The average federal student loan debt is around $37,000 per borrower, but this number shifts by year and depends heavily on what type of degree someone pursued
The most recent data comes from the Federal Reserve and the U.S. Department of Education, which track borrowers differently and sometimes report different figures. The Federal Reserve's 2023 Survey of Household Economics and Decisionmaking found the median federal student loan debt at roughly $29,200 for borrowers who still owe money. The Education Department's National Postsecondary Student Aid Study reported higher averages — closer to $37,000 — because it includes all borrowers, including those who borrowed more. The gap exists because some people borrow very little and pay it back quickly, while others borrow six figures for graduate degrees.
These figures describe federal loans only. Private student loans exist separately and are tracked less consistently, so the true total debt picture is larger. A borrower might carry both federal and private debt at the same time, which means their personal situation could differ significantly from the average.
Key Takeaways
- Federal student loan debt averages between $29,000 and $37,000 per borrower depending on the data source and whether you count only active borrowers or all borrowers.
- Graduate degree holders typically carry substantially more debt than undergraduate borrowers — often $50,000 or more — because graduate programs cost more and borrowers take larger loans.
- Private student loans are not included in federal averages, so a borrower's actual total debt may be higher than federal figures suggest.
- The average has grown over the past decade as tuition costs have risen, though the rate of growth varies by state and institution type.
How debt differs by degree type
Someone who finished a four-year bachelor's degree typically carries less debt than someone who pursued a master's degree, law degree, or medical degree. Undergraduate borrowers who took federal loans often owe between $20,000 and $30,000 at graduation. Graduate students frequently owe $50,000 to $100,000 or more, depending on the program length and cost.
Professional degree holders — those with law degrees, medical degrees, or MBAs — often carry the highest balances. These programs run longer, cost more per year, and borrowers are permitted to take larger federal loans because the programs are more expensive. A medical school graduate might owe $150,000 to $200,000 or higher, though this varies by school and how much the student borrowed from private sources.
The type of institution also matters. Borrowers who attended private universities often owe more than those who attended public universities, because tuition at private schools is higher. Community college students who transferred to four-year programs typically owe less than students who spent all four years at a university.
Why the average keeps changing
Student loan debt has grown over the past 15 years because college tuition has risen faster than inflation. In 2010, the average federal student loan debt was roughly $25,000. By 2023, it had grown to the $29,000 to $37,000 range depending on the measure. This growth reflects both higher tuition costs and the fact that more students are borrowing to pay for college.
The average also changes because of policy decisions. When the federal government paused student loan payments in March 2020 and extended that pause through 2023, borrowers stopped making monthly payments but continued to owe the same total amount. When payments restarted in October 2023, the average debt figure remained largely the same, but borrowers' monthly obligations changed. Forgiveness programs, like Public Service Loan Forgiveness, also affect the average by removing debt from borrowers who meet the program's requirements.
What the average does not tell you
The national average masks huge variation. A borrower in one state might owe $20,000 while a borrower in another state with the same degree owes $45,000, because public university tuition varies by state. Someone who worked through college and borrowed less than $10,000 pulls the average down, while someone who borrowed $100,000 for graduate school pulls it up.
Income also matters for understanding what debt means. A borrower earning $30,000 per year with $30,000 in debt faces a very different situation than a borrower earning $120,000 per year with the same debt. The average does not capture this. Some borrowers are managing their debt without hardship; others are struggling to make payments on the same balance.
The average also does not distinguish between borrowers who are in repayment, in deferment, in forbearance, or in default. A borrower whose loans are in forbearance still owes the money, but they are not currently making payments. This affects how the debt functions in someone's life, even though the balance is the same.
How your debt compares to the average
To understand where your own debt sits, start by adding up all federal loans from the National Student Loan Data System (NSLDS), which is the official record of federal student loans. You can log in at studentaid.gov using your FSA ID. This shows every federal loan you took out, the current balance, and the interest rate.
Then add any private student loans separately, because they do not appear in NSLDS. Check your credit report or contact the lenders you borrowed from directly. Your total debt is the sum of federal and private loans.
Once you know your total, you can compare it to the average for your degree type. If you have a bachelor's degree and owe $25,000, you are below the undergraduate average. If you have a master's degree and owe $40,000, you are below the graduate average. This comparison is useful for understanding your situation in context, but it does not determine whether your debt is manageable — that depends on your income, monthly budget, and repayment plan.
State-by-state variation in average debt
Student loan debt varies significantly by state because public university tuition differs. States with lower tuition at public universities — such as Wyoming, Montana, and South Dakota — tend to produce graduates with lower average debt. States with higher tuition at public universities — such as Vermont, New Hampshire, and Pennsylvania — tend to produce graduates with higher average debt.
Private university tuition is more consistent across states, but the concentration of private universities in a state affects the state average. States with many expensive private universities may have higher average debt even if public tuition is reasonable.
The average also reflects how many students in each state borrow at all. Some states have higher rates of borrowing than others, which shifts the average. A state where 70 percent of graduates borrowed will have a different average than a state where 50 percent borrowed, even if tuition is similar.
Frequently Asked Questions
Is $30,000 in student loan debt considered high?
It is close to the national average for federal loans, so it is not unusually high. Whether it feels manageable depends on your income and monthly budget. A borrower earning $50,000 per year with $30,000 in debt faces a tighter situation than a borrower earning $100,000 per year with the same debt. Income-driven repayment plans can lower your monthly payment if the standard plan is difficult.
Why do graduate students owe so much more than undergraduates?
Graduate programs cost more per year and last longer than undergraduate programs. A master's degree program might cost $40,000 per year for two years, while an undergraduate degree costs $15,000 per year for four years. Graduate students are also permitted to borrow larger federal loans because the programs are more expensive and borrowers are assumed to have higher earning potential after graduation.
Does the average include people who have paid off their loans?
It depends on the data source. The Federal Reserve's figure includes only borrowers who still owe money, so it excludes people who have finished repayment. The Education Department's figure sometimes includes all borrowers. This is why different sources report different averages for the same year.
How much has student loan debt grown in the last 10 years?
Federal student loan debt has grown from roughly $25,000 average in 2010 to $29,000 to $37,000 in 2023, depending on the measure. This reflects higher tuition costs and more students borrowing to pay for college. The growth rate varies by state and institution type.