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.
