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 federal and private loans. This figure changes as borrowers repay loans, take out new ones, and as interest accrues. The number represents debt held by about 43 million borrowers, though not all of them are actively repaying — some are in school, some are in deferment or forbearance, and some have defaulted.
The total includes federal loans made through programs like Direct Loans and Federal Family Education Loans (FFEL), as well as private loans from banks and other lenders. Federal loans make up the majority of the total debt. The exact breakdown shifts each quarter as the Department of Education releases updated figures, so the number you see today may differ slightly from what you saw six months ago.
This debt is not evenly distributed. The average federal loan balance per borrower is around $37,000, but that average masks wide variation — some borrowers owe under $10,000, while others with graduate degrees carry six-figure balances. Private loan debt tends to be smaller in total volume but often carries higher interest rates.
Key Takeaways
- Total U.S. student loan debt is approximately $1.7 trillion as of 2024, held by roughly 43 million borrowers.
- Federal loans make up the majority of total student debt, while private loans represent a smaller but significant portion.
- The average federal loan balance per borrower is around $37,000, though individual balances vary widely depending on education level and loan history.
- Debt figures change quarterly as borrowers repay, take out new loans, and interest accrues, so published totals are snapshots rather than fixed numbers.
- Not all borrowers with student debt are actively repaying — some are still in school, in deferment, or in default status.
How federal and private loan debt breaks down
Federal student loans account for roughly 90 percent of total student loan debt. These loans are issued by the Department of Education and include Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and older FFEL loans still in repayment. Federal loans typically carry lower interest rates than private loans and come with protections like income-driven repayment plans and deferment options.
Private student loans make up the remaining 10 percent of total debt. These come from banks, credit unions, and other private lenders. Private loans usually have higher interest rates, fewer repayment options, and no built-in forbearance or deferment programs. Borrowers with private loans have fewer ways to pause payments if they face hardship.
The split between federal and private debt matters because the rules governing repayment, forgiveness, and what happens if you default are completely different. Federal loans have income-driven repayment plans and potential forgiveness after 20 or 25 years of payments. Private loans do not.
Why the total keeps changing
Student loan debt figures are not static. The total rises when new borrowers take out loans and when interest accrues on existing balances. It falls when borrowers make payments, when loans are forgiven through programs like Public Service Loan Forgiveness, or when borrowers default and their loans are written off.
The Department of Education publishes updated debt figures quarterly. Between 2020 and 2023, the total actually declined slightly because the federal student loan payment pause kept borrowers from making payments, but interest was not accruing on most federal loans during that period. When payments resumed in October 2023, the debt total began rising again as interest resumed accruing.
Economic conditions also affect the total. During recessions, more borrowers enter deferment or forbearance, which pauses payments but may allow interest to continue accruing. During strong economic periods, more borrowers make extra payments or pay off loans entirely, which reduces the total.
How much debt individual borrowers carry
The average masks significant variation. Borrowers who completed a four-year undergraduate degree typically owe between $25,000 and $40,000 in federal loans. Those who attended graduate school often owe $50,000 to $100,000 or more. Borrowers who attended for-profit colleges or took out private loans in addition to federal loans may carry even larger balances.
About 20 percent of borrowers owe less than $10,000. About 20 percent owe more than $60,000. The median balance — the point where half of borrowers owe more and half owe less — is lower than the average, typically around $20,000 to $25,000 for federal loans.
Private loan balances tend to be smaller on average than federal loan balances, but private loans often carry interest rates of 6 to 12 percent or higher, making them more expensive to repay even if the balance is lower.
Student debt by age and education level
Younger borrowers (ages 25 to 34) carry the largest share of total student debt because they are most likely to have recently graduated and begun repayment. Borrowers in their 40s and 50s still carry significant balances, often because they took out Parent PLUS loans or because they have been in extended repayment plans.
Graduate degree holders carry substantially more debt than undergraduate-only borrowers. The median balance for someone with a graduate degree is often double or triple that of someone with only a bachelor's degree. Professional degrees (law, medicine, dentistry) frequently result in balances exceeding $150,000.
Borrowers who attended for-profit institutions tend to carry higher debt loads relative to their earnings, which affects their ability to repay. Community college borrowers typically owe less than four-year university borrowers, though they may still struggle with repayment if their earnings are low.
What happens to debt that is not repaid
When a borrower stops making payments and does not enter deferment or forbearance, the loan enters default. For federal loans, this typically happens after 270 days (about nine months) without payment. Defaulted loans can be referred to collection agencies, and the government can garnish wages, intercept tax refunds, and offset Social Security benefits.
Defaulted federal loans can be rehabilitated by making nine on-time monthly payments within a ten-month period. After rehabilitation, the default status is removed and the loan returns to normal standing. This is different from private loans, which have no rehabilitation option once they default.
Some borrowers have had loans forgiven through Public Service Loan Forgiveness (PSLF), which forgives remaining federal loan balances after 120 may have access to payments while working in public service. Others have had balances discharged due to permanent disability or school closure. These forgiven amounts reduce the total national debt figure.
How debt levels compare to other forms of household debt
Student loan debt is now the second-largest category of household debt in the United States after mortgage debt. It exceeds credit card debt and auto loan debt combined. The average household with student debt carries a balance of around $37,000 to $40,000 across all their student loans.
Unlike mortgage debt, which is secured by a house that typically appreciates, student loan debt is unsecured and does not directly produce an asset. This makes it harder to manage if income falls or if the education did not lead to higher earnings as expected.
The burden of student debt affects major life decisions. Borrowers with high balances delay buying homes, starting businesses, or having children. This has broader economic effects because consumer spending and housing demand are lower when debt payments are higher.
Frequently Asked Questions
Is the $1.7 trillion figure only federal loans or does it include private loans?
The $1.7 trillion figure includes both federal and private loans. Federal loans make up roughly 90 percent of that total, or about $1.5 trillion. Private loans account for the remaining 10 percent, or roughly $200 billion. The exact split changes slightly each quarter as the Department of Education releases updated data.
How much does the average borrower owe?
The average federal loan balance per borrower is around $37,000, though this varies widely by education level and borrowing history. Undergraduate borrowers typically owe $25,000 to $40,000, while graduate degree holders often owe $50,000 to $100,000 or more. The median balance is lower than the average, usually around $20,000 to $25,000.
Does the total debt include loans that are in default?
Yes, the total includes all outstanding loan balances, including those in default. Defaulted loans remain on the books until they are paid off, forgiven, or written off by the lender. The Department of Education tracks default rates separately, but defaulted balances are still counted in the total national debt figure.
Why did student loan debt go down during the payment pause?
The total did not actually go down significantly during the payment pause (2020 to 2023), but it grew more slowly than it would have otherwise. Most federal loans did not accrue interest during the pause, so the balance stayed relatively flat. When payments resumed in October 2023, interest began accruing again and the total began rising.
How much of the total debt is in default?
The default rate for federal student loans varies but has historically been around 10 to 15 percent of all borrowers. This means roughly $150 to $250 billion of the total $1.7 trillion is in default status. Private loan default rates are typically higher because private lenders have fewer options for helping borrowers in hardship.