Student Loan Debt Statistics

See where consumers stand with student debt in the U.S.

Each year, scores of individuals head to college. Some view attending college as a rite of passage, while others see it as a means of obtaining better-paying jobs; some go because they’ve been told it’s the right thing to do.

Unfortunately, not everyone can afford to pay the cost of higher education out of pocket – especially right out of school when it can be tough to find a job that pays what you really need. What’s more, students often have to leave school before they can earn their degree, but they’re still on the hook for any debt they incurred. As a result, you can find yourself in a situation where you have the bills of a higher education without the income to match.

With this in mind, is it any wonder why so many people face payments they can’t make and defaulted debt that can’t easily be erased through bankruptcy? The statistics below provide an overview of where we stand with student loan debt in the U.S. If you’re struggling and need help to lower your payments, so you can afford to pay back what you owe, call us at 1-888-472-0365 to connect with the help you need!

Affording a higher education

Only 26% of undergraduates took federal student loans in 2020-2021.^[4]
From 2020-2021, 4% of undergraduate students borrowed subsidized loans only, 5% borrowed unsubsidized loans only, and 16% borrowed from both programs.^[4]
Nearly 6 in 10 seniors (55%) who graduated from public and non-profit colleges in 2019-2020 had student loan debt; averaging at $28,400.^[4]

General student loan debt statistics

Federal loans:

The national student loan debt hovers at $1.71 trillion^[1]
The average student in the Class of 2021 graduated with $29,500 in student loan debt^[2]
Number of Federal student loans guaranteed or held by the federal government by the end of 2020 — over $1.5 trillion^[1]
Average monthly student loan payment is estimated at $460 (2021)^[3]
Total number of borrowers with federal student loans — 44.7 million^[1]
Among the States, total outstanding borrowers from California, Florida, Texas, and New York represent nearly 30% of the entire U.S. student loan borrowers. Collectively borrowers in these states owe more than $440 billion in student loan debt.^[1]

The highs and lows of paying for school

For the 2020-2021 academic school year:

Average tuition and fee prices at a public four-year institution (in-state) — $10,740^[5]
Average tuition and fee prices at public two-year institutions (in-district) — $3,800^[5]
Average tuition and fee prices at a private nonprofit four-year institution – $38,070^[5]

By State:

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Alabama Student Loan Debt

Median Student Loan Debt^[12]: $19,874
Average Public University Tuition (In-State)^[13]: $10,323
Average Public University Tuition (Out-of-State)^[13]: $26,517
Median Income Adjusted for Cost of Living^[14]: $38,513
Student Loan Default Rate^[12]: 12.2%

Alaska Student Loan Debt

Median Student Loan Debt: $18,278
Average Public University Tuition (In-State): $8,297
Average Public University Tuition (Out-of-State): $26,767
Median Income Adjusted for Cost of Living: $34,830
Student Loan Default Rate: 11.8%

Arizona Student Loan Debt

Median Student Loan Debt: $18,269
Average Public University Tuition (In-State): $11,072
Average Public University Tuition (Out-of-State): $27,417
Median Income Adjusted for Cost of Living: $36,351
Student Loan Default Rate: 12.1%

Arkansas Student Loan Debt

Median Student Loan Debt: $18,226
Average Public University Tuition (In-State): $8,689
Average Public University Tuition (Out-of-State): $21,460
Median Income Adjusted for Cost of Living: $38,961
Student Loan Default Rate: 12.6%

California Student Loan Debt

Median Student Loan Debt: $17,973
Average Public University Tuition (In-State): $8,192
Average Public University Tuition (Out-of-State): $32,177
Median Income Adjusted for Cost of Living: $33,076
Student Loan Default Rate: 9.7%

Colorado Student Loan Debt

Median Student Loan Debt: $20,555
Average Public University Tuition (In-State): $9,144
Average Public University Tuition (Out-of-State): $30,773
Median Income Adjusted for Cost of Living: $41,145
Student Loan Default Rate: 9.2%

Connecticut Student Loan Debt

Median Student Loan Debt: $20,169
Average Public University Tuition (In-State): $13,886
Average Public University Tuition (Out-of-State): $35,197
Median Income Adjusted for Cost of Living: $42,825
Student Loan Default Rate: 7.9%

Delaware Student Loan Debt

Median Student Loan Debt: $21,178
Average Public University Tuition (In-State): $11,091
Average Public University Tuition (Out-of-State): $31,582
Median Income Adjusted for Cost of Living: $37,241
Student Loan Default Rate: 9.2%

Florida Student Loan Debt

Median Student Loan Debt: $20,198
Average Public University Tuition (In-State): $4,463
Average Public University Tuition (Out-of-State): $18,514
Median Income Adjusted for Cost of Living: $32,701
Student Loan Default Rate: 11.3%

Georgia Student Loan Debt

Median Student Loan Debt: $22,748
Average Public University Tuition (In-State): $7,457
Average Public University Tuition (Out-of-State): $23,167
Median Income Adjusted for Cost of Living: $34,564
Student Loan Default Rate: 11.7%

Hawaii Student Loan Debt

Median Student Loan Debt: $18,824
Average Public University Tuition (In-State): $10,109
Average Public University Tuition (Out-of-State): $31,774
Median Income Adjusted for Cost of Living: $33,689
Student Loan Default Rate: 9.4%

Idaho Student Loan Debt

Median Student Loan Debt: $18,378
Average Public University Tuition (In-State): $7,518
Average Public University Tuition (Out-of-State): $24,845
Median Income Adjusted for Cost of Living: $40,377
Student Loan Default Rate: 8.9%

Illinois Student Loan Debt

Median Student Loan Debt: $20,458
Average Public University Tuition (In-State): $14,455
Average Public University Tuition (Out-of-State): $29,515
Median Income Adjusted for Cost of Living: $41,106
Student Loan Default Rate: 9.4%

Indiana Student Loan Debt

Median Student Loan Debt: $19,159
Average Public University Tuition (In-State): $9,268
Average Public University Tuition (Out-of-State): $29,533
Median Income Adjusted for Cost of Living: $42,842
Student Loan Default Rate: 11.8%

Iowa Student Loan Debt

Median Student Loan Debt: $17,738
Average Public University Tuition (In-State): $9,373
Average Public University Tuition (Out-of-State): $27,346
Median Income Adjusted for Cost of Living: $40,919
Student Loan Default Rate: 9.1%

Kansas Student Loan Debt

Median Student Loan Debt: $18,402
Average Public University Tuition (In-State): $9,088
Average Public University Tuition (Out-of-State): $23,745
Median Income Adjusted for Cost of Living: $41,681
Student Loan Default Rate: 11.5%

Kentucky Student Loan Debt

Median Student Loan Debt: $18,939
Average Public University Tuition (In-State): $10,888
Average Public University Tuition (Out-of-State): $26,048
Median Income Adjusted for Cost of Living: $36,613
Student Loan Default Rate: 12.4%

Louisiana Student Loan Debt

Median Student Loan Debt: $18,055
Average Public University Tuition (In-State): $9,571
Average Public University Tuition (Out-of-State): $22,128
Median Income Adjusted for Cost of Living: $36,723
Student Loan Default Rate: 12.8%

Maine Student Loan Debt

Median Student Loan Debt: $18,927
Average Public University Tuition (In-State): $10,103
Average Public University Tuition (Out-of-State): $28,523
Median Income Adjusted for Cost of Living: $36,199
Student Loan Default Rate: 7.8%

Maryland Student Loan Debt

Median Student Loan Debt: $23,725
Average Public University Tuition (In-State): $9,714
Average Public University Tuition (Out-of-State): $27,984
Median Income Adjusted for Cost of Living: $45,575
Student Loan Default Rate: 9.8%

Massachusetts Student Loan Debt

Median Student Loan Debt: $20,431
Average Public University Tuition (In-State): $13,729
Average Public University Tuition (Out-of-State): $31,894
Median Income Adjusted for Cost of Living: $40,770
Student Loan Default Rate: 6.6%

Michigan Student Loan Debt

Median Student Loan Debt: $20,377
Average Public University Tuition (In-State): $13,315
Average Public University Tuition (Out-of-State): $36,832
Median Income Adjusted for Cost of Living: $40,310
Student Loan Default Rate: 11.8%

Minnesota Student Loan Debt

Median Student Loan Debt: $19,554
Average Public University Tuition (In-State): $11,748
Average Public University Tuition (Out-of-State): $24,442
Median Income Adjusted for Cost of Living: $46,684
Student Loan Default Rate: 6.9%

Mississippi Student Loan Debt

Median Student Loan Debt: $18,906
Average Public University Tuition (In-State): $8,604
Average Public University Tuition (Out-of-State): $19,402
Median Income Adjusted for Cost of Living: $30,749
Student Loan Default Rate: 14.1%

Missouri Student Loan Debt

Median Student Loan Debt: $20,163
Average Public University Tuition (In-State): $8,992
Average Public University Tuition (Out-of-State): $20,877
Median Income Adjusted for Cost of Living: $39,772
Student Loan Default Rate: 11%

Montana Student Loan Debt

Median Student Loan Debt: $17,380
Average Public University Tuition (In-State): $6,967
Average Public University Tuition (Out-of-State): $25,239
Median Income Adjusted for Cost of Living: $36,367
Student Loan Default Rate: 10.2%

Nebraska Student Loan Debt

Median Student Loan Debt: $17,996
Average Public University Tuition (In-State): $8,582
Average Public University Tuition (Out-of-State): $22,152
Median Income Adjusted for Cost of Living: $44,693
Student Loan Default Rate: 6.4%

Nevada Student Loan Debt

Median Student Loan Debt: $16,290
Average Public University Tuition (In-State): $6,023
Average Public University Tuition (Out-of-State): $21,678
Median Income Adjusted for Cost of Living: $41,068
Student Loan Default Rate: 14.1%

New Hampshire Student Loan Debt

Median Student Loan Debt: $20,990
Average Public University Tuition (In-State): $16,679
Average Public University Tuition (Out-of-State): $30,594
Median Income Adjusted for Cost of Living: $38,802
Student Loan Default Rate: 7.3%

New Jersey Student Loan Debt

Median Student Loan Debt: $21,179
Average Public University Tuition (In-State): $14,360
Average Public University Tuition (Out-of-State): $29,435
Median Income Adjusted for Cost of Living: $38,795
Student Loan Default Rate: 8.2%

New Mexico Student Loan Debt

Median Student Loan Debt: $18,175
Average Public University Tuition (In-State): $7,152
Average Public University Tuition (Out-of-State): $19,181
Median Income Adjusted for Cost of Living: $33,476
Student Loan Default Rate: 13.4%

New York Student Loan Debt

Median Student Loan Debt: $20,830
Average Public University Tuition (In-State): $8,467
Average Public University Tuition (Out-of-State): $22,669
Median Income Adjusted for Cost of Living: $34,394
Student Loan Default Rate: 8.8%

North Carolina Student Loan Debt

Median Student Loan Debt: $21,510
Average Public University Tuition (In-State): $7,228
Average Public University Tuition (Out-of-State): $23,357
Median Income Adjusted for Cost of Living: $38,168
Student Loan Default Rate: 10.3%

North Dakota Student Loan Debt

Median Student Loan Debt: $16,824
Average Public University Tuition (In-State): $8,628
Average Public University Tuition (Out-of-State): $13,936
Median Income Adjusted for Cost of Living: $46,473
Student Loan Default Rate: 7.9%

Ohio Student Loan Debt

Median Student Loan Debt: $20,919
Average Public University Tuition (In-State): $9,902
Average Public University Tuition (Out-of-State): $24,830
Median Income Adjusted for Cost of Living: $40,727
Student Loan Default Rate: 10.8%

Oklahoma Student Loan Debt

Median Student Loan Debt: $17,286
Average Public University Tuition (In-State): $8,009
Average Public University Tuition (Out-of-State): $21,695
Median Income Adjusted for Cost of Living: $41,284
Student Loan Default Rate: 14.3%

Oregon Student Loan Debt

Median Student Loan Debt: $21,033
Average Public University Tuition (In-State): $10,813
Average Public University Tuition (Out-of-State): $32,068
Median Income Adjusted for Cost of Living: $37,358
Student Loan Default Rate: 10.3%

Pennsylvania Student Loan Debt

Median Student Loan Debt: $21,772
Average Public University Tuition (In-State): $15,565
Average Public University Tuition (Out-of-State): $30,222
Median Income Adjusted for Cost of Living: $39,176
Student Loan Default Rate: 9.8%

Rhode Island Student Loan Debt

Median Student Loan Debt: $18,993
Average Public University Tuition (In-State): $13,105
Average Public University Tuition (Out-of-State): $30,871
Median Income Adjusted for Cost of Living: $39,285
Student Loan Default Rate: 9%

South Carolina Student Loan Debt

Median Student Loan Debt: $21,523
Average Public University Tuition (In-State): $12,497
Average Public University Tuition (Out-of-State): $32,853
Median Income Adjusted for Cost of Living: $40,438
Student Loan Default Rate: 12.2%

South Dakota Student Loan Debt

Median Student Loan Debt: $18,249
Average Public University Tuition (In-State): $8,978
Average Public University Tuition (Out-of-State): $12,866
Median Income Adjusted for Cost of Living: $43,428
Student Loan Default Rate: 6.3%

Tennessee Student Loan Debt

Median Student Loan Debt: $19,683
Average Public University Tuition (In-State): $10,164
Average Public University Tuition (Out-of-State): $24,786
Median Income Adjusted for Cost of Living: $36,854
Student Loan Default Rate: 12%

Texas Student Loan Debt

Median Student Loan Debt: $18,036
Average Public University Tuition (In-State): $8,598
Average Public University Tuition (Out-of-State): $24,889
Median Income Adjusted for Cost of Living: $37,202
Student Loan Default Rate: 11%

Utah Student Loan Debt

Median Student Loan Debt: $16,096
Average Public University Tuition (In-State): $6,700
Average Public University Tuition (Out-of-State): $21,273
Median Income Adjusted for Cost of Living: $40,517
Student Loan Default Rate: 8.8%

Vermont Student Loan Debt

Median Student Loan Debt: $22,004
Average Public University Tuition (In-State): $17,083
Average Public University Tuition (Out-of-State): $41,057
Median Income Adjusted for Cost of Living: $38,857
Student Loan Default Rate: 6.2%

Virginia Student Loan Debt

Median Student Loan Debt: $21,866
Average Public University Tuition (In-State): $13,655
Average Public University Tuition (Out-of-State): $35,831
Median Income Adjusted for Cost of Living: $42,407
Student Loan Default Rate: 8.8%

Washington Student Loan Debt

Median Student Loan Debt: $18,684
Average Public University Tuition (In-State): $7,168
Average Public University Tuition (Out-of-State): $30,155
Median Income Adjusted for Cost of Living: $39,668
Student Loan Default Rate: 8.5%

West Virginia Student Loan Debt

Median Student Loan Debt: $18,396
Average Public University Tuition (In-State): $8,195
Average Public University Tuition (Out-of-State): $22,242
Median Income Adjusted for Cost of Living: $34,601
Student Loan Default Rate: 12.8%

Wisconsin Student Loan Debt

Median Student Loan Debt: $17,573
Average Public University Tuition (In-State): $8,764
Average Public University Tuition (Out-of-State): $25,522
Median Income Adjusted for Cost of Living: $42,449
Student Loan Default Rate: 8.1%

Wyoming Student Loan Debt

Median Student Loan Debt: $15,256
Average Public University Tuition (In-State): $4,747
Average Public University Tuition (Out-of-State): $14,803
Median Income Adjusted for Cost of Living: $41,674
Student Loan Default Rate: 8.1%

Student loan interest rate statistics

Loan Type	2019-2020 Rate	2018-19 Rate	2017-18 Rate	2016-17 Rate
Direct Subsidized Loans (Undergraduate)	4.53%	5.05%	4.45%	3.76%
Direct Unsubsidized Loans (Undergraduate)	4.53%	5.05%	4.45%	3.76%
Direct Unsubsidized Loans (Graduate)	6.08%	6.60%	6%	5.31%
Direct PLUS Loans (Graduate and Parents)	7.08%	7.60%	7%	6.31%

^[10]

What the rise in interest rates means for borrowers

The increase in the interest rates will increase the monthly loan payments by about 2.8%, assuming a 10-year repayment term. (For most borrowers that yields an increase of a few dollars a month.)^[11]

Loan type	10-year Treasury Note	Increment	Cap	Fixed interest rate
Federal Stafford (Undergraduate)	2.479%	2.05%	8.25%	4.529%
Federal Stafford (Graduate)	2.479%	3.60%	9.50%	6.079%
Federal Parent PLUS	2.479%	4.60%	10.50%	7.079%
Federal Grad PLUS	2.479%	4.60%	10.50%	7.079%