Student Loan Debt

Extracted Attributes

• Definition

  Money borrowed to pay for educational expenses, primarily tertiary education.

• Loan Types

  Federal loans (qualify for income-based repayment plans or forgiveness) and private loans.

• Funding Sources

  Government (federal, state) and private sources (banks, lenders).

• Default Conditions

  Period of no response to requests for information, payment, or negotiation.

• Default Consequence

  Debt is turned over to a student loan guarantor or a collection agency.

• Number of Federal Borrowers

  42.7 million

• Federal Loan Debt Percentage of Total

  92.2%

• Private Loan Debt Percentage of Total

  7.79%

• Average Federal Student Loan Debt Balance

  $38,375

• Median Student Loan Debt (Federal Reserve)

  $20,000 - $24,999

• Outstanding Federal Loan Balance (Q4 2024)

  $1.693 trillion

• Average Student Loan Debt for Hispanic adults (2022)

  $26,460

• Average Student Loan Debt for adults of other races (2022)

  $51,810

• Total Average Student Loan Debt Balance (including private)

  Up to $41,618

• Average Federal Student Loan Debt for Borrowers 62 and Older

  Over $43,000

• Second Highest Average Federal Student Loan Debt per Borrower

  Georgia ($42,135)

• Average Federal Student Loan Debt for Borrowers 24 and Younger

  Over $14,000

• Average Student Loan Debt for Black, non-Hispanic adults (2022)

  $53,430

• Average Student Loan Debt for White, non-Hispanic adults (2022)

  $46,140

• State with Highest Average Federal Student Loan Debt per Borrower

  Maryland ($43,867)

Timeline

• The federal student loan balance was $516 billion. (Source: Web Search Results)

  2007-XX-XX

• The Federal Reserve's Survey of Consumer Finances collected data on average student loan debt by race and ethnicity. (Source: Web Search Results)

  2022-XX-XX

• Combined federal and private student loan debt decreased by $34.9 billion; federal student loan debt alone decreased by $32.3 billion. (Source: Web Search Results)

  2023-XX-XX

• The national student loan debt saw its last year-over-year increase before Q3 2024. (Source: Web Search Results)

  2023-Q2

• Federal student loan debt experienced its largest year-over-year decrease (down 2.26%). (Source: Web Search Results)

  2024-Q1

• The national student loan debt had its first year-over-year increase since Q2 2023. (Source: Web Search Results)

  2024-Q3

• The outstanding federal student loan balance reached $1.693 trillion. National student loan debt increased 2.77% year-over-year, and federal student loan debt increased 2.27% year-over-year. (Source: Web Search Results)

  2024-Q4

• Student loan balances rose by $16 billion to $1.63 trillion. The rate at which student loan balances went from current to delinquent sharply increased to 8% from 0.80% in Q4 2024, due to the resumption of reporting student loans on credit reports after a nearly five-year post-pandemic pause. (Source: Web Search Results)

  2025-Q1

Student debt

Student debt refers to the debt incurred by an individual to pay for education-related expenses. This debt is most commonly assumed to pay for tertiary education, such as university. The amount loaned or the loan agreement is often referred to as a student loan. In many countries, student loans work differently compared to mortgages with differing laws governing renegotiation and bankruptcy. As with most other types of debt, student debt may be considered defaulted after a given period of no response to requests by the school or the lender for information, payment, or negotiation. Afterward, the debt is turned over to a student loan guarantor or a collection agency.

Web Search Results

• Student Loan Debt Statistics [2025] - Education Data Initiative

  The outstanding federal student loan balance is $1.693 trillion; _42.7 million_ student borrowers have federal loan debt. Federal student loan debt represents 92.2% of all student loan debt; _7.79%_ of student loan debt is private, including $29.3 billion in refinance loans. The average federal student loan debt balance is $38,375, while the total average balance (including private loan debt) may be as high as _$41,618_. [...] National student loan debt increased 2.77% YoY in Q4 of 2024; federal student loan debt increased 2.27%. Private student loan debt totaled $138.502 billion, approximately $27.4 billion (19.8%) of which is refinance loan debt. 2024 Q3 had the first YoY increase in national student loan debt since 2023 Q2. Federal student loan debt saw its largest YoY in 2024 Q1 (down 2.26%). Total student loan debt increased $47.962 billion in 2024. [...] Federal and private student loan debt combined decreased by $34.9 billion in 2023. Also in 2023, federal student loan debt alone decreased $32.3 billion.

• Average U.S. Student Loan Debt: 2025 Statistics | BestColleges

  Source: Federal Student Aid, an Office of the Department of Education Note Reference End of interactive chart. According to the Federal Reserve, the median student loan debt is somewhat lower than the average. The median debt is between $20,000 and $24,999[Note Reference ]( meaning half of borrowers owe more and half owe less. ### Total Student Loan Debt by Year At $1.64 trillion, the federal student loan balance has more than tripled since 2007, when it was $516 billion. [...] 1 2 3…6 Find more detailed student loan debt information for each state in our report: Student Loan Debt by State. Average Student Loan Debt by Race and Ethnicity ----------------------------------------------- According to the Federal Reserve’s Survey of Consumer Finances, in 2022, the average student loan debt was:Note Reference $53,430 for Black, non-Hispanic adults $46,140 for white, non-Hispanic adults $26,460 for Hispanic adults $51,810 for adults of other races [...] Average Student Loan Debt by State ---------------------------------- Maryland, Georgia, and Virginia have the highest average student loan debt balances per borrower. In each of these states, the average student loan debt amount is over $40,000.Note Reference In addition, Georgia, Maryland, and Mississippi have the highest average student loan debt per capita — that’s the state’s total student loan balance divided by its population.Note Reference ,Note Reference

• Student Debt: What It Means, How It Works, and Forgiveness

  Student debt is the money owed on a loan taken out to pay for educational expenses. Individuals can borrow student debt through the government or private sources, such as banks and other lenders. Some lenders require payments while the student attends school, while others allow borrowers to begin repayment after they graduate. ### Key Takeaways ## School Expenses [...] Student debt is common in an era of high-priced higher education. There are many funding sources for student debt, including state loans, private loans, and federal loans, but only federal loans qualify for income-based repayment plans or forgiveness. Incoming students will be at a greater advantage by lowering their debt through work-study, working outside of school, or choosing an affordable school, as paying down debt can take decades and affect how much of your monthly salary you have left [...] Student debt is commonly used to cover the cost of education and other expenses. Students may use loans to pay for a wide variety of costs, including: ## Repaying Debt

• Center for Microeconomic Data | Student Debt

  Student Loan Delinquencies Increase Sharply The 2025:Q1 _Quarterly Report on Household Debt and Credit_ shows student loan balances rising by $16 billion to reach $1.63 trillion. There was a large uptick in the rate at which student loan balances went from current to delinquent in the first quarter, to 8 percent from 0.80 percent in the fourth quarter of 2024. This rise was due to the resumption of reporting student loans on credit reports after a nearly five-year post-pandemic pause.

• The average student debt balance in every state - CNBC

  Correction: This story has been updated to show Americans owe a total of $1.6 trillion in federal student loan debt as of the end of 2024. An earlier version misstated the amount. Want to earn some extra money on the side? Take CNBC's new online course How to Start a Side Hustle to learn tips to get started and strategies for success from top side hustle experts. Sign up today and use coupon code EARLYBIRD for an introductory discount of 30% off $97 (+taxes and fees) through April 1, 2025. [...] The 844,600 residents with federal student loan debt in Maryland owe an average of $43,867, the most in the U.S., SmartAsset finds. Borrowers in Georgia follow closely with an average outstanding balance of $42,135. Virginia is the only other state where the average balance sits above $40,000. Here's the average federal student debt balance in all 50 states. Who student debt affects [...] You may assume younger borrowers who recently graduated and may not be making a lot of money would have larger debt balances, but that's not the case. Nationally, borrowers ages 24 and younger owe an average of just over $14,000 in federal student debt, compared with an average of over $43,000 among borrowers ages 62 and older, according to federal data.