Student Loan Debt by Year [2023]: Total + per Student

Report Highlights. Currently, student loan debt at graduation is an estimated $37,850. Despite the rising cost of tuition, graduates who have been out of school for years often owe more than new graduates due to interest rates.

The average total student loan debt-to-income ratio (DTI) for a new graduate is 61%.
After adjusting for inflation, the Class of 2020 graduated with the highest amount of debt, with an average balance of $44,020 in May 2024 dollars.
Before adjusting for inflation, the average student loan debt at graduation has increased 108% since 2007; after adjusting for inflation, the average debt increased 39%.

Student Loan Debt (per Student) at Graduation by Year
Graduation Year	Debt per Student	Debt in May 2024 Dollars
2024	$37,850*	$37,850
2023	$37,090	$37,980
2022	$37,570	$39,760
2021	$37,110	$41,800
2020	$36,510	$44,020
2019	$35,210	$43,030
2018	$33,550	$41,940
2017	$32,090	$40,880
2016	$30,550	$39,740
2015	$29,140	$38,690
2014	$27,760	$37,130
2013	$26,270	$35,400
2012	$24,760	$33,870
2011	$23,240	$32,340
2010	$21,860	$31,320
2009	$20,470	$29,770
2008	$19,300	$28,830
2007	$18,230	$27,260

*Based on Q2 2024 data

Student Loan Debt at Graduation

Among graduates with bachelor’s degrees, debt may range from a few hundred to tens of thousands of dollars. The average public university graduate typically owes much less than the average graduate of a private, for-profit institution.

$34,667 is the mean average student loan debt for the past decade.
$40,570 is the mean average student loan debt for the past decade when adjusted for inflation.
The average starting salary of bachelor’s degree holders over the past 10 years is $54,100.
Even when adjusted for inflation, the average debt at graduation has risen significantly over recent decades, although there have been decreases since 2020.

When estimating current debt by graduation year, you may use our report on Average Student Debt by Age as a rough guide. A significant portion of students, however, do not graduate at the traditional age of 22.

Average Debt-to-Income by Graduation Year

Another method to determine current debt by graduation year is to compare the average debt at graduation with the average starting salary for graduates in that year. Note that the borrower’s salary is presumably lower than at the start of repayment than it would be 10 years into repayment, and interest rates change over time.

The Class of 2018 had the highest DTI at 66%.
In 2008, bachelor’s degree holders had the lowest DTI at 39%.
A healthy DTI is considered to be roughly 36%, as stated by the Consumer Financial Protection Bureau.
Over 16% of student borrowers will have a DTI of at least 20% from solely student loans after graduating from college.

Debt-to-Income Ratio Among Bachelor’s Degree Earners at Graduation
Graduation Year	Average Starting Salary	DTI Among New Grads
2022	$61,870	61%
2021	$58,860	63%
2020	$56,580	65%
2019	$54,490	65%
2018	$51,030	66%
2017	$50,250	64%
2016	$49,530	62%
2015	$50,220	58%
2014	$48,130	58%
2013	$45,330	58%
2012	$44,260	56%
2011	$51,170	45%
2010	$48,290	45%
2009	$48,630	42%
2008	$49,220	39%
2007	$45,730	40%

Overall Average Debt-to-Income by Year

The average total DTI among bachelor’s degree holders increases in most years. Note that, unlike starting salaries, these data are from the U.S. Bureau of Labor Statistics (as opposed to the National Association of Colleges and Employers).

The average DTI among bachelor’s degree holders increased by 32.4% between 2007 and 2024.
Also between 2007 and 2024, the average income among bachelor’s degree holders increased 56.8%.
Average student debt increases 89% faster than average income.
Most student loan lenders will not accept applicants with a monthly total DTI higher than 50%.
Lenders can use income-driven-plan repayments to qualify buyers as long as it shows up on their credit report.
If there is no information on your credit report, the lenders might use up to 1% of your remaining loan balance to calculate monthly payments, which are based on a 20-25 year amortization schedule.

Average student loan debt by year 1 on Education Data Initiative

Average Student Loan Debt by Year

There is little data regarding average private student loan debt, but data about federal debt is available for certain time periods.

The average federal debt per student borrower is $37,850.
Including private student loan debt, the highest possible average debt balance is $40,681.
A typical starting salary for bachelor’s degree holders is approximately $61k per year.
It takes the average student borrower up to 20 years to pay off their loans.

Federal Student Loan Debt Per Indebted Borrower
Year	Percentage of Enrolled Students Who Borrowed	Average Debt Per Borrower
2022	39%	$37,570
2021	38%	$37,110
2020	41%	$36,510
2019	43%	$35,210
2018	44%	$33,550
2017	46%	$32,090
2016	46%	$30,550
2015	47%	$29,140
2014	47%	$27,760
2013	49%	$26,270
2012	51%	$24,760
2011	50%	$23,240
2010	51%	$21,860
2009	47%	$20,470
2008	46%	$19,300
2007	44%	$18,230

Total Student Loan Debt by Year

The national student loan balance, including federal and private debt, has risen steadily over the past 50 years and is currently approaching $1.6 trillion.

The national student debt surpassed $1.5 trillion in 2019.
The growing total reflects growth in the average debt per borrower as well as the borrowing rate among the nationwide student population.
Since 2018, the national total student loan debt balance has grown by 12.6%.
The total student loan debt grew at an annual rate of 2.0%; meanwhile, the cost of college increased at an annual rate of 3.0%, and the value of the US dollar has grew at a rate of 4.8% in 2024.

Analysis: Student Loans May Fuel the Cycle of Poverty

The average 1996 college graduate left school with $12,750 ($25,550 in May 2024 dollars) in student loan debt. Just over ten years later, 1996 graduates with debt remaining owed an average of $16,500, with a median debt of $17,200.

Theoretically, the average debt per borrower in a single graduating class should diminish with each passing year. In 10 years, however, 1996 graduates who were still in debt had an average balance of 1.28% lower than it had been the previous decade.

Further, a median balance of $17,200 indicates that the largest outstanding balances among 1996 graduates must not total much more than $34,400 – or 10% less than the average 2023 graduate’s estimated student loan debt.

Finally, the consistency of the average outstanding balance indicates that, over the long term, 1996 graduates are often able to make payments that go toward interest but not toward the loan’s principal. In other words, their debt rarely shrinks despite years of repayment.

All of this indicates a long-term struggle among borrowers to make payments toward their loan’s principal. In the long run, this means they pay more for their loans. Thus, student loan borrowers who lack the finances to pay off their loans remain in debt.