Student Loan Debt Statistics
Outstanding U.S. student loan debt totaled $1.75 trillion in 2021.
How Much Is the Average Student Loan Debt in the US?
The average student loan debt in the U.S. in 2021 was $37,693. There’s a slight increase from the $36,510 recorded average in 2020. Since 2007, the average debt has more than doubled.
Of all consumer debt categories, student loan debt is the second-highest after mortgages. It has reached $1.75 trillion.
Total Student Loan Debt
With a total of $1.76 trillion in student loan debt at the end of 2021, the U.S. saw about a 3.5% year-on-year increase from the recorded $1.70 in 2020. Over the past decade, total student loan debt grew by 82.21%.
The 2021 student loan total was mainly driven by federal student loan debt. The federal government handled around 92% of the debt. The remaining 8% was from private institutions.
Student Loan: Federal vs. Private Student Loan
There are two primary institutions offering student loans: the federal government and private lenders.
In 2021, the federal government shouldered approximately 92% of total student loan debt. That means around 43.4 million borrowers had federal student loan debt. Depending on the type of federal student loan and borrower, the interest rate can range from 3.73% to 4.53% for the past two years for undergraduates. Most federal loans have a 0.0% interest rate until after Aug. 31, 2022, due to the CARES Act. The average federal student loan debt by the end of 2021 was $36,510 per borrower.
Meanwhile, the remaining 8% of student loan debt was from private lenders. In total, the balance for private student loans exceeded $140 billion. On average, private student loan debt was $54,921 per borrower.
Average Student Loan Debt Per State
Key Points on Student Loan Debt Per State
California holds the largest student loan debt of $141.8 billion. Texas and Florida come in second and third place, respectively. Texas has a total student loan debt of $120 billion. Meanwhile, the total debt in Florida is $100.9 billion.
The average student loan debt in Washington, D.C. is $54,945 per borrower. It has the highest average in the country.
Texas has 3.65 million borrowers, making it the state with the highest number of student loan borrowers. Florida has the second-highest number of borrowers at 2.62 million, followed by New York (2.46 million), Ohio (1.79 million) and Georgia (1.65 million).
Average student loan debt varies per state. Washington, D.C. recorded the highest average in 2021 at $54,945 per borrower. It also has the highest number of borrowers per capita. Around 17.2% of its residents were in debt. Total student loan debt in the state was $6.5 billion.
North Dakota has the lowest average debt at $28,604 per borrower. Student loan debt in the state totaled $2.5 billion. There were 87,400 borrowers in North Dakota.
People aged 25 to 34 held the highest percentage of student loan debt in all states, including Washington, D.C. and Puerto Rico.
Average Student Loan Debt by Education Level
Borrowers with doctorate degrees had the highest average student loan debt at $159,625. The average debt of individuals with a master’s degree was $71,287, while the average for undergraduate students was $36,635.
The average student loan debt for graduate degree holders was 141.8% higher than other student borrowers. Graduate studies refer to degrees beyond a bachelor’s, such as master’s and doctorate degrees.
Most graduate student loan borrowers also carried undergraduate loan debts.
Average Monthly Payment and Terms
Across the board, the average monthly repayment plans cost for student loans is $460. However, actual monthly repayment may vary depending on the level of education. For instance, the repayment amount for an associate student loan ranges from $281 to $384. Meanwhile, repayment for doctorate student loans ranges from $575 to $1,844.
Repayment terms may vary based on the level of education. While the average borrower repays student loan debt for 20 years, repayment plans can range from 10 to 30 years. For professional graduates, it may take up to 45 years.
For instance, the actual repayment term for a $30,000 graduate student loan is five years and 10 months. With an APR of 3% and a $465 monthly payment, the total repayment cost is $32,800. The table below shows how cost and repayment terms vary as the average debt gets adjusted.
Average New Graduate’s Loan Payments (3% APR, $465 Monthly Payment)
- Average DebtRepayment TermUltimate Cost
5 years, 10 months
7 years, 7 months
11 years, 8 months
Source: Education Data Initiative, “Average Student Loan Payment”
Student Loan Debt FAQ
Student loans help many individuals support their education. Knowing the average student loan debt, repayment terms and average monthly payment can give you an idea of what to expect when you take out a student loan. MoneyGeek answers some of the frequently asked questions to help you get started.
Expert Insights on Student Loans
Average student loan debt has increased during the past decade. However, there are differences in averages per state. MoneyGeek spoke with industry experts to share their insights on student loan data trends in the U.S.
- Why have average student loan debts risen so steeply in the past decade-and-a-half?
- Average student loan debts vary greatly per state, with Washington, D.C. having the highest average and North Dakota having the lowest average. What could be the cause of this difference?
- How can a borrower determine whether a federal student loan or private student loan is better for them? Any tips?
Editor in Chief at EDI Refinance
Owner of Financial Coach Seth Connell, LLC
Founder of Scholarships360.org
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.
Student Loan Guides
- How to Choose a Student Loan: Learn more about the different types of student loans and find out which is the best option.
- Student Loan Stress & Mental Health: Recognize the signs of financial stress and learn how student loans may affect one’s mental health.
- Student Loans With a Credit Card: Find out the benefits and drawbacks of using a credit card to pay off student loans.
- Unfair Student Loan Practices: Find out how you can prevent falling victim to unfair loan practices.
Other Student Resources
- A Guide for Students with Disabilities: Learn about financial aids for students with disabilities and get tips on how you can find a job after graduation.
- Financial Aid for Law School: Find resources and expert insights you can use to pursue a law degree.
- Homeless and Low-Income Student Resources: Find the different resources available to low-income students.
- How to Find and Apply for College Scholarships: Get tips on finding the best college scholarship for you.
- Medical School Financial Aid: Know the different types of loans and financial aids available to medical school students.
- A Guide for Students: Take Charge of Your Finances: Learn how to manage your finances to minimize your debt.
About the Author
- Education Data Initiative. "Average Graduate Student Loan Debt." Accessed May 9, 2022.
- Education Data Initiative. "Average Student Loan Debt." Accessed May 9, 2022.
- Education Data Initiative. "Average Student Loan Interest Rate in 2022." Accessed May 9, 2022.
- Education Data Initiative. "Average Student Loan Payment." Accessed May 9, 2022.
- Education Data Initiative. "Student Loan Debt by State." Accessed May 9, 2022.
- Education Data Initiative. "Student Loan Debt Statistics." Accessed May 9, 2022.
- Federal Reserve. "Consumer Credit Outstanding (Levels)." Accessed May 9, 2022.
- Federal Student Aid. "Choose the Federal Student Loan Repayment Plan That’s Best For You." Accessed May 9, 2022.