Student Loan Debt Statistics [2024]: Average + Total

Obtaining a college degree is a dream that almost every student sees to achieve a stable future. However, with rising college tuition prices it has become extremely different for students with lower or middle income backgrounds to afford their education. This has led to more and more students taking student loans to manage their education finances. In fact, by the end of 2023, almost 43.2 million Americans have federal student loan debt. 

In this article, we will examine student loan debt statistics for 2024 to gain a deep understanding of the landscape of student loan debt, the total amount of student loans provided, federal and private loans, and much more. 

Key Student Loan Debt Statistics 

• About 43 million Americans have a federal student loan by the end of 2023.
• The value of outstanding student loans in the U.S. was $1,727 trillion in the fourth quarter of 2023. 
• 98.2 billion U.S. Dollars were offered to students in the United States as a form of student loans. 
• Stafford loans are considered the leading type of student loan in the U.S. accounting for 856 billion dollars in debt in 2023. 
• The Average student debt for a bachelor’s degree was revealed to be $29,100.
• Generation X has the highest average student loan of $44,290. 
• The State with the highest debt in the U.S. is Maryland with an average student debt of $43,116.
• 47% of women are likely to have student loan debts compared to men who have a 40% share of the average student loan.
• In 2021, about 13% of Americans had a federal student loan. 

Value of outstanding student loans U.S.

The value of outstanding student loans in the United States has been on a constant rise since the first quarter of 2006. However, for the first time, the numbers have witnessed a decline in the third quarter of 2023. In the second quarter of 2023, the value of outstanding student loans was $1,761 trillion and the value decreased to $1,732 trillion in the third quarter of 2023. 

Here is a breakdown of the value of outstanding student loans in the United States from 2006 to 2023:

Year	Value of outstanding student loans
Q1 2006	480 billion
Q2 2006	487 billion
Q3 2006	510 billion
Q4 2006	521 billion
Q1 2007	544 billion
Q2 2007	549 billion
Q3 2007	577 billion
Q4 2007	589 billion
Q1 2008	619 billion
Q2 2008	626 billion
Q3 2008	660 billion
Q4 2008	675 billion
Q1 2009	707 billion
Q2 2009	712 billion
Q3 2009	746 billion
Q4 2009	771 billion
Q1 2010	800 billion
Q2 2010	811 billion
Q3 2010	845 billion
Q4 2010	855 billion
Q1 2011	896 billion
Q2 2011	905 billion
Q3 2011	940 billion
Q4 2011	959 billion
Q1 2012	994 billion
Q2 2012	1,011 trillion
Q3 2012	1,041 trillion
Q4 2012	1,052 trillion
Q1 2013	1,092 trillion
Q2 2013	1,099 trillion
Q3 2013	1,134 trillion
Q4 2013	1,145 trillion
Q1 2014	1,182 trillion
Q2 2014	1,190 trillion
Q3 2014	1,226 trillion
Q4 2014	1,235 trillion
Q1 2015	1,271 trillion
Q2 2015	1,278 trillion
Q3 2015	1,311 trillion
Q4 2015	1,320 trillion
Q1 2016	1,358 trillion
Q2 2016	1,365 trillion
Q3 2016	1,398 trillion
Q4 2016	1,405 trillion
Q1 2017	1,440 trillion
Q2 2017	1,446 trillion
Q3 2017	1,479 trillion
Q4 2017	1,488 trillion
Q1 2018	1,523 trillion
Q2 2018	1,530 trillion
Q3 2018	1,560 trillion
Q4 2018	1,566 trillion
Q1 2019	1,597 trillion
Q2 2019	1,603 trillion
Q3 2019	1,635 trillion
Q4 2019	1,637 trillion
Q1 2020	1,671 trillion
Q2 2020	1,672 trillion
Q3 2020	1,696 trillion
Q4 2020	1,693 trillion
Q1 2021	1,718 trillion
Q2 2021	1,719 trillion
Q3 2021	1,739 trillion
Q4 2021	1,733 trillion
Q1 2022	1,747 trillion
Q2 2022	1,744 trillion
Q3 2022	1,761 trillion
Q4 2022	1,764 trillion
Q1 2023	1,774 trillion
Q2 2023	1,761 trillion
Q3 2023	1,732 trillion

Source: Statista

Total Amount of Student Loans Provided in the U.S.

During the academic year 2002/03, 83.1 billion U.S. dollars were offered to students in the United States as student loans. In 2022/23, the numbers jumped to 98.2 billion U.S. Dollars. It witnessed a peak in 2010/11, when 152.8 billion U.S. Dollars were offered in student loans. 

Below we have mentioned a table showcasing the total amount of student loans provided across the United States from 2002 to 2023:

Year	Loans in Billions
2002/03	83.1
2003/04	95.9
2004/05	106.5
2005/06	112.3
2006/07	118.2
2007/08	128.4
2008/09	133.2
2009/10	147.5
2010/11	152.8
2011/12	150.1
2012/13	142.7
2013/14	139.3
2014/15	133.2
2015/16	131.2
2016/17	129.2
2017/18	125.7
2018/19	121.7
2019/20	119.6
2020/21	109.3
2021/22	104.1
2022/23	98.2

Source: Statista

Amount of student loan debt outstanding, by type

The outstanding student loan debt in the U.S. was reported to be around 1.7 trillion in the third quarter of 2023. Direct Combined loans, or Stafford loans, are the leading type of student loan in the U.S., accounting for 856 billion in 2023. Stafford loans are a kind of federal student loan that is specially offered to eligible university students at a low interest rate compared to private loans. 

Below we have mentioned a table showcasing the amount of outstanding student loan debt in the United States by student loan type:

Type of Student loans	Amount of debt in U.S. Dollars
Direct combined (Stafford)	856 billion
Direct unsubsidized (Stafford)	564 billion
Consolidation	555 billion
Direct subsidized (Stafford)	292 billion
Parent PLUS	105 billion
Grad PLUS	91 billion
Perkins	4 billion

Source: Statista 

Average Student Loan Debt

According to the latest data available in the College Board, it was revealed that in 2020-2021 around 45% of the bachelor’s degree recipients graduated with a student debt. The Average student debt for a bachelor’s degree was revealed to be $29,100. However, advanced degrees require student loans at a higher price. For example, the average debt of a student for an MBA is $51,850. Similar to Medical school the average student debt was revealed $206,924. 

Here is a breakdown of the average student loan debt based on type:

Type of Debt	Average Debt
Bachelor’s degree debt	$29,100
Graduate school loan debt	$77,300
Parent PLUS loan debt	$29,526
Law school debt	$132,740
MBA student debt	$51,850
Medical school debt	$206,924
Dental school debt	$293,900
Pharmacy school loan debt	$167,711
Nursing school student debt	$40,000 – $54,999
Veterinary school debt	$147,258

States with Highest Average Student Debt in the U.S. 

Maryland is the leading state in the U.S. with the highest debt of $43,116. Followed by Georgia in the second position with an average student debt of $41,775. Virginia is ranked third in the list of highest debt in the U.S. with an average student loan debt of $39,599. 

Below we have mentioned the top 10 states in the U.S. with the highest debts:

State	Total student debt (in billions)	Number of borrowers	Average student debt burden
Maryland	$36.7	851,200	$43,116
Georgia	$70.6	1,690,000	$41,775
Virginia	$43.8	1,106,100	$39,599
Florida	$105.4	2,724,700	$38,683
South Carolina	$29.1	758,600	$38,360
Illinois	$63.1	1,645,400	$38,349
Delaware	$5.1	133,600	$38,174
North Carolina	$51.6	1,352,800	$38,143
Vermont	$3	78,800	$38,071
Hawaii	$4.7	123,700	$37,995

Source: Degreechoices

States with Lowest Average Student Debt in the U.S. 

North Dakota is the leading state in the US with the lowest average student debt of 30,000. 

According to reports, Wyoming is the second state in the United States with the lowest average student debt of $$30,357. Followed by Iowa in the third position with $30,759 and South Dakota in the third position with $31,746. 

Below we have mentioned a table showcasing states with the lowest average student debt in the United States:

State	Average student debt
Wyoming	$30,357
Iowa	$30,759
South Dakota	$31,746
Oklahoma	$31,875
West Virginia	$32,160
Wisconsin	$32,232
Nebraska	$32,450
Rhode Island	$32,886
Indiana	$32,996
Kentucky	$33,110

Federal Student Loans by Age

A large section of borrowers belong to the young adult age group of 24 or younger with a total of $110 billion amount owned. Apart from this, borrowers aged between 25 to 34 years old carry a federal student loan of around $500 billion. Although, borrowers under this age group owed amounts between $10,000 and $40,000. 

In many cases, borrowers tend to carry student loans to their middle age and beyond. The below-mentioned table clearly showcases individuals aged 35 to 49 have the highest number of amounts owed of $622 billion with a total number of borrowers of 14.4 million. In Fact, in many unfortunate cases, the education loan can often carry towards their retirement as well. Around 2.4 million borrowers in the age category of 62 or older have a total amount of $98 billion still owed. 

Here is a breakdown of federal student loans by age group:

Age Group	Amount Owed	Number of Borrowers
24 or younger	$110 billion	7.6 million
25 to 34	$500 billion	14.9 million
35 to 49	$622 billion	14.4 million
50 to 61	$282 billion	6.4 million
62 and older	$98 billion	2.4 million

Source: Federal Student Aid

Average Student Loan Debt by Gender 

The majority of students worldwide choose to take student loans to pursue their desired courses and get admission into good colleges. In general, women are more likely to have student loan debts compared to men. Reports show that on average 47% of women are likely to have a student loan compared to 40% of men. 

Gender	Percentage of Average Student Loan
Women	47%
Men	40%

Average Student Loan Debt by Race  

Reports show that people of color are more likely to have student loan debt. Apparently, Black Adults are the leading with around 50% of average student loan debt, with an average balance of $9,800. Followed by White Adults in the second position with 44% of student loan debt, with $8,700 average balance. Lastly, 37% of Hispanic/Latino Adults are likely to have an average balance of $7000.

Race	Likely to have a student loan debt	Average Balance
Black Adults	50%	$9,800
White Adults	44%	$8,700
Hispanic/Latino adults	37%	$7000

Average Student Loan Debt by Generation 

Surprisingly, Generation X (people born between 1965 to 1980) is the generation with the highest share of student loan debt. People belonging to Gen X have the highest average balance of $44,290 per borrower. Followed by Baby Boomers as the second leading generation with an average student loan balance of $42,520. 

Here is a breakdown of Average student loan debt based on Generation: 

Generation	Share of Student loan debt
Gen Z	$14,380
Millennials	$32,800
Generation X	$44,290
Baby Boomers	$42,520

National Student Loan Debt by Generation 

Over half of the federal student loan debt is concentrated towards Generation X. It owns about 56.84% of the student loan debt which is the highest compared to other generations. Millennials are ranked second in this list with about 30.06% of the student loan debt, followed by Baby Boomers in the third position with 7.11%. 

Below we have mentioned a table showcasing national student loan debt based on generation:

Generation	Nation Student loan debt
Gen Z	5.99%
Millennials	30.06%
Generation X	56.84%
Baby Boomers	7.11%

Private Student Loan Portfolio

• The outstanding private loan debt is valued at $131 billion. 
• Around 92% of the undergraduate private loans have a cosigner. 
• In terms of graduate private loans around 66% of them required to be co-signed. 
• Private student loans have only 7.6% of the entire education debt. 
• The majority of the private loans about 89% are owed by undergraduate degrees, while only 11% are owed for graduate degrees. 
• 99.9% of private loans require the borrower to submit a school certification as a form of confirmation of the student’s status along with the cost of attendance. 

Student Loan Repayment Statistics

In March 2020, federal student loan payments were paused nationwide, and froze the accumulation of interest due to the Covid-19 pandemic. While a large section of federal loans around $968 billion by 24 million borrowers are still under forbearance. Although, from October 2023 the monthly payments were restarted for about 37 million of the student loan borrowers.  

During the start of 2020, only 2.7 million student loan borrowers had their federal loans under forbearance. However, by the end of 2021, the numbers have witnessed a massive rise to 24 million borrowers. In May 2022, the reprieve was set to expire, and the payments for federal student loans were resumed.  

Below we have mentioned the repayment status of Federal Direct loan programs:

Status	Debt Amount	Number of borrowers
In-school	$118 billion	6.4 million
Grace period	$41 billion	1.6 million
Repayment	$16 billion	0.5 million
Deferment	$113 billion	3.1 million
Forbearance	$968 billion	24 million
Default	$112 billion	5.1 million

Source: Statista 

Repayment Programs

There was a wide range of repayment options made available by the federal student loan systems for the borrowers to select from. There were certain plans that required the borrowers to qualify on the basis of family size and income, while the other plans were being made available for everyone. 

Below we have mentioned how the federal loan portfolio is issued among the most popular repayment plans:

Repayment Plan	Loan Amount	Number of Borrowers
Standard	$202 billion	10.5 million
Graduated	$91 billion	3.1 million
Income-contingent (ICR)	$37 billion	0.8 million
Income-based (IBR)	$173 billion	2.8 million
Pay As You Earn (PAYE)	$112 billion	1.5 million
Revised Pay As You Earn (REPAYE)	$200 billion	3.3 million

In terms of private student loans, unfortunately, there aren’t any standardized repayment options or plans available for the borrowers. Since the options are usually determined based on the specific lender of the private student loan. But in many cases the private lender tends to offer few plans for the borrowers, this includes interest-only payments while in school, small flat payments while in school, or postponing the entire payment until after graduation.

In private student loans, the borrowers are required to make complete payments to the private lender after graduation which is evenly distributed over the repayment term. 

FAQs

What is the average student debt in the US?

The Average student debt in the US for a student pursuing a bachelor’s degree is $29,400. However, in the case of all borrowers, the average debt is $38,290. 

What age group has the most student loan debt?

The 35 to 49 age group has the most student loan debt with about $622 billion owed by 14.4 million borrowers. 

Which generation has the most student debt?

Gen X is the generation that has the most student debt, it held 56.84% of the total federal student debt $1.63 trillion. 

Does Gen Z have student debt?

Yes, Gen Z has student debt and the average outstanding student loan balance of a Gen Z was reported to be $24,473 in 2023. 

What is the average student loan payment?

$503 is the Average student loan payment in the United States, according to a report by EducationData.org. 

How much is student loan debt?

A total of $1.72 trillion is owed by Americans in federal and private student loan debt as of the fourth quarter of 2023. 

Why is American student debt so high?

High college tuition prices are the primary reason why American student debts are so high. Higher education fees result in most Americans from lower and middle-income backgrounds taking student loans to fulfill their education finances.