Report Highlights. The number of people with student loans outstanding is now 43.2 million, down 0.2% year-over-year (YoY).
- Among borrowers with a federal student loan balance, 1.8 million have loans in forbearance.
- 6.1 million student loan borrowers are still in school, down 1.7% YoY.
- A minimum of 558,180 indebted borrowers have loans from both undergraduate and postgraduate school.
For related research, read our reports on Student Loan Debt Statistics | How Do People Pay For College? | Number of College Graduates | Economic Effects of Student Loan Debt | Student Loan Refinancing
How Many People Have Outstanding Student Loans?
The number of people with student loan debt has increased by an average of 360,000 per year over the last decade.
- 35.2 million borrowers carry a balance on Stafford loans, up 1.7% YoY.
- 9.8 million indebted borrowers carry a balance on consolidated loans, down 10.1% YoY.
- 1.8 million student borrowers owe Grad PLUS loans; 1.2 million owe Perkins loans.
- 15% of people with outstanding student loans, or approximately 6.48 million report they are behind on payments.
- Among borrowers with a student loan balance, a minimum of 3.8 million took out loans on behalf of children or grandchildren.
- A minimum of 558,180 graduate school degree completers have loans from both undergraduate and postgraduate school.
| Year | Total Borrowers | Estimated Change YoY |
|---|---|---|
| 2023 | 43,200,000 | -300,000 |
| 2022 | 43,500,000 | 100,000 |
| 2021 | 43,400,000 | 500,000 |
| 2020 | 42,900,000 | 0 |
| 2019 | 42,900,000 | 0 |
| 2018 | 42,900,000 | 300,000 |
| 2017 | 42,600,000 | 300,000 |
| 2016 | 42,300,000 | 700,000 |
| 2015 | 41,600,000 | 900,000 |
| 2014 | 40,700,000 | 1,100,000 |
| 2013 | 39,600,000 | 1,300,000 |
| 2012 | 38,300,000 | 1,800,000 |
| 2011 | 36,500,000 | 2,200,000 |
How Many People Had Student Loans Qualify for CARES?
The federal government implemented the CARES Act between the second and third financial quarters of 2020. This legislation affected a minimum of 20 million borrowers, and federal student loan debt relief continued until September 2023.
- 22.3 million borrowers had loans in forbearance in 2020’s third financial quarter, which is 18.5 million more than there were in the previous financial quarter (2020 Q2).
- In comparison, 1.3 million borrowers had loans in forbearance in 2023’s fourth quarter.
- 300,000 borrowers had loans in repayment in 2020 Q3, down 17.8 million from the previous quarter.
- In comparison, 25.7 million borrowers had loans in repayment in 2023 Q4.
- 5.9 million indebted borrowers were in school in 2020 Q3, which was 900,000 fewer than there were in the previous financial quarter.
- In 2023 Q4, 6.1 million indebted borrowers were still in school, down 10.3% from 2020 Q2.
- 2021 Q3 had the lowest number of borrowers in school (5.6 million) in over a decade.
- 1.6 million borrowers had loans in a grace period in 2023 Q4, which is 400,000 more than there were in 2020 Q2.
- 3.0 million borrowers had loans in deferment in 2023 Q4, down 600,000 from 2020 Q2.
- In 2023 Q4, 4.4 million borrowers have loans in cumulative default, which is the lowest number of borrowers in default since 2017 Q3.
How Many People Have Student Loan Debt by Demographics?
Due to privacy and anti-discrimination laws, not all debt-related demographic information is recorded or publicized; the available data is usually expressed in terms of percentages within each particular group.
- 25.5 million indebted student borrowers attended public institutions.
- 200,000 borrowers attended foreign institutions.
- 13.8 million borrowers attended private institutions, and 12.1 million attended proprietary institutions.
- 8.9 million federal student loan recipients attended an other or undisclosed type of institution.
- 7.1 million student borrowers under the age of 25, down 2.7% YoY.
- 15.0 million borrowers are between the ages of 25 and 34, with no change YoY.
- 14.6 million indebted borrowers are between the ages of 35 and 49, with no change YoY.
- 6.3 million are aged 50 to 61 years, down 3.1% YoY.
- 2.7 million are ages 62 and older, up 3.9% YoY.
- 594,478 undergraduate certificate recipients were federal student loan borrowers.
- 382,139 associate’s degree completers were federal student loan borrowers.
- 1.21 million bachelor’s degree completers were federal student loan borrowers.
- 465,629 master’s degree completers were federal student loan borrowers for their graduate and undergraduate degrees.
| Location | Borrowers Under 25 | Total Borrowers |
|---|---|---|
| Alabama | 100,700 | 649,300 |
| Alaska | 7,500 | 67,800 |
| Arizona | 116,000 | 912,000 |
| Arkansas | 60,300 | 401,100 |
| California | 554,700 | 3,932,400 |
| Colorado | 106,000 | 783,900 |
| Connecticut | 104,900 | 512,200 |
| Delaware | 23,400 | 133,900 |
| D.C. | 12,900 | 118,000 |
| Florida | 324,900 | 2,710,300 |
| Georgia | 249,900 | 1,684,400 |
| Hawaii | 19,200 | 123,200 |
| Idaho | 31,400 | 220,000 |
| Illinois | 285,400 | 1,616,500 |
| Indiana | 140,400 | 905,000 |
| Iowa | 81,900 | 429,700 |
| Kansas | 64,100 | 383,500 |
| Kentucky | 88,800 | 610,500 |
| Louisiana | 118,100 | 670,400 |
| Maine | 31,500 | 189,100 |
| Maryland | 128,900 | 842,300 |
| Massachusetts | 206,500 | 916,600 |
| Michigan | 212,000 | 1,393,900 |
| Minnesota | 146,600 | 786,800 |
| Mississippi | 65,600 | 446,800 |
| Missouri | 120,800 | 831,700 |
| Montana | 18,700 | 128,600 |
| Nebraska | 46,800 | 247,600 |
| Nevada | 44,000 | 363,000 |
| New Hampshire | 37,800 | 191,700 |
| New Jersey | 256,200 | 1,228,900 |
| New Mexico | 22,500 | 228,400 |
| New York | 456,900 | 2,467,200 |
| North Carolina | 212,400 | 1,359,800 |
| North Dakota | 19,400 | 88,800 |
| Ohio | 278,200 | 1,782,500 |
| Oklahoma | 67,000 | 502,800 |
| Oregon | 62,100 | 535,700 |
| Pennsylvania | 361,700 | 1,848,100 |
| Puerto Rico | 36,200 | 335,800 |
| Rhode Island | 28,600 | 148,800 |
| South Carolina | 121,300 | 764,100 |
| South Dakota | 25,400 | 118,100 |
| Tennessee | 124,000 | 888,200 |
| Texas | 607,900 | 3,845,100 |
| Utah | 47,600 | 319,900 |
| Vermont | 14,200 | 77,000 |
| Virginia | 183,100 | 1,093,800 |
| Washington | 102,300 | 790,400 |
| West Virginia | 34,700 | 227,900 |
| Wisconsin | 132,900 | 724,500 |
| Wyoming | 8,000 | 55,700 |
| Other | 10,000 | 94,200 |
| Not Reported | 1,600 | 2,426,500 |