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Student Loan Debt Statistics

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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 Type2019-2020 Rate2018-19 Rate2017-18 Rate2016-17 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%

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 type10-year Treasury NoteIncrementCapFixed 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 PLUS2.479%4.60%10.50%7.079%
Federal Grad PLUS2.479%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

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