The total amount of student loan debt in the United States
As of 2024, Americans owe roughly $1.7 trillion in student loan debt across all federal and private loans combined. This figure comes from data tracked by the Federal Reserve and the U.S. Department of Education, though the exact total shifts as borrowers repay loans, default, or take out new ones. The number has grown steadily over the past two decades as college costs have risen and more people have borrowed to pay for higher education.
This debt is spread across approximately 43 million borrowers. That means the average borrower carries somewhere between $28,000 and $37,000, depending on the type of degree and whether the person attended public or private school. But "average" masks real variation — some people owe $5,000, others owe $200,000 or more, and the amount depends heavily on what program they completed and how much they borrowed.
Federal loans make up the majority of this debt. The Department of Education holds roughly $1.4 trillion in federal student loans, while private lenders hold the remainder. Federal loans are tracked more precisely because they are issued and serviced by the government or government contractors, whereas private loan data comes from lenders and credit reporting agencies.
Key Takeaways
- Total U.S. student loan debt is approximately $1.7 trillion, held by about 43 million borrowers.
- The average borrower owes between $28,000 and $37,000, but this varies widely based on degree type and school choice.
- Federal loans account for roughly 80 percent of all student debt, with the remainder held by private lenders.
- Debt levels have grown significantly over the past 20 years as college tuition costs have increased faster than inflation.
How federal and private loan debt breaks down
Federal student loans are issued directly by the U.S. Department of Education or through the William D. Ford Federal Direct Loan Program. These include Stafford loans (both subsidized and unsubsidized), PLUS loans for parents and graduate students, and Perkins loans. Because they are federal, they carry income-driven repayment options, loan forgiveness programs, and borrower protections that private loans do not offer.
Private student loans are issued by banks, credit unions, and other financial institutions. They typically have higher interest rates than federal loans and fewer repayment options. Private lenders do not offer income-driven repayment or public service loan forgiveness. The exact amount of private loan debt is harder to pin down because private lenders do not report to a central database the way the Department of Education does, but estimates place it between $100 billion and $200 billion.
Debt by degree level and school type
Borrowers who completed a bachelor's degree at a four-year university typically owe more than those who attended community college or earned a certificate. A person who graduated from a public university in 2023 with a bachelor's degree owed an average of around $28,000 to $30,000 in federal loans alone. Someone who attended a private nonprofit university often owed $32,000 to $35,000 or more.
Graduate degree holders carry significantly higher debt. A person who completed a master's degree or professional degree (law, medicine, dentistry) often owes $40,000 to $100,000 or more, depending on the field and school. Medical school graduates, for example, frequently owe between $150,000 and $250,000 by the time they finish their education and residency training.
Community college borrowers typically owe less because tuition is lower and many complete their education in two years. However, some community college students transfer to a four-year university and end up with debt comparable to those who started at a university, because they borrowed for both parts of their education.
Why student loan debt has grown so much
College tuition has increased faster than inflation for the past 30 years. At public four-year universities, the average cost of tuition and fees (not including room and board) has roughly tripled since the early 1990s when adjusted for inflation. Private university tuition has risen even more steeply. Because wages for young workers have not kept pace with these increases, more students have had to borrow to cover the gap between what they can pay out of pocket and what college actually costs.
The availability of federal loans has also expanded. In 2010, the government eliminated the Federal Family Education Loan Program, which had allowed private lenders to issue loans may provide by the federal government. All new federal loans now come directly from the Department of Education. This shift made federal loans more accessible and standardized, but it also meant more borrowers took out loans because the process became simpler.
Additionally, more people are pursuing higher education than in previous generations. College enrollment has grown, and more adults return to school later in life for career changes or additional credentials. Each of these trends adds to the total amount of debt outstanding.
How debt varies by state and region
Student loan debt per borrower varies by state, though the differences are not enormous. States with higher average tuition costs and more borrowers pursuing advanced degrees tend to have higher average debt. Massachusetts, Connecticut, and New Hampshire, for example, have higher average debt per borrower because of high tuition at both public and private universities in those states. States with lower tuition or more community college attendance, such as Wyoming and South Dakota, have lower average debt per borrower.
However, state-level averages can be misleading. A state with many borrowers who owe very little (because they attended community college or received substantial financial aid) might have a lower average than a state with fewer borrowers who owe much more. The state you live in does not determine your repayment options or forgiveness programs — those are set by the federal government for federal loans and by individual lenders for private loans.
What happens to debt that is not repaid
When a borrower stops making payments on a federal student loan, the loan enters default after 270 days of non-payment. Once in default, the borrower loses access to income-driven repayment plans, deferment, and forbearance options. The government can garnish wages, intercept tax refunds, and offset Social Security benefits to recover the debt. The loan also accrues additional collection costs and interest.
Private loan default works differently and depends on the lender's contract. Private lenders can sue the borrower, garnish wages, and report the default to credit bureaus, but they cannot garnish Social Security or intercept tax refunds the way the federal government can. Default on either type of loan damages credit scores and can affect housing, employment, and insurance options.
Some borrowers seek relief through bankruptcy, but student loans are difficult to discharge in bankruptcy. A borrower must prove "undue hardship," which courts interpret narrowly. In practice, very few student loan debts are forgiven through bankruptcy.
Frequently Asked Questions
Does the $1.7 trillion include only federal loans or private loans too?
The $1.7 trillion figure includes both federal and private student loans. Federal loans make up roughly $1.4 trillion of that total, and private loans account for the remainder. The federal total is more precise because the Department of Education tracks it directly; private loan totals are estimates based on lender reports and credit bureau data.
What is the average amount a single borrower owes?
The average ranges from $28,000 to $37,000 depending on the source and year measured. This average includes borrowers who owe very little (under $10,000) and those who owe six figures, so it does not represent what a typical borrower owes. Median debt — the amount the middle borrower owes — is usually lower than the average.
Has student loan debt increased every year?
Student loan debt has grown overall for the past 20 years, but the rate of growth has varied. During the 2008 financial crisis, borrowing increased as people pursued education during a weak job market. Growth slowed during the pandemic when federal loan payments were paused. The total amount outstanding depends on new borrowing, repayment rates, and default rates all combined.
Do international students contribute to this debt total?
International students can borrow federal student loans if they are permanent residents or have a U.S. cosigner. Most international students rely on private loans or pay out of pocket. The $1.7 trillion figure includes loans to all borrowers regardless of citizenship status, but the majority of debt is held by U.S. citizens and permanent residents.