Total student loan debt in the United States is approximately $1.7 trillion as of 2024, spread across roughly 43 million borrowers

This figure represents federal loans held by the Department of Education, private loans issued by banks and other lenders, and Parent PLUS loans taken out by parents on behalf of their children. The total has grown steadily over the past two decades as college costs have risen and more people have borrowed to pay for higher education.

The $1.7 trillion figure is a snapshot — it changes monthly as borrowers make payments, default, or take out new loans. Different sources may report slightly different totals depending on when they collected the data and whether they include Parent PLUS loans or only borrower-held debt. The Department of Education publishes official figures quarterly, and private loan data comes from credit reporting agencies and lender reports.

Key Takeaways

  • Federal student loans make up the majority of total debt, with the Department of Education holding roughly $1.6 trillion across all federal loan types.
  • The average federal student loan balance per borrower is between $37,000 and $40,000, though this varies significantly by degree type and field of study.
  • Private student loans account for a smaller share of total debt but often carry higher interest rates and fewer repayment protections than federal loans.
  • Debt levels have grown faster than inflation over the past 20 years, driven by rising tuition costs and increased borrowing rather than more borrowers alone.

How federal loans make up the bulk of student debt

Federal student loans — issued through programs like Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans — represent roughly 92 to 95 percent of all student loan debt. The Department of Education is the lender for all federal loans, though schools and loan servicers handle the paperwork and payment collection.

Within federal debt, Unsubsidized Loans (where interest accrues while you are in school) and Subsidized Loans (where the government pays interest while you study) together make up the largest share. Parent PLUS Loans, borrowed by parents rather than students, account for a smaller but growing portion. Graduate PLUS Loans for graduate and professional students represent another significant chunk.

Federal loans carry income-driven repayment plans, loan forgiveness programs, and deferment options that private loans typically do not. This is why the composition of your own debt matters more than the national total — knowing whether you hold federal or private loans determines what repayment paths are actually open to you.

Private student loans and their share of total debt

Private student loans make up roughly 5 to 8 percent of total student loan debt nationally, or around $100 to $150 billion. These loans come from banks, credit unions, and online lenders rather than the federal government. Private lenders set their own interest rates, terms, and repayment rules, which means the cost and flexibility of private loans varies widely by lender and by your credit score at the time you borrowed.

Private loans do not have income-driven repayment plans, public service loan forgiveness, or the same deferment and forbearance options as federal loans. If you hold private debt, your options for changing your payment if your income drops are much more limited. Some private lenders offer hardship programs, but these are not standardized and depend on the lender's own policies.

Why student debt has grown so much in two decades

Student loan debt has roughly tripled since 2004, growing from around $500 billion to $1.7 trillion today. This growth is not primarily because more people are borrowing — the number of borrowers has grown, but more slowly than total debt. Instead, the average amount borrowed per student has increased significantly.

College tuition and fees have risen much faster than inflation. Between 2004 and 2024, the average cost of attendance at a four-year public university roughly doubled, while median household income grew much more slowly. Students and their families have borrowed more to cover the gap. Additionally, more students are pursuing graduate degrees, and graduate loans tend to be larger than undergraduate loans.

The federal government expanded loan programs and raised borrowing limits during this period, making larger loans available. At the same time, other sources of funding — grants, scholarships, and family savings — have not kept pace with rising costs, pushing more of the burden onto loans.

How debt breaks down by borrower type and degree level

Graduate and professional degree holders carry significantly more debt on average than undergraduate borrowers. A borrower with a master's degree or professional degree (law, medicine, dentistry) may owe $50,000 to $100,000 or more, while the median undergraduate borrower owes less. This is because graduate programs cost more and last longer, and graduate students borrow more aggressively because they expect higher future earnings.

Borrowers who did not complete their degree often carry debt with no offsetting income gain, which makes their debt burden proportionally harder. Borrowers who attended for-profit colleges have higher average debt and lower completion rates than those who attended public or nonprofit institutions, according to Department of Education data.

Debt also breaks down by field of study. Engineering and computer science graduates tend to borrow less relative to their earnings, while humanities and social science graduates may carry similar debt but with lower average starting salaries. Medical and law school graduates carry the highest absolute debt but also the highest earning potential.

Regional and demographic patterns in student debt

Student loan debt is not evenly distributed across the country or across demographic groups. States with higher tuition costs and lower grant funding tend to have borrowers with higher average debt. The Northeast and West Coast generally have higher average balances than the South and Midwest, though this varies by state.

Black borrowers carry higher average debt than white borrowers, even when controlling for degree type, according to research from the Brookings Institution and others. This reflects both higher tuition costs at the institutions many Black students attend and lower family wealth available to contribute to education costs. Four years after graduation, Black borrowers owe roughly 50 percent more than white borrowers on average.

Women hold roughly 60 percent of all student loan debt, both because more women attend college and because women borrow more on average per degree. This gap persists even within the same field of study.

What happens to debt when borrowers default or stop paying

When a federal student loan goes into default — typically after 270 days of non-payment — the entire remaining balance becomes due immediately. The Department of Education can then garnish wages, intercept tax refunds, and offset Social Security payments to recover the debt. Default also damages your credit score, making it harder to borrow for a car, home, or other needs.

Federal loans have rehabilitation programs that allow borrowers to get out of default by making nine on-time payments over ten months. Once rehabilitated, the default is removed from your credit report, though the late payments remain. This is different from private loans, where default consequences depend entirely on the lender's policies and may be harder to reverse.

Debt in default is still counted in the national total, so the $1.7 trillion figure includes loans that are not currently being repaid. The number of borrowers in default has fluctuated over time, particularly during the COVID-19 pandemic when federal loan payments were paused.

Frequently Asked Questions

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

The $1.7 trillion includes both federal and private loans. Federal loans make up roughly 92 to 95 percent of that total, with private loans accounting for the remainder. If you see a different total reported elsewhere, it may be counting only federal loans or may be from a different time period.

How much does the average borrower owe?

The average federal student loan balance is between $37,000 and $40,000 per borrower, though this varies widely. Borrowers with only undergraduate debt may owe $20,000 to $30,000, while those with graduate degrees may owe $60,000 to $100,000 or more. The median is lower than the average because some borrowers carry very large balances that pull the average up.

Does this debt include Parent PLUS loans?

Yes, the $1.7 trillion total includes Parent PLUS loans taken out by parents. These loans are counted separately from student-held debt in some reports, but they are included in the overall national total. Parent PLUS loans represent roughly 10 percent of all federal student loan debt.

Why does student debt keep growing if fewer people are going to college?

College enrollment has actually remained relatively stable, not declined significantly. Debt is growing because tuition costs are rising faster than inflation, and because borrowers are taking out larger loans to cover those costs. Additionally, more people are pursuing graduate degrees, which carry larger loan amounts.

What percentage of Americans hold student loan debt?

Roughly 43 million Americans hold federal student loan debt. This represents about 13 to 14 percent of the total U.S. population, or roughly 20 to 25 percent of working-age adults. The percentage varies by age group — younger adults are more likely to hold debt than older adults.