Total student loan debt in the United States is approximately $1.7 trillion as of 2024

The exact figure changes throughout the year as borrowers repay loans and new students borrow, but the total outstanding federal and private student loan debt sits in the range of $1.7 to $1.8 trillion. This represents money owed by roughly 43 million borrowers across the country. The number has grown steadily over the past two decades as college costs have risen and more students have taken out loans to pay for education.

This total includes both federal loans (made or may provide by the U.S. Department of Education) and private loans (made by banks and other lenders). Federal loans make up the larger share — roughly 92 percent of all outstanding student debt. The remaining portion is private student loans, which typically have fewer protections and different repayment rules than federal loans.

Key Takeaways

  • Total U.S. student loan debt is approximately $1.7 trillion, held by about 43 million borrowers.
  • Federal student loans account for roughly 92 percent of all outstanding student debt, with private loans making up the remainder.
  • The average federal student loan balance per borrower is between $37,000 and $40,000, though this varies widely by degree type and school attended.
  • Student loan debt has grown faster than wages over the past 20 years, which is why the total keeps rising even as some borrowers repay their loans.

How federal and private loan debt breaks down

Federal student loans are issued through programs like Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Federal Perkins Loans. These loans are backed by the federal government, which means the government guarantees repayment if a borrower defaults. As of 2024, federal student loan debt totals roughly $1.56 trillion.

Private student loans come from banks, credit unions, and other financial institutions. Borrowers use these when federal loans do not cover the full cost of attendance. Private loan debt totals roughly $150 to $200 billion. Private loans typically have higher interest rates, fewer repayment options, and no income-driven repayment plans like those available for federal loans.

Why the total keeps growing despite loan repayment

Student loan debt has grown because new borrowing outpaces repayment. College tuition and fees have risen much faster than inflation or wage growth over the past 20 years. In 1993, the average cost of one year at a public four-year university was roughly $3,000. By 2023, that same year cost roughly $28,000 when adjusted for inflation. Students borrow more to cover these costs, and the total debt pool expands.

Interest also adds to the total. Federal student loans accrue interest while a borrower is in school (except for subsidized loans during the in-school period). Private loans often accrue interest immediately. Over time, unpaid interest capitalizes — meaning it gets added to the principal balance — and borrowers end up owing more than they originally borrowed.

Average debt per borrower and how it varies

The average federal student loan debt per borrower ranges from $37,000 to $40,000. However, this average masks significant variation. A borrower who attended a public university for four years and borrowed only for tuition may owe $25,000. A borrower who attended a private university, borrowed for living expenses, and pursued a graduate degree may owe $100,000 or more.

Debt also varies by degree type. Bachelor's degree holders typically graduate with lower debt than those who pursued graduate or professional degrees. Someone who earned a master's degree or law degree often borrowed substantially more. Additionally, borrowers who attended for-profit colleges tend to have higher debt levels relative to their earnings after graduation, which affects their ability to repay.

Which states and regions carry the most student debt

Student loan debt is not evenly distributed across the country. States with higher college attendance rates and more expensive universities tend to have higher total debt. Massachusetts, Connecticut, and New Jersey have among the highest average debt per borrower. States with lower college attendance rates or more affordable public university systems have lower average debt.

Regional variation also reflects differences in cost of living and local wage levels. A borrower in a high-cost state like California or New York may owe more in absolute dollars but earn higher wages, which can make repayment more manageable. A borrower in a lower-cost state may owe less but also earn less, which can make the debt burden feel heavier relative to income.

How student debt compares to other types of American debt

Student loan debt is now the second-largest category of consumer debt in the United States, behind only mortgage debt. Credit card debt totals roughly $1 trillion, auto loan debt roughly $1.5 trillion, and mortgage debt roughly $11.5 trillion. Student loans have grown faster than any other category over the past 15 years.

The growth in student debt has outpaced wage growth, which means borrowers are spending a larger share of their income on loan repayment than previous generations did. This affects decisions about housing, marriage, starting a business, and saving for retirement. Some borrowers delay major life purchases because of student loan obligations.

What happens to unpaid student loan debt

Federal student loans do not disappear if a borrower stops paying. The government can garnish wages, intercept tax refunds, and offset Social Security benefits to recover unpaid federal student debt. Private student loans can be sent to collections, and lenders can sue borrowers in court. Both types of debt can damage credit scores and remain on a credit report for years.

Federal student loans have income-driven repayment plans that can lower monthly payments based on discretionary income. Some borrowers on these plans may have remaining balances forgiven after 20 to 25 years of may have access to payments. Private loans have no such forgiveness option, though some lenders offer forbearance or deferment in cases of hardship.

Frequently Asked Questions

Does student loan debt include Parent PLUS loans?

Yes. Parent PLUS loans are federal loans taken out by parents to pay for their child's education. They are counted in the total federal student loan debt figure. Parents who borrowed through this program are responsible for repayment, not the student.

Can student loan debt be discharged in bankruptcy?

Federal student loans can be discharged in bankruptcy only if the borrower can prove undue hardship, which is a high legal standard. Private student loans may be discharged more easily, though lenders often fight these cases. Most borrowers cannot discharge student debt through bankruptcy.

Is the $1.7 trillion figure only federal debt or does it include private loans?

The $1.7 trillion figure includes both federal and private student loan debt. Federal loans make up roughly 92 percent of that total, and private loans make up the remaining 8 percent. Some sources report federal and private debt separately, so check which figure a source is citing.

How much of the total student debt is held by people over age 50?

Roughly 20 percent of all federal student loan debt is held by borrowers age 50 and older. This includes people who borrowed for their own education decades ago and are still repaying, as well as parents who borrowed through Parent PLUS loans. Older borrowers often face challenges because they have fewer working years to repay before retirement.