Average student loan debt by state, age & more

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Conversations around student loan debt forgiveness have called to attention a staggering statistic: In the end of 2024, Americans held a collective $1.64 trillion in federal student loans spread amongst more than 42 million borrowers.

Using the most recent available data from the U.S. Department of Education, we’ve compiled detailed statistics about the average student loan debt in America. Read on to see more, or use the links below to jump to a specific section.

Table of contents:

What is the average student loan debt? 

The average amount of student loan debt for Americans is $38,407.49 per borrower, though the exact amount varies significantly from person to person depending on age, gender and education level, among other characteristics.

The following chart captures the staggering rise of average student loan debt since 2007 by displaying the average debt, total debt and total number of borrowers and how they have changed over time.

Debt Table
Year Average debt Total debt Borrowers
2007$18,233.22$516 billion28.3 million
2008$19,297.66$577 billion29.9 million
2009$20,467.29$657 billion32.1 million
2010$21,865.89$750 billion34.3 million
2011$23,232.88$848 billion36.5 million
2012$24,751.96$948 billion38.3 million
2013$26,262.63$1.04 trillion39.6 million
2014$27,764.13$1.13 trillion40.7 million
2015$29,086.54$1.21 trillion41.6 million
2016$30,732.86$1.30 trillion42.3 million
2017$32,159.62$1.37 trillion42.6 million
2018$33,566.43$1.44 trillion42.9 million
2019$35,198.14$1.51 trillion42.9 million
2020$36,596.74$1.57 trillion42.9 million
2021$37,096.77$1.61 trillion43.4 million
2022$37,471.26$1.63 trillion43.5 million
2023$37,557.60$1.63 trillion43.4 million
2024$38,407.49$1.64 trillion42.7 million

Source: U.S. Department of Education

After accounting for inflation, the average student loan debt has increased by more than 50 percent since 2007. According to the Pew Research Center, the median purchasing power of Americans has hardly risen in the past four decades, so it stands to reason that student loan debt is an ever-increasing source of financial burden.

Student loan debt has ballooned over the past 17 years — and in that time, it has passed credit card debt in terms of non-housing debt in the United States, according to data from the Federal Reserve Bank.

At the beginning of 2007, just 28 million borrowers held around $500 billion in student loan debt — or an average of $18,233 per borrower. In 2024, the number of borrowers increased to about 42 million, who collectively hold more than $1.6 trillion in debt, which amounts to an average of $38,407.49 per person.

Chart showing how the average student loan debt has risen from 2007 to 2024

Although average student loan debt is more than $38,000, this figure is somewhat skewed since some students have extraordinarily large sums of debt that raise the overall average. The greatest number of borrowers owe just $10,000 to $20,000 in student loans, but more than 3.5 million are over $100,000 in debt from federal student loans.

Average student loan debt by state

While student loan debt is a national concern, the effects are felt differently in various states across the country. Many states have average student loan debt that hovers around the $38,407 national average, but there are several notable outliers. 

North Dakota, for instance, has the lowest average student loan debt at $29,145.87, while Maryland has the highest average student loan debt at $43,927.97.

Though they are not technically states, the District of Columbia has a very high average student loan debt of $54,447.45, and the U.S. territory of Puerto Rico has a relatively low average student loan debt of $32,090.92.

Here’s a list of U.S. states along with their average student loan debt, total student loan debt and total borrowers using data as of September 30, 2024:

Student Debt Table
State Average debt Total debt Borrowers
Alabama $37,709.18 $24.8 billion 657,200
Alaska $35,563.37 $2.4 billion 67,400
Arizona $35,876.07 $32.8 billion 914,400
Arkansas $34,141.65 $13.8 billion 403,900
California $38,232.91 $151 billion 3.95 million
Colorado $37,487.50 $29.3 billion 781,700
Connecticut $36,900.58 $19.1 billion 517,200
Delaware $39,140.77 $5.3 billion 135,500
District of Columbia $54,447.45 $6.4 billion 117,500
Florida $39,814.81 $107.5 billion 2.7 million
Georgia $42,058.82 $71.5 billion 1.7 million
Hawaii $38,897.94 $4.8 billion 123,400
Idaho $33,218.26 $7.3 billion 219,900
Illinois $39,625.00 $63.4 billion 1.6 million
Indiana $33,276.10 $30.1 billion 904,900
Iowa $30,930.23 $13.3 billion 430,000
Kansas $33,333.33 $12.8 billion 384,600
Kentucky $33,840.62 $20.7 billion 611,700
Louisiana $34,973.31 $23.7 billion 678,100
Maine $34,479.62 $6.5 billion 188,800
Maryland $43,927.97 $37.1 billion 845,200
Massachusetts $35,654.61 $32.7 billion 917,500
Michigan $36,857.14 $51.6 billion 1.4 million
Minnesota $34,225.22 $27.0 billion 788,500
Mississippi $37,690.53 $16.9 billion 448,600
Missouri $35,764.48 $29.8 billion 832,700
Montana $34,250.39 $4.4 billion 128,500
Nebraska $32,549.55 $8.1 billion 248,900
Nevada $34,688.79 $12.6 billion 363,300
New Hampshire $35,400.94 $6.8 billion 192,200
New Jersey $38,500.00 $46.2 billion 1.2 million
New Mexico $34,309.34 $7.8 billion 227,300
New York $38,520.00 $96.3 billion 2.5 million
North Carolina $38,071.43 $53.3 billion 1.4 million
North Dakota $29,145.87 $2.6 billion 89,200
Ohio $34,722.22 $62.6 billion 1.8 million
Oklahoma $32,307.32 $16.3 billion 504,900
Oregon $38,226.60 $20.3 billion 531,200
Pennsylvania $35,526.32 $67.5 billion 1.9 million
Puerto Rico $32,058.85 $10.7 billion 333,400
Rhode Island $33,061.50 $4.9 billion 148,200
South Carolina $38,750.97 $29.9 billion 771,900
South Dakota $30,996.64 $3.7 billion 119,400
Tennessee $37,131.75 $33.1 billion 891,400
Texas $34,605.26 $131.4 billion 3.8 million
Utah $33,914.69 $10.9 billion 321,800
Vermont $37,660.39 $2.9 billion 77,100
Virginia $40,090.91 $44.3 billion 1.1 million
Washington $37,040.32 $29.1 billion 786,800
West Virginia $32,372.87 $7.4 billion 228,600
Wisconsin $32,523.69 $23.6 billion 724,900
Wyoming $30,357.14 $1.7 billion 55,600

Source: U.S. Department of Education

Total student loan debt for each state correlates strongly with population, so California ($151 billion), Texas ($131.4 billion) and New York ($96.3 billion) have the largest amount of debt among all states. The smallest amount of debt belongs to Wyoming, which holds just $1.7 billion among 55,600 borrowers — though that is nearly 10 percent of the state’s population with some sort of student loan debt.

Map of the US showing the average student loan debt by state

Average student loan debt by age

Student loan debt varies significantly by age, with those ages 50 to 61 holding the highest average debt at $46,790.32. 

On the other hand, the greatest number of borrowers are ages 25 to 34 (14.7 million total borrowers), and the greatest amount of debt is held by those ages 35 to 49 ($646.6 billion total debt). Those 62 or older represent less than 7 percent of total borrowers, yet they collectively owe $121.5 billion — which is more debt than the youngest age group.

The following chart shows the average student loan debt, total student loan debt and number of borrowers for each major age group.

Debt by Age
Age Average debt Total debt Borrowers
24 and younger $14,161.76 $96.3 billion 6.8 million
25 to 34 $33,149.66 $487.3 billion 14.7 million
35 to 49 $44,287.67 $646.6 billion 14.6 million
50 to 61 $46,790.32 $290.1 billion 6.2 million
62 and older $43,392.86 $121.5 billion 2.8 million

Source: U.S. Department of Education

The average debt for each age group is skewed slightly upward by a small number of people who hold a significant amount of student loan debt — in some cases $200,000 or more. Across borrowers ages 25 to 61, it is most common to have between $20,000 and $40,000 of student loan debt, whereas those under 25 generally have between $5,000 and $10,000. Most borrowers above age 62 have less than $5,000 in debt.

Across all age groups, a total of 11.67 million borrowers owe more than $40,000 in student loan debt — meaning around 25 percent of total borrowers have more debt than average.

Graph showing the average student loan debt by age group

Average student loan debt by race and gender 

Student loan debt is not distributed equally among races and genders, as borrowing patterns tend to vary substantially. While Asian students tend to borrow the least amount of money to fund their education, Black students tend to borrow the most. 

In general, a smaller percentage of white students (67 percent) and Asian students (43 percent) took out loans for their education than Hispanic students (70 percent) and Black students (86 percent).

Here is a full look at how students of different races and genders funded their education using student loans.

Race or Ethnicity Borrowing Table
Average amount borrowed by race and gender
Race or ethnicity Gender Average borrowed
White Male $29,862
Female $31,346
Black or African American Male $35,665
Female $37,558
Hispanic or Latin American Male $27,452
Female $27,029
Asian Male $25,507
Female $25,252

Source: American Association of University Women

Many women take loans out for four-year for-profit universities, which tend to charge higher tuition, leading to larger student loan burdens after graduation. 

The American Association of University Women found that women hold nearly two-thirds of student loan debt, and many women manage debt payments while also managing housing, food or childcare costs on an average post-graduation salary of about $35,000.

Among Black women, 57 percent of college graduates report difficulty repaying student loans despite earning a bachelor’s degree or higher. 

A 2022 study by The Education Trust also found that 12 years after enrolling in college, Black women find themselves owing 13 percent more than the amount they initially borrowed. On the other hand, White men have managed to reduce their debt by 44 percent in the same time frame.

Average student loan debt by school type

Public school loans account for the highest percentage of student loans, making up over 44 percent. Private schools follow closely behind at 35.6 percent. Proprietary schools, which include for-profit colleges and universities, make up 16.1 percent of all student loans, while foreign schools account for just over one percent. 

Students who attended a foreign school have the highest average debt at $116,500.00, which is significantly more than those who attended proprietary schools, whose average debt is $22,471.20. 

School Type Debt Table
School type Average debt Total debt Borrowers
Public $28,827.70 $728.0 billion 25.3 million
Private $42,468.80 $585.8 billion 13.8 million
Proprietary $22,471.20 $264.9 billion 11.8 million
Foreign $116,500.00 $23.3 billion 200 thousand

Source: U.S. Department of Education

Average student loan debt by repayment status

The average student loan debt varies according to repayment status, as student loans are treated differently for students in school, throughout the post-graduation grace period, amid repayment or during deferment, forbearance or default. 

For students in school and during the post-graduation grace period, no payments are required — though interest may continue to accrue for unsubsidized loans. Deferment and forbearance are similar, though no interest accrues with deferment as it typically does with forbearance.

The following chart shows the average student loan debt for those with different repayment statuses. Keep in mind that the below chart is based on data from Q4 2024. Prior to that, in March 2020, many major shifts occurred in loan statuses due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Status Debt Table
Status Average debt Total debt Borrowers
In school $18,065.57 $110.2 billion 6.1 million
Grace $24,000.00 $38.4 billion 1.6 million
Repayment $32,032.09 $599.0 billion 18.7 million
Deferment $40,687.50 $130.2 billion 3.2 million
Forbearance $55,277.78 $497.5 billion 9.0 million
Default $22,200.00 $88.8 billion 4.0 million

Source: U.S. Department of Education

While temporary government action through the CARES Act offered a reprieve to millions of student loan borrowers, payments restarted in October 2023. 

The impact of student loans on your credit 

Student loan debt and payments affect your credit, so getting a handle on that debt is crucial. While making on-time payments can help you build credit, making late payments or missing them altogether can have a major negative impact on your credit score.

Juggling student loans with other debt, like mortgages and auto loans, can be overwhelming and make it hard to maintain good credit, but professionals can provide the support you need to overcome these temporary obstacles. If you need help cleaning up your credit report or getting your credit back on track, learn more about our service

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