Average Student Loan Debt in 2025
Credit: Image Credit: MTStock Studio / E+ / Getty ImagesData Summary
42.3 million Americans have federal student loan debt.- The total federal student debt balance is $1.67 trillion dollars, which has roughly tripled since 2007.
- Including private student loans, the total student debt balance is $1.81 trillion.
- 30% of all U.S. adults have taken out a student loan at some point in their lives, and 40% of adults who pursued a postsecondary education are in student loan debt.
- 52% of federal student loan borrowers are over the age of 35; 20% are over 50.
- Georgia, Maryland, Mississippi, and Virginia have among the highest levels of student debt in terms of average student debt and student debt per capita.
- On average, Black borrowers have higher student debt levels than borrowers of other races.
- People who attended for-profit colleges are more likely to have gone into student debt than those who attended public or private, nonprofit schools.
Earning a college degree may qualify you for more diverse and higher-paying jobs, but it could also land you in student debt.
According to the National Center for Education Statistics, 39% of first-time college students in 2021-2022 took on student loan debt to help pay for school. That’s quite the dip from 10 years prior, when roughly half of students borrowed student loans. However, due to interest rates, the mountain of student debt in the U.S. keeps growing. Now, it’s in the trillions.
Knowing the numbers behind rising student loan debt can help you make informed decisions about funding your education. This report rounds up the most recent data about student loan debt in the U.S.
Average Student Loan Debt by Year
According to Federal Student Aid, an office of the Department of Education, borrowers’ average student loan debt was $39,375 by the third quarter of 2025
That’s about $1,000 more than the average student loan debt of 2024 and close to twice the average student debt of 2008.
According to the Federal Reserve, the median student loan debt is somewhat lower than the average. The median debt, as of 2023, was between $20,000 and $24,999, meaning half of borrowers owed more and half owed less.
Total Student Loan Debt by Year
At $1.67 trillion, the federal student loan balance has more than tripled since 2007, when it was $516 billion.
The number of student loan borrowers has grown slower than the student debt balance.
The number of federal student loan borrowers has hovered around 41-43 million for the past 10 years. In fact, the number has even decreased in recent years, as shown in the graph below.
So, the student debt balance — and the average student loan debt per borrower — isn’t growing due to new borrowers, but because due to other factors, such as compounding interest on old student debt and the increasing cost of college.
Federal Versus Private Student Loan Debt
Federal student loans account for roughly 91.8% of all student debt in the United States. The rest is held in private student loans — loans offered by banks and other lenders.
People in the U.S. hold about $148 billion of debt in private student loans.
Often, though not always, private loans carry higher student loan interest than federal loans. Some private student loans have variable interest rates — meaning the rate may change throughout the life of the loan — while federal student loan interest rates are generally fixed. Learn more about interest rates for federal and private student loans.
Looking for financial aid? Check these resources:
Average Student Loan Debt by Age
So, who holds the most student loan debt? You might guess recent college graduates, but that’s not necessarily true.
Borrowers ages 25-34 hold about one-third (32%) of all student loan debt. But so do older millennials and young Gen X-ers — folks ages 35-49. This age group holds 33% of all student loan debt.
Additionally, 1 in 5 student loan borrowers (20%) are over age 50.
Generally, millennials with degrees are more likely than Gen Z-ers with degrees to have acquired student loan debt.
According to the Federal Reserve, in 2023, 58% of millennials with a bachelor’s degree and 57% of Gen Z-ers with a bachelor’s degree took on student loan debt for their education. Sixty-four percent of millennials with a graduate degree borrowed student loans, versus 59% of Gen Z-ers with a graduate degree.
Average Student Loan Debt by State
Maryland, Georgia, and Virginia have the highest average student loan debt balances per borrower. In each of these states, the average student loan debt amount is over $40,000.
In addition, Georgia, Maryland, and Mississippi have the highest average student loan debt per capita — that’s the state’s total student loan balance divided by its population.
In Georgia and Mississippi, 15.2% of people — including residents of all ages — currently hold student loan debt.
Federal Student Loan Debt Statistics by State
| State⇅ | Total Student Debt (In Billions)⇅ | Number of Borrowers (In Thousands⇅ | Average Student Debt⇅ | Student Debt Per Capita⇅ | Percentage of Population in Debt⇅ |
|---|---|---|---|---|---|
| Alabama | $25.40 | 655.2 | $38,770 | $4,920 | 12.7% |
| Alaska | $2.40 | 65.8 | $36,470 | $3,240 | 8.9% |
| Arizona | $33.40 | 912.6 | $36,600 | $4,400 | 12.0% |
| Arkansas | $14.10 | 404.5 | $34,860 | $4,570 | 13.1% |
| California | $154.50 | 3,918.80 | $39,430 | $3,920 | 9.9% |
| Colorado | $29.50 | 769.6 | $38,330 | $4,950 | 12.9% |
| Connecticut | $19.50 | 512.9 | $38,020 | $5,310 | 14.0% |
| Delaware | $5.50 | 135.8 | $40,500 | $5,230 | 12.9% |
| District of Columbia | $6.50 | 115.9 | $56,080 | $9,260 | 16.5% |
| Florida | $110.50 | 2,731.10 | $40,460 | $4,730 | 11.7% |
Find more detailed student loan debt information for each state in our report: Student Loan Debt by State.
Average Student Loan Debt by Race and Ethnicity
According to the Federal Reserve’s Survey of Consumer Finances, in 2022, the average student loan debt was:
- $53,430 for Black, non-Hispanic adults
- $46,140 for white, non-Hispanic adults
- $26,460 for Hispanic adults
- $51,810 for adults of other races
Black adults were also more likely to have student loan debt. Thirty-six percent of Black, non-Hispanic adults held student loan debt compared to 20% of white, non-Hispanic adults; 15% of Hispanic adults; and 24% of adults of other races.
Additionally, in 2023, 52% of Black student loan borrowers had debt balances over $25,000 versus 42% of all borrowers.
Several factors impact the Black student debt crisis in America, including generational wealth and race-based income inequity. Explore more statistics about student loan debt and race in our report: Examining Student Loan Debt by Race.
School Type, Degree, and Student Loan Debt
Generally, students pursuing advanced degrees are more likely to take out student loans. Additionally, the type of school students attend — public, private nonprofit, or private for-profit — can impact how much debt they take on.
Student Loan Debt by Degree
Graduate students are more likely to take out a federal student loan than learners pursuing other degrees or non-degree certificates.
In 2023, among people between the ages of 18 and 29:
- 60% of graduate degree-holders went into debt for their education.
- 57% of bachelor’s degree-holders incurred student debt.
- 39% of associate degree-holders incurred student debt.
In addition, 71% of borrowers with a graduate degree, 48% of borrowers with a bachelor’s degree, and 31% of borrowers with an associate degree had student debt balances of over $25,000.
For-Profit Colleges Leave Students With More Debt Than Public or Private Nonprofit Schools
People who attended a private college are more likely to have borrowed loans for their education than people who attended public colleges. People who attended a private for-profit college are the most likely to have borrowed student loan debt.
According to the Federal Reserve, in 2023:
- 40% of people who attended a public college took on student loan debt.
- 57% of people who attended a private nonprofit college took on debt for their education.
- 63% of people who attended a private for-profit college took on debt for their education.
Public colleges tend to be less expensive than private colleges. And while private nonprofit tuition is often more expensive than private for-profit tuition, nonprofit schools are more likely to offer students free financial aid. Learn more about the price tag of a college education in our report: Exploring College Costs.
Frequently Asked Questions about Student Loan Debt
Repaying student loan debt can take college graduates anywhere from 5 to 20 years or more. But on average, most former students take between 10-25 years, with only 40% of borrowers repaying their debt in 10 years or less.
References
- Federal Student Loan Portfolio. Federal Student Aid, an Office of the U.S. Department of Education. July 2025.
- Federal Reserve Statistical Release: Consumer Credit, The Federal Reserve. January 2025.
- Report on the Economic Well-Being of U.S. Households in 2023, The Federal Reserve. May 2024.
- Annual Estimates of the Resident Population for the United States, Regions, States, District of Columbia and Puerto Rico: April 1, 20202 to July 1, 2024. U.S. Census Bureau. December 2024.
- Survey of Consumer Finances, 1989-2022. The Federal Reserve. November 2023.
- Table 331.20. Full-time, first-time degree/certificate-seeking undergraduate students enrolled in degree-granting postsecondary institutions, by participation and average amount awarded in financial aid programs, and control and level of institution: 2000-01 through 2021-22. NCES. November 2023.