larger amounts because federal loan limits are higher for graduate students. A two-year master's program at a private university might cost $60,000 to $80,000 total; a three-year law degree might cost $120,000 to $200,000. Graduate borrowers also often have less time to work while in school, so they borrow more to cover living expenses.

Does the average include people who did not borrow?

No. The average is calculated by dividing total federal loan debt by the number of borrowers who have at least one federal loan. People who paid for college with savings, scholarships, or family money and took out no loans are not included in the average. This is why the average is higher than it would be if you included everyone who attended college.

Can I see my own student loan debt online?

Yes. Log into studentaid.gov with your FSA ID to access the National Student Loan Data System (NSLDS), which shows all your federal loans, current balances, interest rates, and loan servicers. For private loans, contact each lender directly. Your loan servicer can also provide a detailed statement of your balance and monthly payment.

Will my student loan debt go down if I make extra payments?

Yes, if you are on a standard repayment plan. Extra payments reduce your principal balance and lower the total interest you pay over time. If you are on an income-driven repayment plan, extra payments still reduce your balance, but your monthly payment is set by your income, not by your balance, so extra payments do not lower your monthly payment — they just reduce what you owe at the end of the plan.