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The average student loan debt in the U.S. stands at around $40,681 per borrower, contributing to a total national balance of roughly $1.8 trillion. Borrowers with balances under $5,000 collectively owe $18.5 billion, while those with debts exceeding $200,000 hold $300.9 billion as of Q3 2024.
These variations reflect the influence of factors like age, education level and demographic background.
The total student loan debt in the U.S. reached nearly $1.8 trillion by the beginning of 2024, reflecting a 1% decrease from the previous year. This drop marks a notable shift from the earlier trend of growth. Over the past decade, the total student loan debt balance grew steadily, peaking with significant growth rates, particularly in the early 2010s, such as 12% in 2011.
As of Q1 2024, the majority of this debt is held by the federal government, which accounts for $1.6 trillion or 92% of the total loan balance. Federal loans offer more favorable terms, with current interest rates set at just about 6.5% for undergraduates, 8.1% for graduate and professional students and 9.1% for Parent PLUS and Graduate PLUS loans.
Meanwhile, private loans make up the remaining 8% or $133.4 billion. These loans typically come with higher interest rates and fewer repayment protections than federal loans, making them less flexible for borrowers with financial challenges.
Source: Federal Reserve System
Maryland ranks highest in average student loan debt per borrower at $43,692, followed by Georgia at $42,026 and Virginia at $40,137. Although not a state, Washington, D.C., stands out with an average student loan debt of $54,795, reflecting its population’s higher proportion of graduate and professional degree holders.
California and Texas lead in total student loan debt, with $148.6 billion and $128.7 billion owed, respectively, largely due to their large populations and number of borrowers. Meanwhile, smaller states like Wyoming and Alaska report significantly lower totals of $1.7 billion and $2.4 billion, with North Dakota holding the lowest average debt per borrower at $29,647.
State | Average Student Loan Debt per Borrower | Balance (in billions) | Borrowers (in thousands) |
|---|---|---|---|
District of Columbia | $54,795 | $6.4 | 116.8 |
Maryland | $43,692 | $36.4 | 833.1 |
Georgia | $42,026 | $70.1 | 1,668.0 |
Virginia | $40,137 | $43.4 | 1,081.3 |
Florida | $39,262 | $105.5 | 2,687.1 |
Illinois | $39,055 | $62.3 | 1,595.2 |
North Carolina | $38,770 | $52.2 | 1,346.4 |
South Carolina | $38,695 | $29.3 | 757.2 |
New York | $38,690 | $94.4 | 2,439.9 |
Hawaii | $38,683 | $4.7 | 121.5 |
Delaware | $38,404 | $5.1 | 132.8 |
California | $38,168 | $148.6 | 3,893.3 |
Vermont | $38,158 | $2.9 | 76.0 |
Oregon | $37,829 | $20.0 | 528.7 |
Alabama | $37,709 | $24.3 | 644.4 |
Colorado | $37,392 | $28.9 | 772.9 |
Mississippi | $37,254 | $16.5 | 442.9 |
New Jersey | $37,201 | $45.3 | 1,217.7 |
Tennessee | $36,974 | $32.5 | 879.0 |
Michigan | $36,886 | $50.8 | 1,377.2 |
Washington | $36,762 | $28.7 | 780.7 |
Connecticut | $36,672 | $18.6 | 507.2 |
Pennsylvania | $36,267 | $66.3 | 1,828.1 |
Alaska | $35,821 | $2.4 | 67.0 |
Missouri | $35,675 | $29.3 | 821.3 |
Arizona | $35,675 | $32.2 | 902.6 |
Massachusetts | $35,529 | $32.1 | 903.5 |
Ohio | $35,033 | $61.7 | 1,761.2 |
New Hampshire | $34,884 | $6.6 | 189.2 |
Louisiana | $34,866 | $23.2 | 665.4 |
Nevada | $34,589 | $12.4 | 358.5 |
Minnesota | $34,292 | $26.6 | 775.7 |
Maine | $34,280 | $6.4 | 186.7 |
New Mexico | $34,071 | $7.7 | 226.0 |
Arkansas | $33,945 | $13.5 | 397.7 |
Montana | $33,858 | $4.3 | 127.0 |
Texas | $33,746 | $128.7 | 3,813.8 |
Kentucky | $33,581 | $20.3 | 604.5 |
Utah | $33,470 | $10.6 | 316.7 |
Kansas | $33,281 | $12.6 | 378.6 |
Indiana | $33,270 | $29.7 | 892.7 |
Rhode Island | $33,243 | $4.9 | 147.4 |
Idaho | $33,119 | $7.2 | 217.4 |
Wisconsin | $32,628 | $23.3 | 714.1 |
Nebraska | $32,377 | $7.9 | 244.0 |
West Virginia | $32,358 | $7.3 | 225.6 |
Oklahoma | $32,103 | $16.0 | 498.4 |
Wyoming | $31,022 | $1.7 | 54.8 |
South Dakota | $30,928 | $3.6 | 116.4 |
Iowa | $30,925 | $13.1 | 423.6 |
North Dakota | $29,647 | $2.6 | 87.7 |
Data as of June 30, 2024
Source: Federal Student Aid
The average student loan debt increases with each level of education pursued. Undergraduate borrowers generally incur more manageable balances, with associate’s degree holders averaging $18,072 in debt and bachelor’s degree graduates owing around $25,838.
Debt levels rise significantly for graduate students, especially those pursuing advanced professional credentials. Doctoral students accumulate an average of $80,349 in debt, and first professional degree holders — such as those in law and medicine — face the heaviest debt load, averaging $147,065.
Education Level | Weighted Median Debt |
|---|---|
Undergraduate Certificate or Diploma | $9,500 |
Associate Degree | $18,072 |
Bachelor's Degree | $25,838 |
Graduate or Professional Certificate | $42,015 |
Master's Degree | $41,000 |
First Professional Degree | $147,065 |
Doctoral Degree | $80,349 |
Federal student loan debt also varies significantly by age group. Borrowers aged 35 to 49 carry the highest balances, at $635.7 billion as of Q3 2024, a slight increase from $632.1 billion a year prior. Those aged 24 and younger saw their outstanding debt decrease to $93 billion from $97.8 billion in the same period last year, indicating a possible reduction in new borrowing or faster repayment among younger borrowers.
Age Group | Dollars Outstanding (in Billions) | Borrowers (in Millions) |
|---|---|---|
24 and Younger | $93 | 6.5 |
25 to 34 | $485.4 | 14.7 |
35 to 49 | $635.7 | 14.4 |
50 to 61 | $283.6 | 6.2 |
62 and Older | $117.5 | 2.8 |
Source: Federal Student Aid
Women generally carry higher student loan debt than men, averaging $31,276 compared to $29,270 for men. Among racial and ethnic groups, Black borrowers tend to hold the highest average debt, with Black women carrying $37,558 and Black men $35,665. Asian borrowers, regardless of gender, hold the lowest average debt, with Asian men at $25,507 and Asian women at $25,252.
Race/Ethnicity | Women | Men |
|---|---|---|
General Average | $31,276 | $29,270 |
White | $31,346 | $29,862 |
Black | $37,558 | $35,665 |
Hispanic or Latinx | $27,029 | $27,452 |
Asian | $25,252 | $25,507 |
The average monthly student loan repayment is approximately $500. Payments for associate degree holders range from $304 to $458, while doctoral degree holders typically pay between $479 and $914. Professional graduates have the highest payments, ranging from $638 to $956 per month.
On average, borrowers take 20 years to fully repay their student loan, though repayment periods differ depending on the total debt amount and education level. Standard repayment terms can range from 10 to 30 years, with high-balance professional loans occasionally extending up to 45 years.
For instance, a new graduate with $30,000 in student loan debt at 5.5% APR with a $500 monthly payment would complete repayment in five years and 11 months, paying a total of $35,162 — 17% more than the original loan amount. Large loans lead to higher overall costs, with a $55,000 loan extending to nearly 13 years and costing 40% above the original amount.
Loan Amount | Repayment Term | Total Cost | % Paid Above Loan Amount |
|---|---|---|---|
$30,000 | 5 years, 11 months | $35,162 | 17.2% |
$35,000 | 7 years, 1 month | $42,303 | 20.9% |
$40,000 | 8 years, 4 months | $49,942 | 24.9% |
$45,000 | 9 years, 9 months | $58,156 | 29.2% |
$55,000 | 12 years, 10 months | $76,705 | 39.5% |
Source: Education Data Initiative
Paying off student loan debt faster can reduce total interest and monthly expenses. Here are some practical strategies to accelerate your repayment and lessen your financial burden.
Student loans help many individuals support their education. Understanding average debt, repayment terms and forgiveness options is key to managing them. MoneyGeek answers frequently asked questions to help you learn more about student loans and guide you in making informed decisions.
As of 2024, the average student loan debt for borrowers in the U.S. is approximately $40,681. The average monthly payment sits around $500, with specific amounts differing based on the borrower’s loan terms, interest rate and degree level.
About 43 million Americans hold federal student loan debt. On average, borrowers take 20 years to fully repay their loans.
Current federal student loan interest rates are 6.5% for undergraduates, 8.1% for graduate students and 9.1% for Parent PLUS and Graduate PLUS loans. Private loan interest rates vary more widely, typically ranging from around 3.5% to 18%, depending on the lender and the borrower’s credit profile.
To pay off student loans faster, consider refinancing for a lower interest rate, making extra payments toward the principal or selecting a shorter repayment term. Depending on your financial situation, income-driven repayment plans or loan consolidation can also help make payments more manageable.
Several federal student loan forgiveness programs are available, including Public Service Loan Forgiveness (PSLF) for qualifying public sector employees and Income-Driven Repayment (IDR) Forgiveness for borrowers on specific repayment plans. Additionally, some state-specific programs offer partial or full loan forgiveness to eligible professionals in fields like teaching, health care and law.
To better understand how student loans and financial aid work, best practices and how to find the best options for your needs, find relevant financial guides and resources below.
About Nathan Paulus
Nathan Paulus is the Head of Content Marketing at MoneyGeek, with nearly 10 years of experience researching and creating content related to personal finance and financial literacy.
Paulus has a bachelor's degree in English from the University of St. Thomas, Houston. He enjoys helping people from all walks of life build stronger financial foundations.
