Credible takeaways
- The total U.S. student debt is at $1.73 trillion as of Q4 2023.
- U.S. borrowers owe a total of $1.60 trillion in federal student loans.
- The total outstanding private student loan debt was $59.27 billion as of the third quarter of 2023.
- New Hampshire, Delaware, and Pennsylvania have the highest student loan debt.
The total average student loan debt currently looms at $1.73 trillion dollars. Although historical data shows that education debt has ballooned over the decades, determining student loan debt figures is nuanced.
How much a typical student can expect to borrow for their education depends on their state and degree level, for example. Beyond college, average student loan debt balances are still a moving target that differs by age, loan type, and other factors.
We’ve gathered the latest data across multiple variables to provide a comprehensive look at the average student loan debt today.
Total student loan debt 2024
Based on the latest data from the Federal Reserve, the total unpaid student loan debt in the U.S. is $1.73 trillion as of the fourth quarter of 2023. This figure is slightly lower than the average total student loan debt of $1.76 trillion from a year prior. The current total student debt marks a 50% increase compared to the total student loan debt 10 years ago in 2013.
The latest student loan data released by the Federal Reserve Bank of New York found that nearly half (47.1%) of student loan borrowers had a balance between $10,000 and $50,000.
Average federal student loan debt
Since federal student loans account for the greatest percentage of education loans in the average student’s aid portfolio, we parsed the data for average student loan debt within the Department of Education’s Student Loan Program.
- Total borrowers in debt: 43.2 million
- Total outstanding debt: $1.60 trillion
Federal student loans account for a large portion of student unpaid student debt in the country. StudentAid.gov reports that there’s $1.6 trillion in total outstanding federal student loans, across 43.2 million borrowers.
Below is a breakdown of amounts owed and the number of borrowers for each federal loan type.
Average federal student debt by age
The average student loan debt for outstanding federal loans varies by age. Below are the federal student loan balances across various age ranges. The figures include unpaid loan principal and interest.
- 24 and younger: $100 billion
- 25 - 35: $491.4 billion
- 35 - 49: $624.4 billion
- 50 - 61: $278.5 billion
- 62 and older: $109.8 billion
Generally, younger borrowers might have a lower outstanding loan balance, because their loans might not have accrued as much interest as older borrowers, and/or younger borrowers haven’t taken on graduate-level loans.
By age 50 and older, borrowers have reduced their federal unpaid average student debt. This achievement might have been achieved the conventional way by making monthly payments over a predetermined term, qualifying for federal student loan forgiveness, or student loan refinancing.
Average federal student debt by race and ethnicity
The National Center for Education Statistics (NCES) revealed the average student debt by race/ethnicity. Below is the average federal student loan debt borrowed, four years after students completed their bachelor’s degree program.
The figures above include both undergraduate- and graduate-level borrowing. Black students had the greatest amount of total federal student loans four years after obtaining a bachelor’s degree while students who identify as American Indian/Alaska Native borrowed the least in federal loans at $36,900.
Average private student loan debt
The Private Student Loan Semi Annual Report from Enterval Analytics revealed that the total outstanding private student loan debt as of the third quarter of 2023 was $59.27 billion.
Broken down further by degree level, 89.12% of this outstanding balance was borrowed for undergraduate loans while 10.88% were borrowed for graduate programs.
College Board reports that nonfederal student loans accounted for 15% of the average students’ overall financial aid strategy for the 2022-23 academic year.
Average student debt by degree type
How much students need to borrow for their education is also influenced by the degree level they’re pursuing. According to the same College Board report, full-time undergraduate students borrowed an average of $3,860 in federal student loans for the 2022-23 academic year. Federal loans accounted for 25% of students’ overall aid package in that school year.
Conversely, graduate-level students typically receive fewer grants and other aid awards, compared to their undergraduate counterparts. As such, graduate students tend to borrow higher amounts of federal student loans. In the 2022-23 school year, federal loans made up 62% of grad students’ overall aid awards, with federal loan balances averaging $17,490.
States with highest student debt
The state in which students graduate from college also has an impact on the average student loan debt they leave school with.
According to The Institute for College Access & Success (TICAS), the top 10 states with the highest student debt among bachelor’s degree graduates in 2020 include the entire New England region; northeastern states, like Pennsylvania, Delaware, and New Jersey; and the District of Columbia.
Rebecca Safier has contributed to the reporting of this article.