The numbers vary widely by education level and year of graduation
There is no single "average" student loan debt that applies to everyone. The amount people owe depends on what kind of degree they earned, when they graduated, which state they went to school in, and whether they borrowed federal loans, private loans, or both. A person who finished a four-year degree in 2023 owes a different amount than someone who graduated in 2015, and someone with a master's degree owes more than someone with only an associate degree.
The most commonly cited figures come from the Federal Reserve and the U.S. Department of Education, which track federal student loans separately from private loans. Federal loans make up the majority of outstanding student debt in the United States. However, these agencies measure different things — some count only borrowers who currently have loans, others count all loans ever issued — so the numbers you see in different reports may not match.
What matters for your own situation is not the national average but what you actually borrowed and what your repayment terms are. Two people with the same loan balance can have very different monthly payments depending on which repayment plan they chose and whether they have made extra payments.
Key Takeaways
- Federal student loan debt per borrower ranges from roughly $20,000 to $37,000 depending on the source and year measured, but this figure changes as people repay loans and new graduates enter the system.
- Graduate degree holders typically carry two to three times more debt than people with only a bachelor's degree.
- Private student loans are tracked separately and are not included in most federal debt statistics, so the true amount owed by any individual may be higher than federal figures alone show.
- Your personal loan balance and monthly payment depend on how much you borrowed, what interest rate you received, and which repayment plan you selected — not on what others owe.
Federal loan debt by degree type
People who earned a bachelor's degree and borrowed federal loans typically carry between $20,000 and $30,000 in debt at the time they finish school. This range reflects variation in tuition costs across states and institutions, as well as differences in how much students borrowed versus how much their families paid out of pocket.
Master's degree holders who borrowed federal loans often owe $40,000 to $60,000 or more, because graduate programs cost more per year and students typically borrow more to cover living expenses during longer programs. Doctoral degree holders in fields like medicine and law can owe $100,000 or more.
People who earned an associate degree or attended a four-year university for only two years before transferring typically owe less — often $10,000 to $20,000 — because they borrowed for fewer years.
How debt changes over time
The total amount of student loan debt in the United States has grown over the past two decades, but this does not mean each individual borrower owes more. The total grows because more people attend college and borrow loans, not necessarily because each person borrows a larger amount. In fact, the average amount per new borrower has remained relatively stable.
However, the cost of college itself has risen faster than inflation, which means students who attended school in recent years may have borrowed more than students who attended 10 or 20 years ago, all else being equal. At the same time, some borrowers from earlier decades still carry debt because they have been in repayment for many years and made smaller payments.
The federal government paused loan payments and froze interest accrual from March 2020 through December 2023, which affected how much debt people owed during that period. Since payments resumed in 2024, borrowers have begun paying down balances again, though some have also entered income-driven repayment plans that extend the repayment timeline.
Private student loans are not included in most averages
When news reports cite "average student loan debt," they usually mean federal loans only. Private student loans — issued by banks and other lenders rather than the federal government — are not tracked as consistently, so they do not appear in most national statistics.
A person who borrowed both federal and private loans may owe significantly more than the federal average alone suggests. Private loans also typically have higher interest rates and fewer repayment options than federal loans, so they can be more expensive to repay even if the balance is smaller.
If you have private loans, your loan documents or your lender's website will show your balance. Federal loans appear on the National Student Loan Data System (NSLDS), which you can access through studentaid.gov using your FSA ID.
Why comparing your debt to the average can be misleading
Knowing the national average is less useful than understanding your own loan terms. Two borrowers with identical balances can have very different monthly payments depending on their repayment plan. Someone on the Standard 10-year plan pays more per month than someone on an income-driven plan, but finishes repayment faster.
Your monthly payment also depends on your interest rate. Federal loans issued at different times carry different rates — rates have ranged from roughly 4% to 8% in recent years. A $30,000 loan at 4% interest costs less per month than a $30,000 loan at 7% interest.
Rather than comparing yourself to an average, focus on your own loan documents. You can find your federal loan balance, interest rate, and current repayment plan on the Federal Student Aid website. If you have private loans, log into your lender's account portal or call the servicer listed on your billing statement.
How to find your own loan information
Your federal student loan balance and details appear on the National Student Loan Data System (NSLDS) at studentaid.gov. You will need to sign in with your FSA ID. The site shows each loan separately, including the loan type, balance, interest rate, and current status.
Your loan servicer — the company that collects your payments — also has a record of your balance and can tell you what your monthly payment would be under different repayment plans. You can find your servicer's contact information on your billing statement or by logging into studentaid.gov.
If you have private loans, contact the lender directly or check your credit report, which lists all active loans. You can get a free credit report once per year from annualcreditreport.com.
Frequently Asked Questions
What is the average federal student loan debt for someone who just graduated?
Recent graduates who borrowed federal loans typically owe between $20,000 and $30,000 for a bachelor's degree, though this varies by school and state. Graduate degree holders often owe significantly more. These figures represent what borrowers owed at the time they finished school, not what they will owe after years of repayment.
Does the average include people who have already paid off their loans?
No. Most statistics count only people who currently carry student loan debt. People who have finished repayment are not included in the average, which means the figures you see represent only active borrowers, not everyone who ever borrowed.
How much does the average person pay per month?
Monthly payments vary widely depending on the repayment plan chosen. On the Standard 10-year plan, a $25,000 loan at 5% interest costs roughly $470 per month. On an income-driven plan, the same loan might cost $200 to $300 per month, but repayment takes longer and more interest accrues.
Are private loans included in the average student loan debt figure?
Private loans are usually not included in national average figures because they are not tracked by a single federal database. If you have both federal and private loans, your total debt is higher than federal statistics alone show.
How do I know if my debt is higher or lower than average?
Check your federal loan balance on studentaid.gov and add any private loan balances from your lender statements. Compare your total to the range for your degree type, but remember that your monthly payment depends on your interest rate and repayment plan, not on how you compare to others.