Report Highlights.The average student loan debt, currently $37,693, did not grow as much in value 2020 as it has in previous years. Private student loan debt grew at a much faster rate than federal debt.
- The average federal student loan debt is $36,510 per borrower.
- Private student loan debt averages $54,921 per borrower.
- The average student borrows over $30,000 to pursue a bachelor’s degree.
- A total of 45.3 million borrowers have student loan debt; 95% of them have federal loan debt.
- 20 years after entering school, half of student borrowers still owe $20,000 each on outstanding loan balances.
Related reports include Total Student Loan Debt | Student Loan Debt by State | Student Loan Debt by Year | Student Loan Refinancing
Average Student Loan Debt
The average student loan debt grew, as the total debt grew and indebted borrower numbers stayed roughly the same.
- Since Spring 2020, the average student loan debt increased by 1.6%.
- Since Fall 2019, the average federal student loan debt rose 4.0% from $35,097.
- During that same period, the average private student loan debt rose 12.66% from $48,750.
- The median monthly payment among student loan holders is $250.
- University graduates owe an average of $36,140 the day they leave school.
- The average private nonprofit university student borrows $33,900 to complete a bachelor’s degree.
- For-profit students borrow $43,900.
- All postsecondary students, including those earning certificates and associate’s degrees, borrow at least $15,000 to pay for classes.
Average Student Loan Debt by State
- In 2020’s third financial quarter, Colorado saw the greatest increase in the average federal student loan debt per borrower, an additional $853 each.
- Vermont’s debt increase, 29.8% lower than Colorado’s, was the second-largest with an additional $599 per borrower.
- Florida’s student loan borrowers diminished their average debt by $1,580 each, the largest nationwide decrease.
- In North Dakota, student loan debt declined by $830 per person or just under half (47.5%) as much as Florida’s.
- New Mexico and Massachusetts remained virtually the same, declining by $4 and $5 per borrower, respectively.
| State | Average Debt | Change Jun-Sept 2020 |
|---|---|---|
| Alabama | $36,826 | -$267 |
| Alaska | $33,083 | -$454 |
| Arizona | $35,047 | -$72 |
| Arkansas | $33,113 | -$140 |
| California | $36,351 | -$43 |
| Colorado | $36,610 | +$853 |
| Connecticut | $34,677 | -$241 |
| Delaware | $37,221 | +$246 |
| District of Columbia | $54,983 | -$381 |
| Florida | $38,160 | -$1,580 |
| Georgia | $41,256 | -$280 |
| Hawaii | $35,803 | -$730 |
| Idaho | $32,425 | -$250 |
| Illinois | $37,460 | -$160 |
| Iowa | $30,381 | -$95 |
| Kansas | $32,352 | -$168 |
| Kentucky | $32,622 | +$77 |
| Louisiana | $34,165 | -$144 |
| Maine | $32,543 | -$5 |
| Maryland | $42,592 | -$78 |
| Massachusetts | $34,075 | -$9 |
| Michigan | $35,819 | -$66 |
| Minnesota | $33,252 | -$147 |
| Mississippi | $36,508 | -$185 |
| Missouri | $35,260 | -$139 |
| Montana | $32,626 | -$707 |
| Nebraska | $31,726 | -$382 |
| Nevada | $33,573 | -$15 |
| New Hampshire | $33,459 | -$131 |
| New Jersey | $35,095 | -$51 |
| New Mexico | $33,632 | -$4 |
| New York | $37,639 | -$129 |
| North Carolina | $37,217 | -$299 |
| North Dakota | $28,402 | -$830 |
| Ohio | $34,496 | -$114 |
| Oklahoma | $31,376 | -$124 |
| Oregon | $36,988 | +$71 |
| Pennsylvania | $35,205 | -$174 |
| Puerto Rico | $26,918 | +$461 |
| Rhode Island | $31,954 | +$172 |
| South Carolina | $38,063 | -$231 |
| South Dakota | $30,946 | -$104 |
| Tennessee | $36,035 | -$133 |
| Texas | $32,671 | -$157 |
| Utah | $32,150 | -$64 |
| Vermont | $37,284 | +$599 |
| Virginia | $38,903 | -$140 |
| Washington | $35,117 | +$115 |
| West Virginia | $31,532 | -$251 |
| Wisconsin | $31,766 | -$55 |
| Wyoming | $30,476 | -$532 |
| Other or Unreported Residency | $24,466 | Unavailable |
Find more detailed research in our report on theAverage Student Loan Debt by State.
Average Student Loan Debt by Year
- The average student loan debt has doubled since 2007.
- The average undergraduate’s student loan debt alone increased 140% or 10% each year.
- The average undergraduate debt increases 40% faster than the overall average student loan debt.
- The average federal student loan debt increased 3.7% over the last year.
- The average private student loan debt increased 13% over the last year.
| Year | Undergraduate Only | All Student Debt |
|---|---|---|
| 2020 | $36,635 | $36,510 |
| 2019 | $35,402 | $35,205 |
| 2018 | $33,635 | $33,548 |
| 2017 | $31,924 | $32,087 |
| 2016 | $30,133 | $30,548 |
| 2015 | $28,117 | $29,144 |
| 2014 | $26,043 | $27,759 |
| 2013 | $23,793 | $26,268 |
| 2012 | $21,417 | $24,757 |
| 2011 | $18,046 | $23,238 |
| 2010 | $15,590 | $21,860 |
| 2009 | $16,837 | $20,467 |
| 2008 | $15,909 | $19,298 |
| 2007 | $15,257 | $18,233 |
Find more detailed research in our report on the Average Student Loan Debt by Year.
Average Student Loan Debt by Age
- 35-year-olds have the highest average student loan debt at $42,600.
- 7.38% of federal student loan debt belongs to adults under the age of 25.
- Adults aged 25 to 34 years old hold 32% of the federal student loan debt; 38.4% belongs to 35- to 49-year-olds.
- 22.2% of federal student loan debt is from borrowers aged 50 years and older.
- In 2005, students under the age of 30 took out $76.3 billion in loan originations ($98.4 billion after adjusting for inflation).
- In 2019, students under the age of 30 took out $47.1 billion ($48.1 billion after inflation).
- In 14 years, the value of student loan originations among borrowers under 30 years old declined 51.1%.
Find more detailed research in our report on the Average Student Loan Debt by Age.
Average Student Loan Debt by Race or Ethnicity
Note: this report uses categories and terminology that conforms to data source material.
- Among Black women, the average student loan debt balance grows 13% over 12 years.
- Among black men, the average debt balance grows 11% over 12 years.
- The average federal student loan debt among Black and African American borrowers is $57,770.
- The average white student owes $30,520.
- Pacific Islander students borrow the most for postsecondary education, with each first-year, full-time student borrowing $13,262.
- Among part-time or part-year undergraduates, Asian students borrow the most at $9,223 each.
Find more detailed research in our report on Student Loan Debt by Race
Average Student Loan Debt by Sex or Gender
Note: submissions from students who identify as transgender or select “a different gender identity” on surveys are too few in number to derive any meaningful data. Some sources use the terms “sex” and “gender” interchangably.
- 58% of student loan debt belongs to women; Black women have the highest average amount of debt.
- Student borrowers who identify as LGBTQ average an additional $16,000 in outstanding debt than students who do not.
- In surveys, indebted student borrowers who selected multiple genders had the highest outstanding debt rates.
- Male borrowers are the least likely to have high amounts of student loan debt.
- Female borrowers are more likely than male borrowers to have student loan debt from graduate school.
Find more detailed research in our report on Student Loan Debt by Sex or Gender
Average Student Loan Debt by Educational Attainment Level
- Federal student loan borrowers pursuing undergraduate postsecondary education owe an average of $36,510.
- Borrowers who hold master’s degrees owe an average of $71,318 each.
- The average law school debt exceeds $100,000.
- The average medical school debt is in excess of $200,000.
| Degree | Total Student Loan Debt | Graduate Debt Only |
|---|---|---|
| Postbaccalaureate Certificate | $73,277 | $59,558 |
| Master’s | $71,318 | $55,376 |
| Master of Arts | $78,693 | $58,273 |
| Master of Business Administration | $71,665 | $55,223 |
| Master of Education | $59,660 | $45,982 |
| Master of Science | $67,391 | $52,805 |
| Doctorate, research | $117,198 | $111,751 |
| Doctorate, professional | $201,736 | $189,037 |
| Doctor of Education | $121,003 | $112,016 |
| Medical Degree | $265,996 | $245,616 |
| Law Degree | $157,315 | $142,372 |
See our report on Educational Attainment Statistics to find additional related data.
Average Student Loan Debt by Institution Type
- Students who used their federal loans to attend public institutions owe an average of $26,382.
- The average student who attended a private, nonprofit institution owes $37,971.
- Students who attended proprietary or for-profit private institutions owe an average of $21,244.
- Students of foreign institutions owe an average of $90,500.
- A little over 10 million borrowers who attended other types of institutions owe an average of $10,304 each in student loan debt.
Average Federal Loan Debt
Some borrowers have multiple federal loans. Presumably, many federal loan holders also have private student loan debt.
- 48.9% of students who borrow money to attend school are still paying off loans 20 years later.
- The average Stafford loan holder owes $24,716.
- Subsidized Stafford loans carry an average balance of $9,652.
- Unsubsidized Stafford loans have an average balance of $18,486.
- The average Grad PLUS loan has an outstanding balance of $55,200.
- Parent PLUS loans average $28,000.
- Consolidated federal loans have an average remaining balance of $48,009.
- Though discontinued in 2017, a number of Perkins loans carry an outstanding balance, averaging $3,059 per loan.
- 53.8% of federal borrowers owe less than $20,000 in student loan debt.
- 7.03% of borrowers owe more than $100,000.
- The federal government forgives student loans at a rate of $95.45 per indebted student borrower.
Sources
- Board of Governors of the Federal Reserve, Report on the Economic Well-Being of U.S. Households in 2019 – May 2020
- The MeasureOne Private Student Loan Report 2020
- U.S. Department of Education, Office of Federal Student Aid, Federal Student Loan Portfolio
- Congressional Budget Office, The Volume and Repayment of Federal Student Loans 1995 to 2017
- National Public Radio, Myth Busted: Turns Out Bankruptcy Can Wipe Out Student Loan Debt After All
- National Consumer Law Center, Student Loan Borrower Assistance: Lawsuits