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Average Student Loan Debt Statistics

For most of us, pursuing a college degree wouldn’t be possible without student loans. And because educational debt is so prevalent, keeping tabs on the evolution of student borrowing is important.

We’ve compiled the latest student loan data to help everyone from fellow borrowers to parents to financial aid administrators. Keep reading for key findings you need to know.

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Average student loan debt statistics

In the following sections, we’ll slice and dice student debt data by loan type, debt size, and borrower age—you get the idea. Before we do, however, let’s take a high-level look at the state of student loan debt as of June 2024.

  • $1.75 trillion: Total amount of outstanding student loan debt (source)
  • 42.8 million: Total number of federal student loan borrowers (source)
  • $115,360: Average total price of a four-year degree at public, four-year universities during the 2023 – 2024 school year (source)
  • 51%: Percentage of Class of 2022 borrowers with student debt (source)
  • $29,400: Average cumulative student loan debt per borrower from the Class of 2022 (source)
  • $503: Estimated average student loan payment (source)
  • >1%: Percentage of student debt that is 90+ days delinquent or in default (source)
  • 62%: Percentage of student loan borrowers in forbearance (source)
Tip

The average cost of college varies widely depending on where you live and attend school. Since the figures above consider borrowers nationwide, remember that many students may borrow considerably more or less than the reported amounts.

Federal student loan statistics

By loan status (as of Q2 2024)

Status# borrowersTotal amount
In-school5.9 million$112.7 billion
Grace period1.1 million$19.2 billion
Repayment25.4 million$984.2 billion
Deferment3.4 million$132.2 billion
Forbearance1.8 million$93.7 billion
Other100,000$6.6 billion

By loan type (as of Q2 2024)

Loan type# borrowersTotal amount
Stafford Unsubsidized30.7 million$594.9 billion
Stafford Subsidized30.2 million$295.4 billion
Parent PLUS3.6 million$109.8 billion
Grad PLUS1.8 million$107.5 billion
Perkins1.1 million$3.4 billion
Consolidation9.7 million$509.2 billion

By ​Repayment Plan (as of Q2 2024)

Repayment plan# borrowersTotal amount
Standard15.14 million$361.4 billion
Graduated2.99 million$97.1 billion
Income-contingent (ICR)1.21 million$49.6 billion
Income-based (IBR)2.05 million$119.2 billion
Pay As You Earn (PAYE)1.39 million$103.8 billion
Saving on a Valuable Education (SAVE)7.83 million$429.4 billion
Alternative830,000$26.2 billion
OtherN/A$23.5 billion

By debt size (as of Q2 2024)

Debt size# borrowersTotal amount
<$5K6.8 million$18.68 billion
$5k – $10k7.65 million$55.37 billion
$10k – $20k9.35 million$135.85 billion
$20k – $40k9.8 million$278.17 billion
$40k – $60k4.26 million$209.52 billion
$60k – $80k2.54 million$174.69 billion
$80k – $100k1.38 million$122.6 billion
$100k – $200k2.4 million$331.85 billion
>$200k1 million$297.03 billion

By borrower age (as of Q2 2024)

Age# borrowersTotal amount
24 or younger6.78 million$98.96 billion
25 – 3414.82 million$489.64 billion
35 – 4914.56 million$634.85 billion
50 – 616.25 million$284.47 billion
62+2.77 million$115.84 billion

Source: Federal Student Aid site

Public Service Loan Forgiveness statistics (as of June 2024)

Under the Public Service Loan Forgiveness program (PSLF), borrowers who work in the public sector can have their debt discharged after making 120 monthly payments. 

The U.S. Department of Education publishes an annual PSLF report summarizing data like how many borrowers were approved and how much debt was discharged. The most recent report is from June 2023. Here are a few notable statistics:

  • $182 billion: Total outstanding balance for borrowers with eligible employment
  • 2.062 million: Cumulative PSLF borrowers with eligible employment and a positive loan balance
  • $88,259: Average outstanding balance for borrowers with eligible employment
  • 93.3%: Percentage of applications deemed eligible by the servicer
  • $46.77 billion: Total balance discharged for borrowers with an eligible application
  • 670,264: Unique borrowers with PSLF discharges processed
  • $69,776: Average balance discharged for borrowers with an eligible application

Private student loan statistics

Due to differences in reporting and transparency requirements, private student loan data isn’t always publicized. Still, we were able to uncover several valuable insights. These private loan statistics are accurate as of June 2024.

  • $130.28 billion: Total amount of private student loan debt (source)
  • 7.52%: How much of total outstanding student debt comes from private student loans (source)
  • $38,300: Average private student loan balance among Class of 2022 graduates (source)
  • 4.24% – 16.85%: Current interest rate range for private student loans (source)
  • 93.14%: Percentage of cosigned private undergraduate loans issued for the 2023 – 2024 school year (source)
  • 69.22%: Percentage of cosigned private graduate loans issued for the 2023 – 2024 school year (source)
  • 748: Average credit score approved for Sallie Mae student loans (source) 
  • 768: Average credit score approved for SoFi student loans (source)
  • 3.21%: Percentage of private student loans that are 30 to 89 days past due (source)
  • 1.47%: Percentage of private student loans that are 90+ days past due (source)
  • Over 100: Number of private student loan lenders

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