The average federal student loan debt per borrower is around $37,000 to $38,000, though this varies significantly by degree type and when someone borrowed

The most recent data comes from the Federal Reserve and the National Center for Education Statistics. The figure changes year to year because new graduates enter the system with different debt levels, and older borrowers pay down or default on existing loans. A borrower who finished a four-year degree in 2023 typically carries more debt than someone who graduated in 2015, because tuition has risen steadily.

The $37,000–$38,000 range describes people who borrowed for college and still have an outstanding balance. It does not include people who paid off their loans, people who never borrowed, or people in default. Those groups shift the real picture — some borrowers owe far more, and some owe nothing.

State and federal loan data also differ. Federal student loans (Direct Loans, Stafford Loans, PLUS Loans) are tracked by the Department of Education. Private student loans are tracked separately and often carry higher balances because they have fewer repayment protections and higher interest rates. When you see a national average, it usually means federal loans only.

Key Takeaways

  • The average federal student loan debt per borrower hovers around $37,000 to $38,000, but this includes only people with an outstanding balance.
  • Graduate degree holders typically carry $50,000 to $100,000 or more in debt, while bachelor's degree holders average lower amounts.
  • Debt varies by state, school type (public vs. private), and the year someone graduated, because tuition costs have risen over time.
  • Private student loans are not included in most national averages, and borrowers with private debt often carry additional balances on top of federal loans.

How debt differs by degree level

A bachelor's degree holder who borrowed typically carries between $25,000 and $35,000 in federal student loan debt. This is the most common borrowing path and represents the largest group of borrowers.

Graduate and professional degree holders carry substantially more. A master's degree borrower often has $50,000 to $70,000 in debt. Someone who borrowed for law school, medical school, or a doctoral program may owe $100,000 to $200,000 or more. These higher amounts reflect both the longer time in school and the higher cost of graduate programs.

Associate degree borrowers and certificate program borrowers typically carry less debt than bachelor's degree holders — often $15,000 to $25,000 — because these programs are shorter and sometimes less expensive.

Why the average masks what individual borrowers actually owe

An average is a single number that hides real variation. Some borrowers owe $5,000. Others owe $300,000. The average of $37,000 does not tell you where you fall.

Debt also depends on how much a student borrowed versus how much their family paid out of pocket. A student whose parents paid for half of college will have half the debt of a student whose parents paid nothing. A student who worked through school and borrowed less will owe less than a student who borrowed the full cost.

The school itself matters. A student who attended a public in-state university typically borrowed less than a student who attended a private university, because tuition is lower. A student who attended community college for the first two years and then transferred to a four-year university often borrowed less than someone who spent all four years at a four-year school.

How debt has changed over time

Student loan debt has grown steadily because tuition has risen faster than inflation and faster than wages. A student who graduated in 2000 typically borrowed less than a student who graduated in 2010, who borrowed less than a student who graduated in 2023.

The total amount of federal student loan debt outstanding in the United States is over $1.7 trillion across roughly 43 million borrowers. This total has grown every year for the past two decades, though the rate of growth has slowed in recent years as fewer students are borrowing and some borrowers have had loans forgiven or discharged.

Interest rates on federal loans have also changed. Loans taken out before 2006 have different rates than loans taken out after 2006. Loans taken out between 2006 and 2013 have different rates than loans taken out after 2013. A borrower's total debt depends not just on how much they borrowed but on what interest rate they locked in.

State-by-state differences in average debt

Average student loan debt varies by state because tuition costs vary, because state funding for public universities differs, and because different states have different populations of graduate students.

States with high-cost universities or states where many students attend private schools tend to have higher average debt. States with well-funded public university systems tend to have lower average debt. New Hampshire, Pennsylvania, and Vermont consistently rank among the highest for average debt per borrower. States like Utah, Wyoming, and Alaska rank lower.

These differences matter if you are comparing your own debt to a national average. Your state average may be more relevant to your situation than the national figure.

What happens to debt after graduation

Debt does not stay static after someone graduates. Borrowers enter repayment, make payments, and their balance shrinks — unless they are in forbearance or deferment, in which case interest may accrue and the balance grows.

Some borrowers pay off their loans in five to ten years. Others take twenty years or more, especially if they are on an income-driven repayment plan. Some borrowers default, and their loans are sent to collection. Some borrowers die or become permanently disabled, and their loans may be discharged.

The average debt figure you see in national statistics is a snapshot at one moment. It does not tell you how long borrowers take to pay off their loans or how many never finish paying.

Private student loans and total debt

Many borrowers carry both federal and private student loans. The national average of $37,000–$38,000 usually refers to federal loans only. A borrower with private loans may owe significantly more in total.

Private student loans are made by banks and other lenders, not by the federal government. They typically have higher interest rates, fewer repayment options, and fewer protections than federal loans. A borrower who maxed out federal borrowing and then took private loans to cover remaining costs may owe $50,000 or $60,000 in total across both types.

If you are trying to understand your own debt, add up your federal loans and your private loans separately. The national average does not account for the full picture many borrowers face.

Frequently Asked Questions

Is $37,000 in student loan debt a lot?

Whether that amount is manageable depends on your income, your interest rate, and your repayment plan. A borrower earning $60,000 per year with $37,000 in debt at 5% interest can typically pay it off in ten years. A borrower earning $30,000 per year with the same debt may need twenty years or an income-driven plan. Compare your debt to your expected income, not to the national average.

Why do some people owe so much more than the average?

Graduate degree holders, people who attended private universities, and people whose families did not contribute to their education typically owe more. Someone with a law degree or medical degree may owe $150,000 or more because graduate programs cost more and take longer. The average masks these real differences.

Does the average include people who paid off their loans?

No. The average counts only people with an outstanding balance. People who finished paying are not included, which means the average may be slightly higher than it would be if everyone who ever borrowed were counted.

How do I find out what the average debt is in my state?

The Federal Reserve publishes state-level data on student loan debt. The Institute for College Access and Success also tracks state averages. Search for your state name plus "average student loan debt" to find the most recent figure for your area.

Will my debt grow if I do not make payments?

Yes, if you are not in an approved deferment or forbearance. Interest will accrue and be added to your balance. If you cannot pay, contact your loan servicer about income-driven repayment plans or temporary relief options before your loan goes into default.