Average Student Loan Debt in The US

More than ever students of the US have loaned debt for postsecondary education. There are many alternatives to loaning money and the highest percentage of students borrow federal loans.

• The average loan debt of the first two quarters of 2019 is 1,461.9 billion, in comparison to the first two quarters of 2021 which in total summed 1,578.5 billion, indicating an increase of 8%.
• Almost half of all students take out student loans to assist pay for their post-secondary education.
• The federal government is responsible for the vast bulk of outstanding student loan debt. Private banks are owing to the remaining 19%.
• Between 1992 and 2010, the average debt size under Federal Family Education Loans increased by around $7,400.
• In 2011-12, bachelor's degree graduates who took out student loans had an average debt load of almost $26,000.

Average Student Loan Debt by State

Data Analysis

• In 2021, the majority of US students who have borrowed 142,7 billion dollars belong to California State.
• West Virginia, New Mexico, Nebraska, and Idaho share a similar number of students who have loaned debt for studies.
• From 50 states of the US, Wyoming is the state with the least loan debt and the lowest number of borrowers.
• Statewide, total debt levels for the class of 2021 range from $1,6 billion (Wyoming) to $142,7 (California).
• The average federal student loan debt of 2019 was $34,632 meanwhile in 2021 the average student loan debt is $36,892. Thus, indicating a 6% increase over the last two years.
• There is a significant percentage change in the debt among states, from 2004 to 2019, New Jersey’s student loan debt has increased by 89%.
• In California, borrowers, including those with advanced degrees, represent a total of $142,7 billion in student loans, with an average debt of $36,937 per borrower.

Average Student Loan Debt by Year

• According to the available data, the lowest average student loan debt is $18,233, in 2007.
• Across four quarters of 2020, the average student debt was $1,542 billion, meanwhile, the remaining debt in the fourth quarter was $1,566.3 billion.
• Within one decade, the average student loan debt per recipient was raised by 65%, from 2010 to 2020.
• Each of the three federal fiscal quarters of 2021 represents the highest student debt in comparison to all the above-mentioned fiscal years in the table.
• From 2014 to 2016 the average student debt per recipient was raised by $2,935.
• From 2007 to 2010 the raising of the student loan has kept a consistency of around one thousand dollars.
• On the contrary, only from 2019 to 2020, the average rising loan debt per recipient has been raised by around two thousand dollars ($34,632 to $36,117).
• The student loan debt in the fourth quarter of 2020 was $1,566.3 billion, whereas the average loan debt per recipient was $36,117.
• The first quarter of 2021 counts nearly the same amount of the outstanding student loan debt (1,565.2 billion) as in the fourth quarter of 2020 (1,566.3. billion).

Historical Average Student Loan Debt

Average Student Loan Debt For First-Time Undergraduate Students

Full-time, first-time degree/certificate-seeking undergraduate students enrolled in degree-granting postsecondary institutions.

• The average loan award of full-time, first-time undergraduate students in 2009-10 was $7,019, which was 86% more than a decade ago in 2000-01 ($3,764).
• Within three years from 2016 to 2019 — the average loan award of full-time, first-time undergraduate students was approximately the same, specifically $7,080 in 2016-17, $7,082 in 2017-18, and $7,218 in 2018-19.
• Likewise, even through 2010-2013, the average loan award of full-time, first-time undergraduate students was approximately the same — $6,624 in 2010-11, $6,641 in 2011-12, and $6,896 in 2012-13.
• Adjusting for inflation, in 2000-01 the average loan award of full-time, first-time undergraduate students was $6,046 (or $3,764 unadjusted for inflation).
• From 2000 to 2019, the only time that the average loan award of all institutions does not match any other year is in 2006-07 ($5,018).

Average Student Loan Debt by Age

• Currently, the highest federal student loan belongs to borrowers aged 35 to 49, a total of $609.0 during the third quarter of 2021.
• For the borrower age group of 24 and younger, the average student loan debt of the federal fiscal year 2018 was $125,1 billion.
• At the same time, the number of students who have loan debts and fall into the same age category as above is 8.4 million.
• The average student loan debt of the age group from 24 and up has decreased during 2018 to 2019 by 2%.
• From 2017 till 2021, the largest outstanding student loan balance was noticed in students ranging from 35 to 49 years old.
• The largest amount of federal student loans occurred in 2020. An average of 591.8 billion dollars were loaned from around 14.1 million borrowers aged 35 to 49-year-old.
• The average debt size of borrowers belonging to the 25–35 age group is similar when we compare the last quarter of 2017 to the second quarter of 2021 — specifically 484.0 to 496.3 billion dollars.
• The age group of people who have the smallest loan debts and own it to the federal government range from 62 and older. In the last quarter of 2017, only 1.7 million people had loan debts.
• In the first two quarters of 2021, the age group 35 to 49 have the highest average loan debt, a total of $609.0 billion dollars.
• People who are 62 and older from 2017 to 2021 have a disproportionate amount of student loan debt.
• In the last quarter of 2017, people in their 60s had $55.4 billion in loan debt. During 2018 they had $65.2 billion in loan debt, in 2019 they had approx. $75.9 billion, meanwhile in 2020 they had around $86.8 billion. As of 2021, this age group has around $92.7 billion in loan debt.

The Average Federal Student Loan by Borrower Age*

Average Student Loan Debt by Education Level

• Undergraduate students tend to have the highest average loan debt.
• Currently, the percentage difference in student loan debt between graduate and undergraduate students during 2020-2021 is 32%.
• During 2015-16 undergraduate students have loaned 3% ($69,086) more debt than in the years of 2019-20. Regarding the last mentioned years, undergraduate students have loaned an average of $64,368.
• $67,677 was the average loan debt from undergraduate students of 2016-17.
• The highest average student loan debt of undergraduate students was in the 2011-12 academic year, approximately $78,598 per student.
• In comparison to graduate students who count $40,075 average loan debt in 2019-20, undergraduate students at the same time frame had $64,368 loan debt. Approximately, 60% higher than the average loan debt of graduate students.
• From 2009 to 2021 graduate students have continued to have a significant cumulative student loan debt. From $33,573 in 2009-10 reckoning $40,289 in 2020-21 as a preliminary amount.
• Interestingly, the triangle of the average graduate student loan debt which consists of three-time periods: 2012-13, 2013-14, and 2014-15 shows approximately the same change in percentage. From 2012-13 to 2013-14 the average student loan debt has risen by 1%, on the other hand, from 2013-14 to 2013-14 has decreased by the same percent.
• For undergraduate studies, California is regarded as a low-debt state.

Average Undergraduate Student Loan Debt

Average Graduate Student Loan Debt

Average Student Loan Debt by Discipline

• In 2021, the average loan debt for a Master of Education is $59,633, compared with the year 2015-16 in which the debt was $54,200. Marking an increase of 10%.
• The lowest average cumulative amount owed for graduate degree programs is subject to the Master of Education.
• The average cumulative amount for Master of Business Administration programs from 1999-2000 to 2015-16 was $47,960.
• During 2015-16 the average cumulative debt amount of doctorate students who utilized the money to study health science professional practice doctorate - including chiropractic, dentistry, optometry, pharmacy, podiatry, and veterinary medicine was $198,800.
• Adjusted for inflation, MBA graduates in 1999-2000, owed an average of $53,339 in student loan debt (or $33,100 unadjusted for inflation).
• At the time frame of 2007-08, 68,4% of graduate degree completers owed $39,300 for studying Master of Education, whereas 61,4% of graduate degree completers owed $61,000 for studying Education (any doctorate).
• The highest average amount owed from all the graduate degree programs happened in 2015-16 for Medicine studies (M.D. or D.O.), counting $241,600.
• The completers of Law (LL.B. or J.D.) degree had an average of $95,461 loan debt after adjusting for inflation (or $57,500 unadjusted for inflation).
• After adjusting for inflation, graduates of Master of Education had an average of $37,354 loan debt in 1999-2000.
• The average debt among persons having doctorates in health science professional practices is $232,396.
• Students who completed Ph.D (except in Education) in 1999-2000 owed an average of $55,949 loan debt after adjusting for inflation.
• The average cumulative amount owed by students who completed chiropractic, dentistry, optometry, pharmacy, podiatry, and veterinary medicine practice doctorate degree in 2015-16 in comparison to students who completed Law (LL.B. or J.D.) degree differs by 32%. Specifically, $198,800 for the former and $142,900 for the latter.

The Average Cumulative Amount Owed

Average Student Loan Debt by Sex

This section portrays the average student loan debt of both males and females.

• Reports show that men are less likely to graduate with loan debt.
• Female borrowers are more likely than their male counterparts to have graduate school student loan debt. However, female borrowers have a lower average amount of student loan debt from graduate school.
• Between 1999-2000 and 2015-16, the average student loan debt has faced an increase particularly for master of science degrees.
• Female students get federal loans in 67.2% of cases and nonfederal loans in 24.2% of cases.
• Black women finish their undergraduate education with more debt.
• The average cumulative loan amount of male students for completing a Bachelor’s degree during 2015-16 was $28,920.
• Women whose parents had a high school diploma borrowed $4,145.80 more than women whose parents had a bachelor's degree.

Average Student Loan Debt by Race and Ethnicity

• In the 2016-2017 academic year, 32% of all Hispanics who had student loan debt paid off their loans. The other 45% were still in debt but not behind; meanwhile, the remaining 23% of Hispanics during this year were behind on their debt payments.
• During 2016-17, 24% of Black, non-Hispanics paid off their student loans. The other 56% were still in debt but not behind on their payments; conversely, the remaining 20% of Hispanics fell behind on their payments.
• During 2016-17, 53% of White non-Hispanics paid off their student debts. The remaining 41% were still in debt but not behind on payments; notably, only 6% of Hispanics were behind on payments.
• In 2001, White, non-Hispanic people had an average of $21,020 education installment loan, 29% more than Black, non-Hispanic who have an average of $16,190 education installment loan. On the other hand, the lesser amount of education installment loan belongs to Hispanics, approx. $12,730.
• From the average of 37,540 education installment loans owed in 2016 by Black, non-Hispanic, 24% of the loans were paid off during the interval of 2016-17.
• In 2019, Black, non-Hispanic borrowers had the highest average of education installment loans compared to White, non-Hispanic and Hispanic.
• Hispanic ethnicity tends to have the lowest average education installment loans from 2001 to 2019, in comparison to White, non-Hispanic and Black, non-Hispanic.
• White and Caucasian borrowers account for an average of 54% of national student loan debt.
• In 2021, White and Caucasian students borrowed education loans by 3% higher than Hispanic and Latino students.

The Average Education Installment Loans by Race and Ethnicity

Average Student Loan Debt by Institution

• 48% of graduate degree completers who attended public institutions had student loan debt during the academic year 2015-16.
• During the same timeframe, 57% of graduate degree completers who attended private nonprofit institutions took student loans. 9% more compared to graduate degree completers of public institutions.
• The average annual loan awarded to undergraduate students from 2010 to 2019 among 4-year private for-profit institutions is $6,708.
• The average loan award of students who pursued their undergraduate studies in 4-year public institutions for the academic year 2000-01 was $3,212, whereas in 4-year private nonprofit institutions the average loan during the same academic year was $4,000. Thus, indicating that the first-time undergraduate students of private nonprofit institutions have borrowed 24% more debt in comparison to students in public Institutions.
• During 2018-19, undergraduate students of 2-year private for-profit institutions have loaned approximately the same average amount as students of 2-year private nonprofit institutions. The average student loan amount for 2-year private nonprofit institutions was $7,041 and for private for-profit institutions was $7,186 per student.
• The only time that the average student loan amount of 2-year studies was higher than that of 4 years of studies was in the 2000-01 academic year. This average is subject to the 2-year private nonprofit institutions, counting $4,509 in annual loan amount.
• Households with a master's or professional degree owned 56% of student loan debt in 2019.

Public Institutions

(Average Loan Award For First-Time, Full-Time, Undergraduate Students)

Private Nonprofit

(Average Loan Award For First-Time, Full-Time, Undergraduate Students)

Private For-Profit

(Average Loan Award For First-Time, Full-Time, Undergraduate Students)

Federal Versus Private Average Student Loan Debt

The average federal student loan from 2014 till 2021 is characterized by a higher debt than that of private education loans due to the protection and repayment options it offers to borrowers.

Federal Student Loan Debt

• The total federal student loan debt as of 2021 accounts to around $1,578.5 billion.
• In 2014 the average federal student loan from undergraduate and graduate students was $1,091.3 billion, including Direct Loans, Federal Family Education Loans, and Perkins Loans.
• On the other hand, the private average loan debt comprises $28,950 billion which comes from banks, credit unions, and Sallie Mae, along with non federal loans which include loans to students from states and institutions.
• Private student loan debt has increased by more than 20% since 2014, contrary to the federal student loan which has faced a drastic increase, nearly 97%.

The Average Federal Student Loan from 2014 to 2021

Non-Federal Student Loan Debt

• The average loan of both undergraduate and graduate students during 2017-18 was $12,600, meanwhile, in 2019-20 the average loan was $14,600. Thus, indicating that this average has had an increase of 15%.
• In 2018-19 the average non federal loan per student was $13,500, which is 1,100 less than the average non federal loan of 2019-20.
• From 2017-18 to 2018-19 till 2019-20, the average non federal loan per student has had approximately the same increase in the amount. The average increase past these mentioned years is around $1,000.

The Average Non-Federal Student Loan per Borrower

Average Student Loan Debt After College

• The majority of four-year public university school leavers graduate with a very small and manageable amount of student debt.
• According to the 2015–16 National Postsecondary Student Aid Study, approximately 42% of four-year public university students graduated debt-free, and 78% out of those with debt, graduated with less than $30,000 in debt.
• From 1992 to 2010 the average repayment term for student loans has increased. Borrowers have consistently spent three to four percent of their monthly income on student loan payments.
• A considerable number of students who have loan debts after graduation claim that such debts prevent them from becoming homeowners.
• According to the report on the Economic Well-Being of U.S. Households, in 2020, 23% of first-generation college students have paid off their debts. Yet, 35% of non-first-generation college students have paid off their student debts.

Average Student Loan Debt Monthly Payment

• The average student loan debt monthly payment is approximately $393. Compared to a decade ago, the average monthly payment has increased nearly 55%.
• Student loan debtors' monthly payment burden has remained stable or even decreased from 1992 to 2010.
• For students who started at a for-profit college, the percentage of non-completers whose total federal debt equaled or surpassed 100% of their yearly income was higher in 2009 than in 2001.
• The monthly payment burden faced by student loan borrowers has stayed about the same or even lessened from 1994 till 2014.
• The median borrower has consistently spent three to four percent of their monthly income on student loan payments from 1992 till 2014.
• The average annual salary for a recent graduate with an Associate degree is $46,100.
• The average annual salary for a recent graduate with a Bachelor’s degree is $64,900.

Ultimate Data Analysis

• During 2015-16 the average cumulative loan amount of female students for completing a Bachelor’s was $30,610 — 5% higher than male students.
• Of all the 50 states of the US, Wyoming is the state with the least number of borrowers, counting merely 52,9 thousand borrowers.
• California students had an average loan debt of $36,351 per borrower, 17% higher than the general average college debt.
• People of the age group 50 to 61 in the first two quarters of 2021 have an average of $270.1 billion loan debt, 27% more than in 2018.
• Overall, the average of undergraduate student loans is higher than the average of graduate student loans.
• During 2019-20 the average of graduate student loan debt was $40,075, meanwhile, the average of undergraduate student loan debt was $64,368. Thereby, undergraduate students had approximately 60% more loan debt than graduate students.
• The average cumulative amount owed of Medicine students during 2015-16 was $241,600.