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 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:

Click to see student loan debt statistics by state.

Alabama Student Loan Debt

Median Student Loan Debt (2022): $20,398 ^[12]
Average In-State Public University Tuition (2022): $10,617 ^[13]
Average Out-of-State Public University Tuition (2022): $27,005 ^[13]

Alaska Student Loan Debt

Median Student Loan Debt: $18,563
Average Public University Tuition (In-State): $8,849
Average Public University Tuition (Out-of-State): $25,535

Arizona Student Loan Debt

Median Student Loan Debt: $18,147
Average Public University Tuition (In-State): $11,410
Average Public University Tuition (Out-of-State): $25,426

Arkansas Student Loan Debt

Median Student Loan Debt: $18,307
Average Public University Tuition (In-State): $8,468
Average Public University Tuition (Out-of-State): $21,598

California Student Loan Debt

Median Student Loan Debt: $18,500
Average Public University Tuition (In-State): $8,401
Average Public University Tuition (Out-of-State): $34,398

Colorado Student Loan Debt

Median Student Loan Debt: $20,771
Average Public University Tuition (In-State): $9,269
Average Public University Tuition (Out-of-State): $30,930

Connecticut Student Loan Debt

Median Student Loan Debt: $21,457
Average Public University Tuition (In-State): $14,487
Average Public University Tuition (Out-of-State): $36,881

Delaware Student Loan Debt

Median Student Loan Debt: $21,428
Average Public University Tuition (In-State): $11,343
Average Public University Tuition (Out-of-State): $31,809

Florida Student Loan Debt

Median Student Loan Debt: $20,288
Average Public University Tuition (In-State): $4,541
Average Public University Tuition (Out-of-State): $18,322

Georgia Student Loan Debt

Median Student Loan Debt: $22,867
Average Public University Tuition (In-State): $7,525
Average Public University Tuition (Out-of-State): $23,430

Hawaii Student Loan Debt

Median Student Loan Debt: $19,450
Average Public University Tuition (In-State): $10,197
Average Public University Tuition (Out-of-State): $32,043

Idaho Student Loan Debt

Median Student Loan Debt: $18,488
Average Public University Tuition (In-State): $7,482
Average Public University Tuition (Out-of-State): $24,700

Illinois Student Loan Debt

Median Student Loan Debt: $20,598
Average Public University Tuition (In-State): $14,579
Average Public University Tuition (Out-of-State): $28,660

Indiana Student Loan Debt

Median Student Loan Debt: $19,346
Average Public University Tuition (In-State): $9,656
Average Public University Tuition (Out-of-State): $28,972

Iowa Student Loan Debt

Median Student Loan Debt: $18,181
Average Public University Tuition (In-State): $9,373
Average Public University Tuition (Out-of-State): $27,684

Kansas Student Loan Debt

Median Student Loan Debt: $18,341
Average Public University Tuition (In-State): $9,081
Average Public University Tuition (Out-of-State): $23,945

Kentucky Student Loan Debt

Median Student Loan Debt: $19,183
Average Public University Tuition (In-State): $10,976
Average Public University Tuition (Out-of-State): $25,049

Louisiana Student Loan Debt

Median Student Loan Debt: $17,985
Average Public University Tuition (In-State): $9,642
Average Public University Tuition (Out-of-State): $23,333

Maine Student Loan Debt

Median Student Loan Debt: $19,686
Average Public University Tuition (In-State): $10,377
Average Public University Tuition (Out-of-State): $29,061

Maryland Student Loan Debt

Median Student Loan Debt: $23,966
Average Public University Tuition (In-State): $9,401
Average Public University Tuition (Out-of-State): $26,376

Massachusetts Student Loan Debt

Median Student Loan Debt: $21,577
Average Public University Tuition (In-State): $13,939
Average Public University Tuition (Out-of-State): $32,019

Michigan Student Loan Debt

Median Student Loan Debt: $20,603
Average Public University Tuition (In-State): $13,315
Average Public University Tuition (Out-of-State): $36,832

Minnesota Student Loan Debt

Median Student Loan Debt: $19,918
Average Public University Tuition (In-State): $11,748
Average Public University Tuition (Out-of-State): $24,442

Mississippi Student Loan Debt

Median Student Loan Debt: $19,186
Average Public University Tuition (In-State): $8,604
Average Public University Tuition (Out-of-State): $19,402

Missouri Student Loan Debt

Median Student Loan Debt: $20,005
Average Public University Tuition (In-State): $8,992
Average Public University Tuition (Out-of-State): $20,877

Montana Student Loan Debt

Median Student Loan Debt: $18,520
Average Public University Tuition (In-State): $6,967
Average Public University Tuition (Out-of-State): $25,239

Nebraska Student Loan Debt

Median Student Loan Debt: $18,012
Average Public University Tuition (In-State): $8,582
Average Public University Tuition (Out-of-State): $22,152

Nevada Student Loan Debt

Median Student Loan Debt: $16,447
Average Public University Tuition (In-State): $6,023
Average Public University Tuition (Out-of-State): $21,678

New Hampshire Student Loan Debt

Median Student Loan Debt: $22,118
Average Public University Tuition (In-State): $16,679
Average Public University Tuition (Out-of-State): $30,594

New Jersey Student Loan Debt

Median Student Loan Debt: $21,530
Average Public University Tuition (In-State): $14,360
Average Public University Tuition (Out-of-State): $29,435

New Mexico Student Loan Debt

Median Student Loan Debt: $34,211
Average Public University Tuition (In-State): $7,152
Average Public University Tuition (Out-of-State): $19,181

New York Student Loan Debt

Median Student Loan Debt: $17,421
Average Public University Tuition (In-State): $8,467
Average Public University Tuition (Out-of-State): $22,669

North Carolina Student Loan Debt

Median Student Loan Debt: $22,059
Average Public University Tuition (In-State): $7,228
Average Public University Tuition (Out-of-State): $23,357

North Dakota Student Loan Debt

Median Student Loan Debt: $17,913
Average Public University Tuition (In-State): $8,628
Average Public University Tuition (Out-of-State): $13,936

Ohio Student Loan Debt

Median Student Loan Debt: $21,721
Average Public University Tuition (In-State): $9,902
Average Public University Tuition (Out-of-State): $24,830

Oklahoma Student Loan Debt

Median Student Loan Debt: $17,453
Average Public University Tuition (In-State): $8,009
Average Public University Tuition (Out-of-State): $21,695

Oregon Student Loan Debt

Median Student Loan Debt: $21,650
Average Public University Tuition (In-State): $10,813
Average Public University Tuition (Out-of-State): $32,068

Pennsylvania Student Loan Debt

Median Student Loan Debt: $22,132
Average Public University Tuition (In-State): $15,565
Average Public University Tuition (Out-of-State): $30,222

Rhode Island Student Loan Debt

Median Student Loan Debt: $19,616
Average Public University Tuition (In-State): $13,105
Average Public University Tuition (Out-of-State): $30,871

South Carolina Student Loan Debt

Median Student Loan Debt: $22,055
Average Public University Tuition (In-State): $12,497
Average Public University Tuition (Out-of-State): $32,853

South Dakota Student Loan Debt

Median Student Loan Debt: $18,939
Average Public University Tuition (In-State): $8,978
Average Public University Tuition (Out-of-State): $12,866

Tennessee Student Loan Debt

Median Student Loan Debt: $19,984
Average Public University Tuition (In-State): $10,164
Average Public University Tuition (Out-of-State): $24,786

Texas Student Loan Debt

Median Student Loan Debt: $18,087
Average Public University Tuition (In-State): $8,598
Average Public University Tuition (Out-of-State): $24,889

Utah Student Loan Debt

Median Student Loan Debt: $15,969
Average Public University Tuition (In-State): $6,700
Average Public University Tuition (Out-of-State): $21,273

Vermont Student Loan Debt

Median Student Loan Debt: $22,189
Average Public University Tuition (In-State): $17,083
Average Public University Tuition (Out-of-State): $41,057

Virginia Student Loan Debt

Median Student Loan Debt: $22,856
Average Public University Tuition (In-State): $13,655
Average Public University Tuition (Out-of-State): $35,831

Washington Student Loan Debt

Median Student Loan Debt: $19,419
Average Public University Tuition (In-State): $7,168
Average Public University Tuition (Out-of-State): $30,155

West Virginia Student Loan Debt

Median Student Loan Debt: $18,760
Average Public University Tuition (In-State): $8,195
Average Public University Tuition (Out-of-State): $22,242

Wisconsin Student Loan Debt

Median Student Loan Debt: $18,385
Average Public University Tuition (In-State): $8,764
Average Public University Tuition (Out-of-State): $25,522

Wyoming Student Loan Debt

Median Student Loan Debt: $15,834
Average Public University Tuition (In-State): $4,747
Average Public University Tuition (Out-of-State): $14,803

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%

^[11]

Student debt default statistics

1 million borrowers default each year^[8]
40% of borrowers will default by 2023^[9]

Sources:

[1]https://studentloanhero.com/student-loan-debt-statistics/

[2]https://www.forbes.com/sites/zackfriedman/2021/02/20/student-loan-debt-statistics-in-2021-a-record-17-trillion/?sh=363b7b381431

[3]https://educationdata.org/average-student-loan-payment

[4]https://research.collegeboard.org/trends/student-aid/highlights

[5]https://research.collegeboard.org/pdf/trends-college-pricing-student-aid-2021.pdf

[6]https://research.collegeboard.org/trends/college-pricing/resource-library

[7]https://www.accesslex.org/xblog/2017-2018-interest-rates-announced

[8]https://educationdata.org/student-loan-default-rate

[9]https://www.ncsl.org/Portals/1/Documents/educ/Student-Loans-And-Debt_v02.pdf

[10]https://www.valuepenguin.com/student-loans/student-loan-interest-rates

[11]https://www.savingforcollege.com/article/interest-rates-on-federal-student-loans-increase-for-2019-2020

[12]Debt in America: An Interactive Map (urban.org)

[13]https://educationdata.org/average-cost-of-college-by-statehttps://nces.ed.gov/programs/digest/d20/tables/dt20_330.20.asp

Article last modified on May 30, 2023. Published by Debt.com, LLC