Key findings:
- Over $1.7 trillion in combined federal and private student loan debt in the U.S.
- The average borrower balance doubled, increasing from $18,233 in 2007 to $39,376 in Q3 2025.
- California leads with $144 billion in student debt, while Wyoming holds the smallest balance at $1.6 billion.
- Borrowing varies by education: bachelor’s degree holders owe $20,000-$24,999, while postgraduate borrowers carry $40,000-$49,999.
- Over 42 million Americans hold federal student loans in 2025, showing the widespread reach of borrowing.
- Federal loans dominate the system, accounting for 91.8% of total student debt, while private loans make up just 8.2%.
- Total debt is projected to decline gradually after 2025, falling to $1.54 trillion by 2030.
- Monthly payments differ widely: $336 for bachelor’s degree holders vs. $2,426 for medical graduates.
- Federal loan interest rates average 6.53% for undergraduates, 8.08% for graduates, and 9.08% for parent/PLUS loans.
- Women hold a disproportionate share, accounting for 63.6% of all student loan debt.
- Racial disparities persist: 81% of Black bachelor’s degree students rely on federal loans, compared to 59% of White students and 39% of Asian students.
Student loan debt has become one of the most significant financial challenges facing Americans today. From undergraduate degrees to professional programs, millions of borrowers rely on federal and private loans to finance their education, resulting in a total outstanding debt that has reached unprecedented levels. Understanding how big student loan debt really is, and who it affects most, is crucial for students, policymakers, and anyone planning for the financial future. In this article, we break down the numbers, trends, and demographics behind the U.S. student debt landscape, providing a clear picture of the scale, growth, and impact of this growing financial burden.
How much student loan debt is in the US?
Student loan debt graph: tracking the amount of student loan debt in America
The following student loan debt graph highlights the steady rise in outstanding balances over the past two decades. From 2007, when total student loan debt stood at $516 billion, the amount of student loan debt in America has climbed to more than $1.66 trillion by Q3 2025. This visualization shows how big student loan debt has become and why it continues to be a central issue in discussions about higher education and the economy.
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
- In 2007, the total amount of student loan debt in America was $516 billion, but by 2011, it had already exceeded $848 billion.
- Student loan debt crossed the $1 trillion mark in Q3 2013, reaching $1,040 billion by the end of that year.
- By Q3 2025, outstanding student loan debt rose to $1,665.6 billion, showing an increase of more than $1 trillion since 2007.
Outstanding student debt over time:
| Year | Total outstanding student debt, billion USD |
| 2007 | $516.00 |
| 2008 | $577.00 |
| 2009 | $657.00 |
| 2010 | $749.80 |
| 2011 | $848.20 |
| 2012 | $948.20 |
| Q1 2013 | $961.90 |
| Q2 2013 | $998.60 |
| Q3 2013 | $1,006.80 |
| Q4 2013 | $1,040.20 |
| Q1 2014 | $1,051.80 |
| Q2 2014 | $1,087.00 |
| Q3 2014 | $1,096.50 |
| Q4 2014 | $1,129.80 |
| Q1 2015 | $1,140.10 |
| Q2 2015 | $1,174.40 |
| Q3 2015 | $1,182.10 |
| Q4 2015 | $1,212.40 |
| Q1 2016 | $1,220.30 |
| Q2 2016 | $1,254.90 |
| Q3 2016 | $1,262.20 |
| Q4 2016 | $1,292.20 |
| Q1 2017 | $1,299.70 |
| Q2 2017 | $1,331.70 |
| Q3 2017 | $1,337.40 |
| Q4 2017 | $1,366.90 |
| Q1 2018 | $1,375.50 |
| Q2 2018 | $1,407.10 |
| Q3 2018 | $1,412.00 |
| Q4 2018 | $1,439.20 |
| Q1 2019 | $1,447.10 |
| Q2 2019 | $1,476.60 |
| Q3 2019 | $1,481.10 |
| Q4 2019 | $1,510.30 |
| Q1 2020 | $1,515.00 |
| Q2 2020 | $1,542.70 |
| Q3 2020 | $1,544.80 |
| Q4 2020 | $1,566.30 |
| Q1 2021 | $1,565.20 |
| Q2 2021 | $1,591.80 |
| Q3 2021 | $1,591.10 |
| Q4 2021 | $1,610.70 |
| Q1 2022 | $1,606.40 |
| Q2 2022 | $1,619.70 |
| Q3 2022 | $1,617.30 |
| Q4 2022 | $1,634.50 |
| Q1 2023 | $1,635.40 |
| Q2 2023 | $1,644.50 |
| Q3 2023 | $1,633.80 |
| Q4 2023 | $1,602.20 |
| Q1 2024 | $1,598.40 |
| Q2 2024 | $1,620.10 |
| Q3 2024 | $1,611.00 |
| Q4 2024 | $1,638.60 |
| Q1 2025 | $1,639.60 |
| Q2 2025 | $1,660.70 |
| Q3 2025 | $1,665.60 |
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
The data illustrate an increase in the amount of student debt accumulated in the U.S. over time. With the total amount more than tripling between 2007 and 2025, student loan debt has become one of the largest forms of consumer borrowing. While growth has slowed somewhat in recent years, the total remains at historically high levels, underscoring the long-term financial impact of higher education costs on American households.
While the previous section highlighted the total amount of student loan debt over time, it is equally important to look at the average student loan debt by year to understand how individual borrower balances have evolved.
Student loan balances
Average student loan balance by year
The following data shows the average student loan balances in the US from 2007 through 2025. Borrowers carried an average balance of $18,233 in 2007, and this figure has steadily grown over time. By Q3 2025, the average student loan debt per year had reached nearly $39,376, reflecting the increasing financial pressure on individual borrowers.
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
- The average student loan balance rose from $18,233 in 2007 to $23,238 by 2011, marking a $5,000 increase in just four years.
- By 2016, the average student loan debt in the US surpassed $30,000, ending the year at $30,548.
- In Q3 2025, the average student loan debt reached $39,375.89, representing more than a $21,000 increase compared to 2007.
How much is the average student loan debt in the US?
| Year | Average student loan balance, USD |
| 2007 | $18,233.22 |
| 2008 | $19,297.66 |
| 2009 | $20,467.29 |
| 2010 | $21,860.06 |
| 2011 | $23,238.36 |
| 2012 | $24,757.18 |
| Q1 2013 | $24,855.30 |
| Q2 2013 | $25,670.95 |
| Q3 2013 | $26,015.50 |
| Q4 2013 | $26,267.68 |
| Q1 2014 | $26,295.00 |
| Q2 2014 | $27,175.00 |
| Q3 2014 | $27,481.20 |
| Q4 2014 | $27,759.21 |
| Q1 2015 | $27,739.66 |
| Q2 2015 | $28,643.90 |
| Q3 2015 | $28,973.04 |
| Q4 2015 | $29,144.23 |
| Q1 2016 | $29,193.78 |
| Q2 2016 | $30,093.53 |
| Q3 2016 | $30,414.46 |
| Q4 2016 | $30,548.46 |
| Q1 2017 | $30,653.30 |
| Q2 2017 | $31,482.27 |
| Q3 2017 | $31,842.86 |
| Q4 2017 | $32,086.85 |
| Q1 2018 | $32,137.85 |
| Q2 2018 | $33,030.52 |
| Q3 2018 | $33,459.72 |
| Q4 2018 | $33,547.79 |
| Q1 2019 | $33,653.49 |
| Q2 2019 | $34,500.00 |
| Q3 2019 | $35,097.16 |
| Q4 2019 | $35,205.13 |
| Q1 2020 | $35,397.20 |
| Q2 2020 | $36,213.62 |
| Q3 2020 | $36,520.09 |
| Q4 2020 | $36,510.49 |
| Q1 2021 | $36,484.85 |
| Q2 2021 | $37,104.90 |
| Q3 2021 | $37,175.23 |
| Q4 2021 | $37,112.90 |
| Q1 2022 | $37,013.82 |
| Q2 2022 | $37,667.44 |
| Q3 2022 | $37,787.38 |
| Q4 2022 | $37,574.71 |
| Q1 2023 | $37,337.90 |
| Q2 2023 | $37,717.89 |
| Q3 2023 | $37,645.16 |
| Q4 2023 | $37,087.96 |
| Q1 2024 | $37,085.85 |
| Q2 2024 | $37,852.80 |
| Q3 2024 | $38,175.36 |
| Q4 2024 | $38,374.71 |
| Q1 2025 | $38,308.41 |
| Q2 2025 | $39,075.29 |
| Q3 2025 | $39,375.89 |
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
The steady rise in average student loan debt by year highlights the growing burden on individual borrowers across the United States. With balances more than doubling since 2007, the data reflect how higher education costs have translated into long-term financial obligations. Even though the growth pace has moderated in recent years, the average debt level continues to increase, underscoring persistent challenges for students and graduates alike.
After looking at national averages over time, it’s useful to break the data down further and examine how student loan debt varies across states.
Median student loan balances by state
This visualization presents the median student loan balances by state, highlighting how borrowing levels differ regionally across the United States. While some states report median balances below $16,000, others surpass $22,000, showing a wide gap in financial pressures on borrowers. The data reflects not only education costs but also broader regional economic factors.
Data taken from: https://www.newyorkfed.org/medialibrary/Interactives/householdcredit/data/xls/Student-loan-update-2025-Mangrum8
- The District of Columbia shows the highest median balance at $27,540, far above the national mid-range.
- Maryland ($22,520) and Georgia ($22,300) also stand out with some of the highest state-level student loan balances.
- Wyoming ($15,370) and North Dakota ($15,770) report the lowest median student loan balances, nearly $12,000 less than D.C.
State-by-state student loan debt: median balances and regional differences
| State | Median balance, USD |
| Alabama | $19,850 |
| Alaska | $18,180 |
| Arizona | $17,480 |
| Arkansas | $17,450 |
| California | $17,450 |
| Colorado | $19,550 |
| Connecticut | $19,990 |
| Delaware | $19,980 |
| District Of Columbia | $27,540 |
| Florida | $19,620 |
| Georgia | $22,300 |
| Hawaii | $18,730 |
| Idaho | $17,950 |
| Illinois | $19,820 |
| Indiana | $18,220 |
| Iowa | $16,750 |
| Kansas | $17,870 |
| Kentucky | $18,660 |
| Louisiana | $17,760 |
| Maine | $18,690 |
| Maryland | $22,520 |
| Massachusetts | $19,920 |
| Michigan | $19,890 |
| Minnesota | $18,640 |
| Mississippi | $18,570 |
| Missouri | $19,270 |
| Montana | $17,050 |
| Nebraska | $16,740 |
| Nevada | $15,950 |
| New Hampshire | $20,060 |
| New Jersey | $19,850 |
| New Mexico | $17,360 |
| New York | $19,820 |
| North Carolina | $21,380 |
| North Dakota | $15,770 |
| Ohio | $19,870 |
| Oklahoma | $17,100 |
| Oregon | $20,480 |
| Pennsylvania | $20,290 |
| Rhode Island | $17,910 |
| South Carolina | $20,830 |
| South Dakota | $17,080 |
| Tennessee | $19,630 |
| Texas | $17,470 |
| Utah | $16,460 |
| Vermont | $19,030 |
| Virginia | $21,660 |
| Washington | $18,190 |
| West Virginia | $17,670 |
| Wisconsin | $17,540 |
| Wyoming | $15,370 |
Data taken from: https://www.newyorkfed.org/medialibrary/Interactives/householdcredit/data/xls/Student-loan-update-2025-Mangrum8
The comparison of median student loan balances by state reveals significant geographic disparities. Borrowers in the Mid-Atlantic and Southern states tend to carry higher debt, while many Western and Plains states report lower balances. These differences underline the role of state-level tuition costs, income levels, and economic conditions in shaping the student debt landscape across America.
After reviewing national and state-level patterns, the next step is to understand how average student loan debt by age group shapes the financial realities of different generations.
Average student loan debt by age
This chart tracks average student loan debt by age from Q4 2017 through Q3 2025. Younger borrowers under 25 generally hold smaller balances, while individuals between 25 and 49 carry the bulk of outstanding student debt. Over time, older age groups have also seen rising balances, highlighting the long-term repayment challenges faced by many Americans.
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
- Borrowers aged 25 to 34 consistently carry the highest balances, reaching $476.3 billion in Q3 2025.
- The 35 to 49 age group saw the sharpest increase, from $337.9 billion in Q4 2017 to $586.9 billion in Q3 2025.
- Even among older Americans, debt rose significantly: balances for those 62 and older tripled from $30.6 billion in Q4 2017 to $98.4 billion in Q3 2025.
Student loan debt by age group: comparing borrowing trends over time
| Year | 24 and Younger | 25 to 34 | 35 to 49 | 50 to 61 | 62 and Older |
| Q4 2017 | $128.00 | $418.30 | $337.90 | $140.50 | $30.60 |
| Q1 2018 | $122.40 | $422.70 | $347.90 | $144.40 | $32.30 |
| Q2 2018 | $127.20 | $431.60 | $360.90 | $150.60 | $34.40 |
| Q3 2018 | $120.20 | $435.90 | $370.90 | $154.20 | $36.20 |
| Q4 2018 | $123.70 | $445.40 | $384.90 | $160.60 | $38.50 |
| Q1 2019 | $118.50 | $447.90 | $394.90 | $165.00 | $40.60 |
| Q2 2019 | $123.00 | $454.60 | $406.80 | $171.30 | $42.80 |
| Q3 2019 | $115.90 | $457.00 | $416.00 | $175.10 | $44.90 |
| Q4 2019 | $119.90 | $464.40 | $429.90 | $182.00 | $47.50 |
| Q1 2020 | $114.90 | $463.50 | $438.40 | $186.20 | $49.80 |
| Q2 2020 | $119.10 | $468.00 | $450.10 | $192.90 | $52.30 |
| Q3 2020 | $111.80 | $468.00 | $457.20 | $196.00 | $54.30 |
| Q4 2020 | $114.60 | $472.60 | $466.70 | $201.50 | $56.70 |
| Q1 2021 | $108.20 | $470.30 | $472.80 | $205.50 | $59.10 |
| Q2 2021 | $113.00 | $476.40 | $482.90 | $211.80 | $61.80 |
| Q3 2021 | $106.40 | $475.90 | $489.40 | $214.70 | $63.80 |
| Q4 2021 | $109.20 | $479.30 | $498.40 | $220.10 | $66.60 |
| Q1 2022 | $102.90 | $474.20 | $502.60 | $222.70 | $68.90 |
| Q2 2022 | $107.80 | $480.10 | $510.30 | $225.80 | $70.20 |
| Q3 2022 | $101.40 | $478.80 | $516.40 | $228.60 | $72.70 |
| Q4 2022 | $104.20 | $482.40 | $525.30 | $233.80 | $75.80 |
| Q1 2023 | $98.80 | $480.80 | $533.30 | $238.30 | $79.00 |
| Q2 2023 | $103.20 | $484.80 | $535.20 | $239.50 | $81.00 |
| Q3 2023 | $97.70 | $483.90 | $534.70 | $238.70 | $82.80 |
| Q4 2023 | $100.00 | $481.40 | $530.60 | $222.20 | $78.10 |
| Q1 2024 | $94.10 | $477.60 | $536.90 | $223.70 | $80.60 |
| Q2 2024 | $98.90 | $481.60 | $547.20 | $229.40 | $83.70 |
| Q3 2024 | $93.00 | $478.40 | $552.10 | $230.10 | $85.70 |
| Q4 2024 | $96.30 | $481.30 | $565.60 | $237.10 | $89.50 |
| Q1 2025 | $91.40 | $477.20 | $570.60 | $239.70 | $92.60 |
| Q2 2025 | $96.00 | $479.70 | $578.30 | $243.70 | $95.20 |
| Q3 2025 | $90.20 | $476.30 | $586.90 | $247.20 | $98.40 |
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
The breakdown of student loan debt by age group shows how widespread and persistent this financial burden has become. While younger borrowers enter repayment with smaller balances, middle-aged Americans carry the heaviest debt loads, reflecting long-term repayment cycles. At the same time, the steady rise in balances among borrowers over 50 highlights how student debt is no longer just a young adult issue but one that affects multiple generations.
After exploring debt levels by age, it’s equally important to see how much federal student debt is across different states, highlighting where borrowers face the biggest student loan debt burdens.
Student loan debt by state
The following data shows the total student loan balance by state, providing a clear view of where the largest and smallest amounts of debt are concentrated. California leads the nation with $144 billion in outstanding balances, followed by Texas at $124.3 billion and Florida at $101.9 billion. On the other end, smaller states like Wyoming, North Dakota, and Vermont carry balances under $3 billion. This breakdown illustrates the regional weight of student loan borrowing across the U.S.
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
- California holds the biggest student loan debt, with $144 billion in outstanding balances.
- Texas ($124.3 billion) and Florida ($101.9 billion) follow, making them the only other states with student loan debt above $100 billion.
- Wyoming reports the lowest total student loan balance at just $1.6 billion, nearly 90 times smaller than that of California.
The biggest student loan debt across states
| State | Balance in billions USD |
| Alabama | $23.50 |
| Alaska | $2.20 |
| Arizona | $30.70 |
| Arkansas | $12.80 |
| California | $144.00 |
| Colorado | $27.60 |
| Connecticut | $18.40 |
| Delaware | $5.10 |
| District of Columbia | $6.10 |
| Florida | $101.90 |
| Georgia | $67.60 |
| Hawaii | $4.40 |
| Idaho | $7.00 |
| Illinois | $60.50 |
| Indiana | $27.90 |
| Iowa | $12.60 |
| Kansas | $11.90 |
| Kentucky | $19.40 |
| Louisiana | $22.10 |
| Maine | $6.20 |
| Maryland | $35.50 |
| Massachusetts | $31.50 |
| Michigan | $48.80 |
| Minnesota | $25.40 |
| Mississippi | $15.60 |
| Missouri | $27.50 |
| Montana | $4.10 |
| Nebraska | $7.60 |
| Nevada | $11.90 |
| New Hampshire | $6.40 |
| New Jersey | $45.00 |
| New Mexico | $7.20 |
| New York | $91.90 |
| North Carolina | $50.90 |
| North Dakota | $2.40 |
| Ohio | $58.30 |
| Oklahoma | $15.10 |
| Oregon | $19.20 |
| Pennsylvania | $64.10 |
| Puerto Rico | $10.10 |
| Rhode Island | $4.80 |
| South Carolina | $28.30 |
| South Dakota | $3.40 |
| Tennessee | $31.20 |
| Texas | $124.30 |
| Utah | $10.20 |
| Vermont | $2.70 |
| Virginia | $42.30 |
| Washington | $27.60 |
| West Virginia | $7.10 |
| Wisconsin | $22.10 |
| Wyoming | $1.60 |
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
The distribution of student loan debt by state highlights sharp contrasts between large population centers and smaller states. Heavily populated states like California, Texas, New York, and Florida account for a significant share of the national student debt total. Meanwhile, rural and less populated states carry much smaller balances. These disparities underscore how demographic size and higher education enrollment patterns shape the geography of student debt across the country.
After comparing student loan debt across states, it is helpful to break down the numbers further and see how the average student loan debt by degree changes depending on education level.
Average student loan debt by degree in 2023
The following data highlights the median student loan debt ranges by program type. Borrowers with some college but no degree typically owe between $10,000 and $14,999, while those with a bachelor’s degree carry between $20,000 and $24,999. Postgraduate borrowers face the largest balances, often ranging from $40,000 to $49,999. This breakdown shows the average student loan debt for different degrees and how higher levels of education often come with higher financial burdens.
Data taken from: Pew Research Center – https://www.pewresearch.org/short-reads/2024/09/18/facts-about-student-loans/2
- Borrowers with some college but no degree carry the lowest debt, typically between $10,000 and $14,999.
- The average student loan debt for a bachelor’s degree falls between $20,000 and $24,999.
- Postgraduate borrowers face the steepest burden, with median debt ranging from $40,000 to $49,999, nearly double that of bachelor’s degree holders.
What is the average student loan debt for a bachelor’s degree and beyond?
| Program type | Median debt range | |
| Min | Max | |
| All borrowers | $20,000 | 24999 |
| Some college or less | $10,000 | 14999 |
| Bachelor`s | $20,000 | 24999 |
| Postgraduate | $40,000 | 49999 |
Data taken from: Pew Research Center – https://www.pewresearch.org/short-reads/2024/09/18/facts-about-student-loans/2
What is the average student loan debt for a bachelor`s degree?
- The average student loan debt for a bachelor’s degree varies between $20,000 and $24,999.
The comparison of average student loan debt by degree makes it clear that education level strongly influences borrower balances. While those with incomplete college experience hold smaller debts, completing a bachelor’s degree significantly raises the typical burden. Postgraduate borrowers face the highest levels of debt, underscoring the financial challenges of pursuing advanced degrees. These trends highlight the trade-off between higher education attainment and the long-term financial commitment it requires.
Beyond the size of outstanding balances, it is also important to understand how many people rely on federal loans, as this reveals the scale of student borrowing participation over time.
How many student loans have been forgiven?
- It is hard to identify how many students have been forgiven, but over $183 billion of student loan debt has been forgiven from March 2021 through December 2024.
Number of student debt borrowers
Number of federal loan recipients by year
This data tracks the number of federal loan recipients by year from 2007 through 2025. In 2007, 28.3 million individuals received federal loans, and the number grew steadily in the following years, peaking at over 43 million recipients. The graph highlights how shifts in higher education costs and borrowing needs have shaped the demand for federal loan programs.
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
- The number of federal loan recipients increased from 28.3 million in 2007 to 38.3 million in 2012.
- By Q3 2025, the number of unduplicated recipients was 42.3 million.
How many students receive federal loans?
| Year | Number of unduplicated recipients, million |
| 2007 | 28.3 |
| 2008 | 29.9 |
| 2009 | 32.1 |
| 2010 | 34.3 |
| 2011 | 36.5 |
| 2012 | 38.3 |
| Q1 2013 | 38.7 |
| Q2 2013 | 38.9 |
| Q3 2013 | 38.7 |
| Q4 2013 | 39.6 |
| Q1 2014 | 40.0 |
| Q2 2014 | 40.0 |
| Q3 2014 | 39.9 |
| Q4 2014 | 40.7 |
| Q1 2015 | 41.1 |
| Q2 2015 | 41.0 |
| Q3 2015 | 40.8 |
| Q4 2015 | 41.6 |
| Q1 2016 | 41.8 |
| Q2 2016 | 41.7 |
| Q3 2016 | 41.5 |
| Q4 2016 | 42.3 |
| Q1 2017 | 42.4 |
| Q2 2017 | 42.3 |
| Q3 2017 | 42.0 |
| Q4 2017 | 42.6 |
| Q1 2018 | 42.8 |
| Q2 2018 | 42.6 |
| Q3 2018 | 42.2 |
| Q4 2018 | 42.9 |
| Q1 2019 | 43.0 |
| Q2 2019 | 42.8 |
| Q3 2019 | 42.2 |
| Q4 2019 | 42.9 |
| Q1 2020 | 42.8 |
| Q2 2020 | 42.6 |
| Q3 2020 | 42.3 |
| Q4 2020 | 42.9 |
| Q1 2021 | 42.9 |
| Q2 2021 | 42.9 |
| Q3 2021 | 42.8 |
| Q4 2021 | 43.4 |
| Q1 2022 | 43.4 |
| Q2 2022 | 43.0 |
| Q3 2022 | 42.8 |
| Q4 2022 | 43.5 |
| Q1 2023 | 43.8 |
| Q2 2023 | 43.6 |
| Q3 2023 | 43.4 |
| Q4 2023 | 43.2 |
| Q1 2024 | 43.1 |
| Q2 2024 | 42.8 |
| Q3 2024 | 42.2 |
| Q4 2024 | 42.7 |
| Q1 2025 | 42.8 |
| Q2 2025 | 42.5 |
| Q3 2025 | 42.3 |
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
The data on federal loan recipients shows steady growth from 2007 through the mid-2010s, reflecting increased reliance on student borrowing. While the total has stabilized in recent years, it remains at historically high levels, with more than 42 million Americans holding federal loans in 2025. This trend underscores the widespread reach of federal lending programs and the critical role they play in financing higher education.
After examining overall federal loan recipients, it’s important to break down the data by age to see which groups hold the largest student loan balances.
How many Americans have student loan debt? Federal loan recipients by age
As of June 30, 2025, student loan debt is concentrated among younger and middle-aged Americans, but older age groups also carry notable balances. Individuals aged 25 to 49 hold the majority of federal student loans, while those under 25 or over 62 typically have smaller balances. This age-based view highlights how student debt spans multiple generations.
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
- Nearly 44 million Americans have student loan debt.
- Borrowers aged 25 to 34 have the largest number of federal loans in the $20K to $40K range, with 3.64 million individuals.
- The 35 to 49 age group holds the highest number of loans over $100K, totaling 1.53 million people across the $100K-200K and $200K+ categories.
- Even borrowers 62 and older have significant balances: 0.25 million hold $100K-200K loans, and 0.11 million hold $200K+ loans.
Number of people with federal student loans: age group analysis
| Debt size | 24 and younger | 25 to 34 | 35 to 49 | 50 to 61 | 62 and Older |
| Less than 5K | 1.16 | 2.1 | 2 | 0.86 | 0.54 |
| 5K to 10K | 1.92 | 2.35 | 1.86 | 0.82 | 0.45 |
| 10K to 20K | 1.71 | 3.18 | 2.64 | 1.09 | 0.54 |
| 20K to 40K | 1.2 | 3.64 | 3.06 | 1.21 | 0.52 |
| 40K to 60K | 0.11 | 1.31 | 1.81 | 0.71 | 0.28 |
| 60K to 80K | 0.04 | 0.62 | 1.2 | 0.49 | 0.19 |
| 80K to 100K | 0.02 | 0.28 | 0.66 | 0.32 | 0.12 |
| 100K to 200K | 0.04 | 0.56 | 1.07 | 0.59 | 0.25 |
| 200K+ | 0.01 | 0.33 | 0.46 | 0.22 | 0.11 |
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
How many total student loan borrowers owe more than $100,000?
- As of July 2025, 3.64 million borrowers owe over $100,000 in student loan debt, 1.1 million more than the number who owed the same amount of debt in 2018
Breaking down federal loan recipients by age reveals that student debt is not only a young adult issue. While individuals 25 to 49 carry the bulk of balances, older Americans are increasingly affected, with notable numbers holding six-figure debt. This generational perspective underscores how federal student loans impact Americans at different life stages, shaping financial planning well beyond graduation.
After exploring student loan balances by age and degree, it’s important to compare federal and private student loans to understand the broader composition of student debt in the U.S.
Student loan debt types
Federal vs. private student loan debt statistics
The vast majority of student loan debt is held in federal programs. Federal loans account for 91.8% of total student loan debt, while private loans make up just 8.2%. This comparison highlights the critical role of federal lending in financing higher education and the relatively small share held by private lenders.
Data taken from: Pew Research Center – https://www.pewresearch.org/short-reads/2024/09/18/facts-about-student-loans/2
- Federal loans represent 91.8% of all student loan debt in the United States.
- Private student loans account for only 8.2% of total balances.
- Nearly 9 out of 10 dollars in student debt are federally funded, showing the dominance of federal lending.
What percent of student loans are federal?
| Type of loan | Percentage of loan |
| Federal | 91.80% |
| Private | 8.20% |
Data taken from: Pew Research Center – https://www.pewresearch.org/short-reads/2024/09/18/facts-about-student-loans/2
The distribution of student loan debt by loan type makes it clear that federal loans overwhelmingly shape the student debt landscape. While private loans exist, they represent a small fraction of overall borrowing. These statistics underscore the reliance of millions of Americans on federal loan programs to finance higher education and the importance of federal policy in managing the national student debt burden.
After reviewing current and historical debt levels, it is important to explore projections to understand how the student loan debt bubble could evolve in the coming years.
Student debt growth trends
Student loan debt projections
This graph shows both historical data and our calculated forecast for total outstanding student debt. After steadily increasing from $961.9 billion in Q1 2013 to $1,665.6 billion in Q3 2025, our projections indicate a gradual decline in total debt through 2030. Details of the forecasting methodology can be found in the methodology section. These trends highlight ongoing concerns about the student loan debt crisis and its long-term implications for borrowers and the economy.
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
- Outstanding student loan debt rose from $961.9 billion in Q1 2013 to $1,665.6 billion by Q3 2025, reflecting rapid growth over 12 years.
- Forecasts suggest debt will begin declining after 2025, reaching $1,537.27 billion by Q4 2030.
- The projected decrease indicates a reduction of $128.33 billion from the Q3 2025 peak, signaling potential stabilization of the student loan problem.
Student loan debt projections: forecasting the future of the student loan problem
| Year | Total dollars outstanding student debt, billion USD |
| Q1 2013 | $961.90 |
| Q2 2013 | $998.60 |
| Q3 2013 | $1,006.80 |
| Q4 2013 | $1,040.20 |
| Q1 2014 | $1,051.80 |
| Q2 2014 | $1,087.00 |
| Q3 2014 | $1,096.50 |
| Q4 2014 | $1,129.80 |
| Q1 2015 | $1,140.10 |
| Q2 2015 | $1,174.40 |
| Q3 2015 | $1,182.10 |
| Q4 2015 | $1,212.40 |
| Q1 2016 | $1,220.30 |
| Q2 2016 | $1,254.90 |
| Q3 2016 | $1,262.20 |
| Q4 2016 | $1,292.20 |
| Q1 2017 | $1,299.70 |
| Q2 2017 | $1,331.70 |
| Q3 2017 | $1,337.40 |
| Q4 2017 | $1,366.90 |
| Q1 2018 | $1,375.50 |
| Q2 2018 | $1,407.10 |
| Q3 2018 | $1,412.00 |
| Q4 2018 | $1,439.20 |
| Q1 2019 | $1,447.10 |
| Q2 2019 | $1,476.60 |
| Q3 2019 | $1,481.10 |
| Q4 2019 | $1,510.30 |
| Q1 2020 | $1,515.00 |
| Q2 2020 | $1,542.70 |
| Q3 2020 | $1,544.80 |
| Q4 2020 | $1,566.30 |
| Q1 2021 | $1,565.20 |
| Q2 2021 | $1,591.80 |
| Q3 2021 | $1,591.10 |
| Q4 2021 | $1,610.70 |
| Q1 2022 | $1,606.40 |
| Q2 2022 | $1,619.70 |
| Q3 2022 | $1,617.30 |
| Q4 2022 | $1,634.50 |
| Q1 2023 | $1,635.40 |
| Q2 2023 | $1,644.50 |
| Q3 2023 | $1,633.80 |
| Q4 2023 | $1,602.20 |
| Q1 2024 | $1,598.40 |
| Q2 2024 | $1,620.10 |
| Q3 2024 | $1,611.00 |
| Q4 2024 | $1,638.60 |
| Q1 2025 | $1,639.60 |
| Q2 2025 | $1,660.70 |
| Q3 2025 | $1,665.60 |
| Q4 2025* | $1,651.60 |
| Q1 2026* | $1,651.12 |
| Q2 2026* | $1,650.09 |
| Q3 2026* | $1,648.51 |
| Q4 2026* | $1,646.37 |
| Q1 2027* | $1,643.69 |
| Q2 2027* | $1,640.45 |
| Q3 2027* | $1,636.67 |
| Q4 2027* | $1,632.33 |
| Q1 2028* | $1,627.44 |
| Q2 2028* | $1,622.00 |
| Q3 2028* | $1,616.01 |
| Q4 2028* | $1,609.46 |
| Q1 2029* | $1,602.37 |
| Q2 2029* | $1,594.72 |
| Q3 2029* | $1,586.53 |
| Q4 2029* | $1,577.78 |
| Q1 2030* | $1,568.48 |
| Q2 2030* | $1,558.63 |
| Q3 2030* | $1,548.22 |
| Q4 2030* | $1,537.27 |
Data taken from: Federal Student Aid – https://studentaid.gov/data-center/student/portfolio1
The data highlights both the dramatic growth and future moderation of student loan debt. While the rise over the last decade has fueled concerns about a student loan debt crisis or bubble, projections suggest that total debt may gradually decline in the coming years. These forecasts emphasize the importance of policy interventions and repayment strategies in managing the long-term impact of student borrowing on households and the broader economy.
After reviewing total balances and debt distribution, it is crucial to examine the rate of student loan default to understand the risk of delinquency across different states.
Student loan default by state: borrower delinquency rates across the U.S.
The borrower delinquency rate measures the share of borrowers who have at least one student loan 90+ days delinquent or in default. Across states, these rates vary from a low of 0.4% in Montana to a high of 1.6% in Georgia. This chart provides a clear comparison of student loan default rates by state, helping identify regions with higher financial stress among borrowers.
Data taken from: https://www.newyorkfed.org/medialibrary/Interactives/householdcredit/data/xls/Student-loan-update-2025-Mangrum8
- Georgia has the highest rate of student loan default at 1.6%.
- Montana reports the lowest delinquency rate at 0.4%.
- Most states, including California, New York, and Ohio, maintain default rates around 0.9-1.2%.
What percentage of student loans default? State-level analysis
| State | Borrower delinquency rate, % |
| Alabama | 0,9% |
| Alaska | 1,1% |
| Arizona | 0,8% |
| Arkansas | 1,0% |
| California | 0,9% |
| Colorado | 0,8% |
| Connecticut | 0,8% |
| Delaware | 1,1% |
| District Of Columbia | 0,9% |
| Florida | 1,2% |
| Georgia | 1,6% |
| Hawaii | 0,7% |
| Idaho | 0,6% |
| Illinois | 0,6% |
| Indiana | 1,0% |
| Iowa | 0,8% |
| Kansas | 0,8% |
| Kentucky | 0,9% |
| Louisiana | 1,2% |
| Maine | 1,0% |
| Maryland | 1,0% |
| Massachusetts | 0,9% |
| Michigan | 1,1% |
| Minnesota | 1,0% |
| Mississippi | 1,3% |
| Missouri | 1,2% |
| Montana | 0,4% |
| Nebraska | 0,7% |
| Nevada | 0,9% |
| New Hampshire | 1,0% |
| New Jersey | 1,2% |
| New Mexico | 0,9% |
| New York | 0,9% |
| North Carolina | 1,1% |
| North Dakota | 0,9% |
| Ohio | 0,9% |
| Oklahoma | 1,3% |
| Oregon | 0,7% |
| Pennsylvania | 1,2% |
| Rhode Island | 1,1% |
| South Carolina | 1,2% |
| South Dakota | 0,9% |
| Tennessee | 1,1% |
| Texas | 1,2% |
| Utah | 0,8% |
| Vermont | 1,1% |
| Virginia | 0,8% |
| Washington | 0,7% |
| West Virginia | 0,7% |
| Wisconsin | 0,8% |
| Wyoming | 1,0% |
Data taken from: https://www.newyorkfed.org/medialibrary/Interactives/householdcredit/data/xls/Student-loan-update-2025-Mangrum8
Overall, student loan default rates remain relatively low across the U.S., but there are notable regional differences. Southern states, such as Georgia and Mississippi, tend to have higher delinquency rates, while less populated states like Montana and Idaho have the lowest. These variations highlight the influence of regional economic conditions, income levels, and employment opportunities on the likelihood of student loan default.
After examining total debt levels by degree, it is useful to look at how these balances translate into monthly repayment obligations for borrowers.
Student loan payment metrics
Average student loan debt payment per month by degree
Monthly student loan payments vary widely depending on the degree earned. Associate and bachelor’s degree holders face relatively modest payments of $231 and $336 per month, respectively, while graduate and professional degrees, such as law or medicine, lead to substantially higher obligations. Understanding these payments helps illustrate the long-term financial impact of pursuing different levels of education.
Data taken from: BestColleges – https://www.bestcolleges.com/research/average-student-loan-payment/5
- Bachelor’s degree holders pay an average of $336 per month, while associate degree holders pay $231.
- Master’s and MBA graduates face higher payments of $842 and $813 per month, respectively.
- Professional degrees carry the highest monthly obligations, with law graduates paying $1,715 and medical graduates $2,426.
How much are monthly student loan payments?
| Program type | Average monthly student loan payment, USD |
| Associate | $231 |
| Bachelor`s | $336 |
| Master`s | $842 |
| MBA | $813 |
| Doctorate | $883 |
| Law degree | $1,715 |
| Medicine degree | $2,426 |
Data taken from: BestColleges – https://www.bestcolleges.com/research/average-student-loan-payment/5
Monthly student loan payments increase sharply with higher levels of education. While undergraduate borrowers can manage payments in the low hundreds, graduate and professional programs create substantial monthly financial commitments. These differences underscore the trade-off between advanced education and the cost of long-term repayment, emphasizing the need for careful financial planning when pursuing higher degrees.
After reviewing monthly payments and total balances, it is important to consider the interest rates on federal student loans, which directly affect the cost of borrowing.
Federal student loans interest rate: average cost of student loan debt
Federal student loan interest rates vary by borrower type and education level. Undergraduate loans carry an average rate of 6.53%, while graduate student loans rise to 8.08%. Loans for parents and graduate or professional students have the highest rate at 9.08%. These rates significantly influence the long-term cost of student debt for borrowers across the country.
Data taken from: Ramsey Solutions – https://www.ramseysolutions.com/debt/average-student-loan-debt7
- Federal undergraduate student loans have an average interest rate of 6.53%.
- Graduate student loans carry a higher rate of 8.08%.
- Loans for parents and graduate or professional students reach 9.08%, representing the highest borrowing cost among federal loans.
Average student loan debt interest rate for federal loans
| Loan type | Interest rate, % |
| Federal undergraduate student loans | 6.53% |
| Federal graduate student loans | 8.08% |
| Parents and graduate or professional students | 9.08% |
Data taken from: Ramsey Solutions – https://www.ramseysolutions.com/debt/average-student-loan-debt7
Interest rates on federal student loans increase with the level of education and borrower type, reflecting the additional risk and repayment capacity. These rates are a critical factor in determining the overall cost of student debt, influencing monthly payments and total interest paid over time. Understanding these rates helps borrowers make informed decisions about their education financing.
After reviewing interest rates and monthly payments, it’s important to examine student loan debt demographics to understand how borrowing differs between men and women.
Student loan debt demographics
Student loan debt by gender
Data on student loans by gender shows a significant disparity between male and female borrowers. Women account for 63.6% of all student loan debt, while men hold 36.4%. These figures highlight the demographic trends in borrowing and can inform policy and financial planning considerations.
Data taken from: Education Data Initiative – https://educationdata.org/student-loan-debt-by-gender3
- Female borrowers hold 63.59% of total student loan debt.
- Male borrowers account for 36.41% of outstanding balances.
- Women carry nearly twice as much student loan debt as men, reflecting broader trends in higher education participation.
How student loan debt differs by gender
| Gender | Percentage, % |
| Male | 36.41% |
| Female | 63.59% |
Data taken from: Education Data Initiative – https://educationdata.org/student-loan-debt-by-gender3
The gender breakdown of student loan debt highlights that women carry a disproportionate share of borrowing, likely reflecting higher college enrollment and completion rates among female students. This demographic insight is crucial for understanding repayment patterns and the financial impact of student debt across different population groups.
After analyzing gender disparities, it is important to explore student loan debt by race to understand how borrowing patterns differ across racial and ethnic groups.
Student loans by race
Federal student loan participation varies significantly by race and degree type. Among bachelor’s degree borrowers, 81% of Black and African American students have federal loans, compared to 59% of White students. For associate degrees, the participation rates are generally lower, with 59% of Black borrowers and 39% of White borrowers holding federal loans. These figures reveal important demographic patterns in student borrowing.
Data taken from: Education Data Initiative – https://educationdata.org/student-loan-debt-by-race4
- 81% of Black and African American bachelor’s degree holders have federal student loans, the highest among all groups.
- White and Caucasian students have 59% federal loan participation at the bachelor’s level and 39% at the associate degree level.
- Asian students have the lowest rates, with 39% for bachelor’s and 22% for associate degrees.
How student loan debt varies by race and education level
| Race | Federal student loans percentage, % | |
| Bachelor`s degree | Associate degree | |
| White and Caucasian | 59% | 39% |
| Black and African American | 81% | 59% |
| Hispanic and Latino | 60% | 31% |
| Asian | 39% | 22% |
| American Indian and Alaskan Native | 65% | 38% |
| Multiracial | 63% | 37% |
Data taken from: Education Data Initiative – https://educationdata.org/student-loan-debt-by-race4
Student loan debt by race shows clear disparities in federal borrowing, with Black and African American students carrying the highest share of loans, while Asian students have the lowest. Participation also varies by degree type, generally higher among bachelor’s degree holders than associate degree holders. These trends highlight the need to consider racial and ethnic differences when analyzing student loan debt and designing support programs.
Conclusions
- In 2025, U.S. student loan debt peaked at $1.67 trillion, tripling since 2007. This surge underscores how higher education costs have reshaped household finances over less than two decades.
- While balances grew nationwide, the average borrower’s debt doubled from about $18,000 in 2007 to nearly $39,400 in 2025, showing the long-term pressure on individuals and families.
- Regional disparities remain sharp: borrowers in the District of Columbia face median balances nearly $12,000 higher than those in states like Wyoming and North Dakota, reflecting unequal economic conditions.
- Age-based data reveal that debt is no longer confined to young adults. Balances among Americans 62 and older tripled since 2017, highlighting how repayment now extends across multiple generations.
- Demographic gaps persist. Women hold nearly two-thirds of all student debt, while Black bachelor’s degree graduates rely on loans at far higher rates than their White and Asian peers, raising equity concerns.
- Looking ahead, forecasts suggest a gradual decline in total student debt to $1.54 trillion by 2030, offering hope of stabilization. Yet, repayment burdens, high interest rates, and demographic disparities ensure the student loan crisis will remain central to education and economic policy debates.
Methodology
The average student loan balance per borrower by year was calculated by dividing the total outstanding debt by the number of borrowers in the corresponding year.
We projected future student loan debt using quarterly data from Q1 2013 to Q3 2025. Each quarter was assigned a numeric index and modeled with a second-degree polynomial regression:
y = ax^2 + bx + c
where x is the quarter index and y is the debt in billions of dollars. The regression (calculated in Google Sheets with the LINEST function) achieved an R² of ~0.99, indicating a strong fit. Forecasts for Q4 2025–Q4 2030 were generated by applying this equation to future quarters.
Sources
- “Federal Student Loan Portfolio” Federal Student Aid, https://studentaid.gov/data-center/student/portfolio. Accessed 16 September 2025.
- Cilluffo, Richard. “5 Facts about Student Loans.” Pew Research Center, 18 Sept. 2024, https://www.pewresearch.org/short-reads/2024/09/18/facts-about-student-loans/. Accessed 16 September 2025.
- Hanson, Melanie. “Student Loan Debt by Gender [2025]: Men vs Women.” Education Data Initiative, 5 Oct. 2020, https://educationdata.org/student-loan-debt-by-gender. Accessed 16 September 2025.
- “Student Loan Debt by Race [2024]: Analysis of Statistics.” Education Data Initiative, 24 Sept. 2020, https://educationdata.org/student-loan-debt-by-race. Accessed 16 September 2025.
- Lyss WeldingUpdated on April 3, 2025Edited. “Average Student Loan Payment: Federal and Private Loans | BestColleges.” Bestcolleges.com, 3 Apr. 2025, https://www.bestcolleges.com/research/average-student-loan-payment/. Accessed 16 September 2025.
- “Average Student Loan Payment: Federal and Private Loans | BestColleges.” Bestcolleges.com, 3 Apr. 2025, https://www.bestcolleges.com/research/average-student-loan-payment/. Accessed 16 September 2025.
- Solutions, Ramsey. “Average Student Loan Debt: 2025 Statistics.” Ramsey Solutions, https://www.ramseysolutions.com/debt/average-student-loan-debt. Accessed 16 September 2025.
- https://www.newyorkfed.org/medialibrary/Interactives/householdcredit/data/xls/Student-loan-update-2025-Mangrum. Accessed 16 September 2025.
