Debt Table<\/title>\n <style>\n .cutout-table_main {\n width: 100%;\n overflow: auto;\n }\n .cutout-table_main::-webkit-scrollbar {\n width: 4px;\n height: 5px;\n }\n .cutout-table_main::-webkit-scrollbar-track {\n box-shadow: inset 0 0 6px rgba(0, 0, 0, 0.3);\n border-radius: 50px;\n }\n .cutout-table_main::-webkit-scrollbar-thumb {\n background-color: #00214f;\n outline: 1px solid slategrey;\n border-radius: 50px;\n cursor: pointer;\n }\n\n .cutout-table {\n width: 100%;\n table-layout: fixed;\n border-collapse: collapse;\n }\n .cutout-table th {\n background-color: #00214f !important;\n color: #fff;\n border-left: solid 1px #fff;\n padding: 1.6rem;\n }\n .cutout-table th:first-child {\n border-left: solid 1px #00214f;\n }\n .cutout-table th:last-child {\n border-right: solid 1px #00214f;\n }\n .cutout-table td {\n padding: 1rem;\n border: 1px solid #ccc;\n text-align: center;\n }\n <\/style>\n<\/head>\n<body>\n <div class=\"cutout-table_main\">\n <table class=\"cutout-table\">\n <tbody>\n <tr>\n <th><strong>Year<\/strong><\/th>\n <th><strong>Average debt<\/strong><\/th>\n <th><strong>Total debt<\/strong><\/th>\n <th><strong>Borrowers<\/strong><\/th>\n <\/tr>\n <tr><td>2007<\/td><td>$18,233.22<\/td><td>$516 billion<\/td><td>28.3 million<\/td><\/tr>\n <tr><td>2008<\/td><td>$19,297.66<\/td><td>$577 billion<\/td><td>29.9 million<\/td><\/tr>\n <tr><td>2009<\/td><td>$20,467.29<\/td><td>$657 billion<\/td><td>32.1 million<\/td><\/tr>\n <tr><td>2010<\/td><td>$21,865.89<\/td><td>$750 billion<\/td><td>34.3 million<\/td><\/tr>\n <tr><td>2011<\/td><td>$23,232.88<\/td><td>$848 billion<\/td><td>36.5 million<\/td><\/tr>\n <tr><td>2012<\/td><td>$24,751.96<\/td><td>$948 billion<\/td><td>38.3 million<\/td><\/tr>\n <tr><td>2013<\/td><td>$26,262.63<\/td><td>$1.04 trillion<\/td><td>39.6 million<\/td><\/tr>\n <tr><td>2014<\/td><td>$27,764.13<\/td><td>$1.13 trillion<\/td><td>40.7 million<\/td><\/tr>\n <tr><td>2015<\/td><td>$29,086.54<\/td><td>$1.21 trillion<\/td><td>41.6 million<\/td><\/tr>\n <tr><td>2016<\/td><td>$30,732.86<\/td><td>$1.30 trillion<\/td><td>42.3 million<\/td><\/tr>\n <tr><td>2017<\/td><td>$32,159.62<\/td><td>$1.37 trillion<\/td><td>42.6 million<\/td><\/tr>\n <tr><td>2018<\/td><td>$33,566.43<\/td><td>$1.44 trillion<\/td><td>42.9 million<\/td><\/tr>\n <tr><td>2019<\/td><td>$35,198.14<\/td><td>$1.51 trillion<\/td><td>42.9 million<\/td><\/tr>\n <tr><td>2020<\/td><td>$36,596.74<\/td><td>$1.57 trillion<\/td><td>42.9 million<\/td><\/tr>\n <tr><td>2021<\/td><td>$37,096.77<\/td><td>$1.61 trillion<\/td><td>43.4 million<\/td><\/tr>\n <tr><td>2022<\/td><td>$37,471.26<\/td><td>$1.63 trillion<\/td><td>43.5 million<\/td><\/tr>\n <tr><td>2023<\/td><td>$37,557.60<\/td><td>$1.63 trillion<\/td><td>43.4 million<\/td><\/tr>\n <tr><td>2024<\/td><td>$38,407.49<\/td><td>$1.64 trillion<\/td><td>42.7 million<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n<\/body>\n<\/html>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of Education<\/a><\/p>\n\n\n\n<p>After accounting for inflation, the average student loan debt has increased by more than 50 percent since 2007. According to the <a href=\"https:\/\/www.pewresearch.org\/short-reads\/2018\/08\/07\/for-most-us-workers-real-wages-have-barely-budged-for-decades\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pew Research Center<\/a>, 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.<\/p>\n\n\n\n<p>Student loan debt has ballooned over the past 17 years \u2014 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 <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Reserve Bank<\/a>.<\/p>\n\n\n\n<p>At the beginning of 2007, just 28 million borrowers held around $500 billion in student loan debt \u2014 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.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1501\" height=\"1274\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-year-1.png\" alt=\"Chart showing how the average student loan debt has risen from 2007 to 2024\" class=\"wp-image-21250\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-year-1.png 1501w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-year-1-1100x934.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-year-1-768x652.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p>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 <a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">over $100,000 in debt<\/a> from federal student loans.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"state\"><strong>Average student loan debt by state<\/strong><\/h2>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Here\u2019s 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:<\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n <meta charset=\"UTF-8\">\n <title>Student Debt Table<\/title>\n <style>\n .cutout-table_main {\n width: 100%;\n overflow: auto;\n }\n .cutout-table_main::-webkit-scrollbar {\n width: 4px;\n height: 5px;\n }\n .cutout-table_main::-webkit-scrollbar-track {\n box-shadow: inset 0 0 6px rgba(0, 0, 0, 0.3);\n border-radius: 50px;\n }\n .cutout-table_main::-webkit-scrollbar-thumb {\n background-color: #00214f;\n outline: 1px solid slategrey;\n border-radius: 50px;\n cursor: pointer;\n }\n\n .cutout-table {\n display: block;\n table-layout: fixed;\n display: table;\n width: 100%;\n border-collapse: collapse;\n }\n\n .cutout-table th {\n background-color: #00214f !important;\n color: #fff;\n border-left: solid 1px #fff;\n padding: 1.6rem;\n text-align: left;\n }\n\n .cutout-table th:first-child {\n border-left: solid 1px #00214f;\n }\n\n .cutout-table th:last-child {\n border-right: solid 1px #00214f;\n }\n\n .cutout-table td {\n padding: 1rem;\n border-bottom: 1px solid #ccc;\n }\n <\/style>\n<\/head>\n<body>\n <div class=\"cutout-table_main\">\n <table class=\"cutout-table\">\n <tbody>\n <tr>\n <th><strong>State<\/strong><\/th>\n <th><strong>Average debt<\/strong><\/th>\n <th><strong>Total debt<\/strong><\/th>\n <th><strong>Borrowers<\/strong><\/th>\n <\/tr>\n <tr>\n <td>Alabama<\/td>\n <td>$37,709.18<\/td>\n <td>$24.8 billion<\/td>\n <td>657,200<\/td>\n <\/tr>\n <tr>\n <td>Alaska<\/td>\n <td>$35,563.37<\/td> \n <td>$2.4 billion<\/td> \n <td>67,400<\/td> \n <\/tr> \n <tr>\n <td>Arizona<\/td>\n <td>$35,876.07<\/td> \n <td>$32.8 billion<\/td> \n <td>914,400<\/td> \n <\/tr> \n <tr>\n <td>Arkansas<\/td>\n <td>$34,141.65<\/td> \n <td>$13.8 billion<\/td> \n <td>403,900<\/td> \n <\/tr> \n <tr>\n <td>California<\/td>\n <td>$38,232.91<\/td> \n <td>$151 billion<\/td> \n <td>3.95 million<\/td> \n <\/tr> \n <tr>\n <td>Colorado<\/td>\n <td>$37,487.50<\/td> \n <td>$29.3 billion<\/td> \n <td>781,700<\/td> \n <\/tr> \n <tr>\n <td>Connecticut<\/td>\n <td>$36,900.58<\/td> \n <td>$19.1 billion<\/td> \n <td>517,200<\/td> \n <\/tr> \n <tr>\n <td>Delaware<\/td>\n <td>$39,140.77<\/td> \n <td>$5.3 billion<\/td> \n <td>135,500<\/td> \n <\/tr> \n <tr>\n <td>District of Columbia<\/td>\n <td>$54,447.45<\/td> \n <td>$6.4 billion<\/td> \n <td>117,500<\/td> \n <\/tr> \n <tr>\n <td>Florida<\/td>\n <td>$39,814.81<\/td> \n <td>$107.5 billion<\/td> \n <td>2.7 million<\/td> \n <\/tr> \n <tr>\n <td>Georgia<\/td>\n <td>$42,058.82<\/td> \n <td>$71.5 billion<\/td> \n <td>1.7 million<\/td> \n <\/tr> \n <tr>\n <td>Hawaii<\/td>\n <td>$38,897.94<\/td> \n <td>$4.8 billion<\/td> \n <td>123,400<\/td> \n <\/tr> \n <tr>\n <td>Idaho<\/td>\n <td>$33,218.26<\/td> \n <td>$7.3 billion<\/td> \n <td>219,900<\/td> \n <\/tr> \n <tr>\n <td>Illinois<\/td>\n <td>$39,625.00<\/td> \n <td>$63.4 billion<\/td> \n <td>1.6 million<\/td> \n <\/tr> \n <tr>\n <td>Indiana<\/td>\n <td>$33,276.10<\/td> \n <td>$30.1 billion<\/td> \n <td>904,900<\/td> \n <\/tr> \n <tr>\n <td>Iowa<\/td>\n <td>$30,930.23<\/td> \n <td>$13.3 billion<\/td> \n <td>430,000<\/td> \n <\/tr> \n <tr>\n <td>Kansas<\/td>\n <td>$33,333.33<\/td> \n <td>$12.8 billion<\/td> \n <td>384,600<\/td> \n <\/tr> \n <tr>\n <td>Kentucky<\/td>\n <td>$33,840.62<\/td> \n <td>$20.7 billion<\/td> \n <td>611,700<\/td> \n <\/tr> \n <tr>\n <td>Louisiana<\/td>\n <td>$34,973.31<\/td> \n <td>$23.7 billion<\/td> \n <td>678,100<\/td> \n <\/tr> \n <tr>\n <td>Maine<\/td>\n <td>$34,479.62<\/td> \n <td>$6.5 billion<\/td> \n <td>188,800<\/td> \n <\/tr> \n <tr>\n <td>Maryland<\/td>\n <td>$43,927.97<\/td> \n <td>$37.1 billion<\/td> \n <td>845,200<\/td> \n <\/tr> \n <tr>\n <td>Massachusetts<\/td>\n <td>$35,654.61<\/td> \n <td>$32.7 billion<\/td> \n <td>917,500<\/td> \n <\/tr> \n <tr>\n <td>Michigan<\/td>\n <td>$36,857.14<\/td> \n <td>$51.6 billion<\/td> \n <td>1.4 million<\/td> \n <\/tr> \n <tr>\n <td>Minnesota<\/td>\n <td>$34,225.22<\/td> \n <td>$27.0 billion<\/td> \n <td>788,500<\/td> \n <\/tr> \n <tr>\n <td>Mississippi<\/td>\n <td>$37,690.53<\/td> \n <td>$16.9 billion<\/td> \n <td>448,600<\/td> \n <\/tr> \n <tr>\n <td>Missouri<\/td>\n <td>$35,764.48<\/td> \n <td>$29.8 billion<\/td> \n <td>832,700<\/td> \n <\/tr> \n <tr>\n <td>Montana<\/td>\n <td>$34,250.39<\/td> \n <td>$4.4 billion<\/td> \n <td>128,500<\/td> \n <\/tr> \n <tr>\n <td>Nebraska<\/td>\n <td>$32,549.55<\/td> \n <td>$8.1 billion<\/td> \n <td>248,900<\/td> \n <\/tr> \n <tr>\n <td>Nevada<\/td>\n <td>$34,688.79<\/td> \n <td>$12.6 billion<\/td> \n <td>363,300<\/td> \n <\/tr> \n <tr>\n <td>New Hampshire<\/td>\n <td>$35,400.94<\/td> \n <td>$6.8 billion<\/td> \n <td>192,200<\/td> \n <\/tr> \n <tr>\n <td>New Jersey<\/td>\n <td>$38,500.00<\/td> \n <td>$46.2 billion<\/td> \n <td>1.2 million<\/td> \n <\/tr> \n <tr>\n <td>New Mexico<\/td>\n <td>$34,309.34<\/td> \n <td>$7.8 billion<\/td> \n <td>227,300<\/td> \n <\/tr> \n <tr>\n <td>New York<\/td>\n <td>$38,520.00<\/td> \n <td>$96.3 billion<\/td> \n <td>2.5 million<\/td> \n <\/tr> \n <tr>\n <td>North Carolina<\/td>\n <td>$38,071.43<\/td> \n <td>$53.3 billion<\/td> \n <td>1.4 million<\/td> \n <\/tr> \n <tr>\n <td>North Dakota<\/td>\n <td>$29,145.87<\/td> \n <td>$2.6 billion<\/td> \n <td>89,200<\/td> \n <\/tr> \n <tr>\n <td>Ohio<\/td>\n <td>$34,722.22<\/td> \n <td>$62.6 billion<\/td> \n <td>1.8 million<\/td> \n <\/tr> \n <tr>\n <td>Oklahoma<\/td>\n <td>$32,307.32<\/td> \n <td>$16.3 billion<\/td> \n <td>504,900<\/td> \n <\/tr> \n <tr>\n <td>Oregon<\/td>\n <td>$38,226.60<\/td> \n <td>$20.3 billion<\/td> \n <td>531,200<\/td> \n <\/tr> \n <tr>\n <td>Pennsylvania<\/td>\n <td>$35,526.32<\/td> \n <td>$67.5 billion<\/td> \n <td>1.9 million<\/td> \n <\/tr> \n <tr>\n <td>Puerto Rico<\/td>\n <td>$32,058.85<\/td> \n <td>$10.7 billion<\/td> \n <td>333,400<\/td> \n <\/tr> \n <tr>\n <td>Rhode Island<\/td>\n <td>$33,061.50<\/td> \n <td>$4.9 billion<\/td> \n <td>148,200<\/td> \n <\/tr>\n <tr>\n <td>South Carolina<\/td>\n <td>$38,750.97<\/td> \n <td>$29.9 billion<\/td> \n <td>771,900<\/td> \n <\/tr> \n <tr>\n <td>South Dakota<\/td>\n <td>$30,996.64<\/td> \n <td>$3.7 billion<\/td> \n <td>119,400<\/td> \n <\/tr> \n <tr>\n <td>Tennessee<\/td>\n <td>$37,131.75<\/td> \n <td>$33.1 billion<\/td> \n <td>891,400<\/td> \n <\/tr> \n <tr>\n <td>Texas<\/td>\n <td>$34,605.26<\/td> \n <td>$131.4 billion<\/td> \n <td>3.8 million<\/td> \n <\/tr> \n <tr>\n <td>Utah<\/td>\n <td>$33,914.69<\/td> \n <td>$10.9 billion<\/td> \n <td>321,800<\/td> \n <\/tr> \n <tr>\n <td>Vermont<\/td>\n <td>$37,660.39<\/td> \n <td>$2.9 billion<\/td> \n <td>77,100<\/td> \n <\/tr> \n <tr>\n <td>Virginia<\/td>\n <td>$40,090.91<\/td> \n <td>$44.3 billion<\/td> \n <td>1.1 million<\/td> \n <\/tr> \n <tr>\n <td>Washington<\/td>\n <td>$37,040.32<\/td> \n <td>$29.1 billion<\/td> \n <td>786,800<\/td> \n <\/tr> \n <tr>\n <td>West Virginia<\/td>\n <td>$32,372.87<\/td> \n <td>$7.4 billion<\/td> \n <td>228,600<\/td> \n <\/tr> \n <tr>\n <td>Wisconsin<\/td>\n <td>$32,523.69<\/td> \n <td>$23.6 billion<\/td> \n <td>724,900<\/td> \n <\/tr> \n <tr>\n <td>Wyoming<\/td>\n <td>$30,357.14<\/td> \n <td>$1.7 billion<\/td> \n <td>55,600<\/td> \n <\/tr> \n <\/tbody>\n <\/table>\n <\/div>\n<\/body>\n<\/html>\n\n\n\n<p><strong>Source:<\/strong> <a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of Education<\/a><\/p>\n\n\n\n<p>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 \u2014 though that is nearly 10 percent of the state\u2019s population with some sort of student loan debt.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1501\" height=\"1630\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-state-1.png\" alt=\"Map of the US showing the average student loan debt by state\" class=\"wp-image-21249\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-state-1.png 1501w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-state-1-1100x1195.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-state-1-768x834.png 768w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-state-1-1414x1536.png 1414w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"age\"><strong>Average student loan debt by age<\/strong><\/h2>\n\n\n\n<p>Student loan debt varies significantly by age, with those ages 50 to 61 holding the highest average debt at $46,790.32. <\/p>\n\n\n\n<p>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 \u2014 which is more debt than the youngest age group.<\/p>\n\n\n\n<p>The following chart shows the average student loan debt, total student loan debt and number of borrowers for each major age group.<\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n <meta charset=\"UTF-8\">\n <title>Debt by Age<\/title>\n <style>\n .cutout-table_main {\n width: 100%;\n overflow: auto;\n }\n .cutout-table_main::-webkit-scrollbar {\n width: 4px;\n height: 5px;\n }\n .cutout-table_main::-webkit-scrollbar-track {\n box-shadow: inset 0 0 6px rgba(0, 0, 0, 0.3);\n border-radius: 50px;\n }\n .cutout-table_main::-webkit-scrollbar-thumb {\n background-color: #00214f;\n outline: 1px solid slategrey;\n border-radius: 50px;\n cursor: pointer;\n }\n\n .cutout-table {\n display: block;\n table-layout: fixed;\n display: table;\n border-collapse: collapse;\n width: 100%;\n }\n .cutout-table th {\n background-color: #00214f !important;\n color: #fff;\n border-left: solid 1px #fff;\n padding: 1.6rem;\n text-align: left;\n }\n .cutout-table th:first-child {\n border-left: solid 1px #00214f;\n }\n .cutout-table th:last-child {\n border-right: solid 1px #00214f;\n }\n .cutout-table td {\n padding: 1rem;\n border-bottom: 1px solid #ccc;\n }\n <\/style>\n<\/head>\n<body>\n\n<div class=\"cutout-table_main\">\n <table class=\"cutout-table\">\n <tbody>\n <tr>\n <th><strong>Age<\/strong><\/th>\n <th><strong>Average debt<\/strong><\/th>\n <th><strong>Total debt<\/strong><\/th>\n <th><strong>Borrowers<\/strong><\/th>\n <\/tr>\n <tr>\n <td>24 and younger<\/td>\n <td>$14,161.76<\/td> \n <td>$96.3 billion<\/td> \n <td>6.8 million<\/td> \n <\/tr>\n <tr>\n <td>25 to 34<\/td>\n <td>$33,149.66<\/td> \n <td>$487.3 billion<\/td> \n <td>14.7 million<\/td> \n <\/tr> \n <tr>\n <td>35 to 49<\/td>\n <td>$44,287.67<\/td> \n <td>$646.6 billion<\/td> \n <td>14.6 million<\/td> \n <\/tr> \n <tr>\n <td>50 to 61<\/td>\n <td>$46,790.32<\/td> \n <td>$290.1 billion<\/td> \n <td>6.2 million<\/td> \n <\/tr> \n <tr>\n <td>62 and older<\/td>\n <td>$43,392.86<\/td> \n <td>$121.5 billion<\/td> \n <td>2.8 million<\/td> \n <\/tr> \n <\/tbody>\n <\/table>\n<\/div>\n\n<\/body>\n<\/html>\n\n\n\n<p><strong>Source:<\/strong> <a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of Education<\/a><\/p>\n\n\n\n<p>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 \u2014 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.<\/p>\n\n\n\n<p>Across all age groups, a total of 11.67 million borrowers owe more than $40,000 in student loan debt \u2014 meaning around 25 percent of total borrowers have more debt than average.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1500\" height=\"1314\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-age-1.png\" alt=\"Graph showing the average student loan debt by age group\" class=\"wp-image-21251\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-age-1.png 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-age-1-1100x964.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/05\/average-student-loan-debt-by-age-1-768x673.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"gender\"><strong>Average student loan debt by race and gender <\/strong><\/h2>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>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).<\/p>\n\n\n\n<p>Here is a full look at how students of different races and genders funded their education using student loans.<\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n <meta charset=\"UTF-8\">\n <title>Race or Ethnicity Borrowing Table<\/title>\n <style>\n .cutout-table_main {\n width: 100%;\n overflow: auto;\n }\n .cutout-table_main::-webkit-scrollbar {\n width: 4px;\n height: 5px;\n }\n .cutout-table_main::-webkit-scrollbar-track {\n box-shadow: inset 0 0 6px rgba(0, 0, 0, 0.3);\n border-radius: 50px;\n }\n .cutout-table_main::-webkit-scrollbar-thumb {\n background-color: #00214f;\n outline: 1px solid slategrey;\n border-radius: 50px;\n cursor: pointer;\n }\n\n .cutout-table {\n display: table;\n table-layout: fixed;\n width: 100%;\n border-collapse: collapse;\n }\n .cutout-table th {\n background-color: #00214f !important;\n color: #fff;\n border-left: solid 1px #fff;\n padding: 1.6rem;\n text-align: left;\n }\n .cutout-table th:first-child {\n border-left: solid 1px #00214f;\n }\n .cutout-table th:last-child {\n border-right: solid 1px #00214f;\n }\n .cutout-table td {\n border: 1px solid #d1d0d4;\n padding: 5px;\n text-align: left;\n }\n .cutout-table th[colspan=\"4\"] {\n height: 125px;\n color: white;\n background-color: #092F57;\n text-align: center;\n border: 1px solid #d1d0d4;\n padding: 5px;\n }\n <\/style>\n<\/head>\n<body>\n <div class=\"cutout-table_main\">\n <table class=\"cutout-table\">\n <tbody>\n <tr>\n <th colspan=\"3\">Average amount borrowed by race and gender<\/th>\n <\/tr>\n <tr>\n <th><strong>Race or ethnicity<\/strong><\/th>\n <th><strong>Gender<\/strong><\/th>\n <th><strong>Average borrowed<\/strong><\/th>\n <\/tr>\n <tr>\n <td rowspan=\"2\">White<\/td>\n <td>Male<\/td>\n <td>$29,862<\/td>\n <\/tr>\n <tr>\n <td>Female<\/td>\n <td>$31,346<\/td>\n <\/tr>\n <tr>\n <td rowspan=\"2\">Black or African American<\/td>\n <td>Male<\/td>\n <td>$35,665<\/td>\n <\/tr>\n <tr>\n <td>Female<\/td>\n <td>$37,558<\/td>\n <\/tr>\n <tr>\n <td rowspan=\"2\">Hispanic or Latin American<\/td>\n <td>Male<\/td>\n <td>$27,452<\/td>\n <\/tr>\n <tr>\n <td>Female<\/td>\n <td>$27,029<\/td>\n <\/tr>\n <tr>\n <td rowspan=\"2\">Asian<\/td>\n <td>Male<\/td>\n <td>$25,507<\/td>\n <\/tr>\n <tr>\n <td>Female<\/td>\n <td>$25,252<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n<\/body>\n<\/html>\n\n\n\n<p><strong>Source:<\/strong> <a href=\"https:\/\/www.aauw.org\/resources\/research\/deeper-in-debt\/\" target=\"_blank\" rel=\"noreferrer noopener\">American Association of University Women<\/a><\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.aauw.org\/resources\/research\/deeper-in-debt\/\" target=\"_blank\" rel=\"noreferrer noopener\">salary of about $35,000<\/a>.<\/p>\n\n\n\n<p>Among Black women, 57 percent of college graduates report difficulty <a href=\"https:\/\/www.lexingtonlaw.com\/education\/how-to-pay-back-student-loans\" target=\"_blank\" rel=\"noreferrer noopener\">repaying student loans<\/a> despite earning a bachelor\u2019s degree or higher. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"school\"><strong>Average student loan debt by school type<\/strong><\/h2>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n <meta charset=\"UTF-8\">\n <title>School Type Debt Table<\/title>\n <style>\n .cutout-table_main {\n width: 100%;\n overflow: auto;\n }\n .cutout-table_main::-webkit-scrollbar {\n width: 4px;\n height: 5px;\n }\n .cutout-table_main::-webkit-scrollbar-track {\n box-shadow: inset 0 0 6px rgba(0, 0, 0, 0.3);\n border-radius: 50px;\n }\n .cutout-table_main::-webkit-scrollbar-thumb {\n background-color: #00214f;\n outline: 1px solid slategrey;\n border-radius: 50px;\n cursor: pointer;\n }\n\n .cutout-table {\n display: table;\n table-layout: fixed;\n width: 100%;\n border-collapse: collapse;\n }\n .cutout-table th {\n background-color: #00214f !important;\n color: #fff;\n border-left: solid 1px #fff;\n padding: 1.6rem;\n text-align: left;\n }\n .cutout-table th:first-child {\n border-left: solid 1px #00214f;\n }\n .cutout-table th:last-child {\n border-right: solid 1px #00214f;\n }\n .cutout-table td {\n border: 1px solid #d1d0d4;\n padding: 5px;\n text-align: left;\n }\n <\/style>\n<\/head>\n<body>\n <div class=\"cutout-table_main\">\n <table class=\"cutout-table\">\n <tbody>\n <tr>\n <th><strong>School type<\/strong><\/th>\n <th><strong>Average debt<\/strong><\/th>\n <th><strong>Total debt<\/strong><\/th>\n <th><strong>Borrowers<\/strong><\/th>\n <\/tr>\n <tr>\n <td>Public<\/td>\n <td>$28,827.70<\/td> \n <td>$728.0 billion<\/td> \n <td>25.3 million<\/td> \n <\/tr>\n <tr>\n <td>Private<\/td>\n <td>$42,468.80<\/td> \n <td>$585.8 billion<\/td> \n <td>13.8 million<\/td> \n <\/tr> \n <tr>\n <td>Proprietary<\/td>\n <td>$22,471.20<\/td> \n <td>$264.9 billion<\/td> \n <td>11.8 million<\/td> \n <\/tr> \n <tr>\n <td>Foreign<\/td>\n <td>$116,500.00<\/td> \n <td>$23.3 billion<\/td> \n <td>200 thousand<\/td> \n <\/tr> \n <\/tbody>\n <\/table>\n <\/div>\n<\/body>\n<\/html>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of Education<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"repayment\"><strong>Average student loan debt by repayment status<\/strong><\/h2>\n\n\n\n<p>The average student loan debt varies according to repayment status, as student loans are treated differently for students in school, throughout the post-graduation <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/loans\/student-loan-grace-period.html\" target=\"_blank\" rel=\"noreferrer noopener\">grace period<\/a>, amid repayment or during deferment, forbearance or default. <\/p>\n\n\n\n<p>For students in school and during the post-graduation grace period, no payments are required \u2014 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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n <meta charset=\"UTF-8\">\n <title>Status Debt Table<\/title>\n <style>\n .cutout-table_main {\n width: 100%;\n overflow: auto;\n }\n .cutout-table_main::-webkit-scrollbar {\n width: 4px;\n height: 5px;\n }\n .cutout-table_main::-webkit-scrollbar-track {\n box-shadow: inset 0 0 6px rgba(0, 0, 0, 0.3);\n border-radius: 50px;\n }\n .cutout-table_main::-webkit-scrollbar-thumb {\n background-color: #00214f;\n outline: 1px solid slategrey;\n border-radius: 50px;\n cursor: pointer;\n }\n\n .cutout-table {\n display: table;\n table-layout: fixed;\n width: 100%;\n border-collapse: collapse;\n }\n .cutout-table th {\n background-color: #00214f !important;\n color: #fff;\n border-left: solid 1px #fff;\n padding: 1.6rem;\n text-align: left;\n }\n .cutout-table th:first-child {\n border-left: solid 1px #00214f;\n }\n .cutout-table th:last-child {\n border-right: solid 1px #00214f;\n }\n .cutout-table td {\n border: 1px solid #d1d0d4;\n padding: 5px;\n text-align: left;\n }\n <\/style>\n<\/head>\n<body>\n <div class=\"cutout-table_main\">\n <table class=\"cutout-table\">\n <tbody>\n <tr>\n <th><strong>Status<\/strong><\/th>\n <th><strong>Average debt<\/strong><\/th>\n <th><strong>Total debt<\/strong><\/th>\n <th><strong>Borrowers<\/strong><\/th>\n <\/tr>\n <tr>\n <td>In school<\/td>\n <td>$18,065.57<\/td> \n <td>$110.2 billion<\/td> \n <td>6.1 million<\/td> \n <\/tr>\n <tr>\n <td>Grace<\/td>\n <td>$24,000.00<\/td> \n <td>$38.4 billion<\/td> \n <td>1.6 million<\/td> \n <\/tr> \n <tr>\n <td>Repayment<\/td>\n <td>$32,032.09<\/td> \n <td>$599.0 billion<\/td> \n <td>18.7 million<\/td> \n <\/tr> \n <tr>\n <td>Deferment<\/td>\n <td>$40,687.50<\/td> \n <td>$130.2 billion<\/td> \n <td>3.2 million<\/td> \n <\/tr> \n <tr>\n <td>Forbearance<\/td>\n <td>$55,277.78<\/td> \n <td>$497.5 billion<\/td> \n <td>9.0 million<\/td> \n <\/tr> \n <tr>\n <td>Default<\/td>\n <td>$22,200.00<\/td> \n <td>$88.8 billion<\/td> \n <td>4.0 million<\/td> \n <\/tr> \n <\/tbody>\n <\/table>\n <\/div>\n<\/body>\n<\/html>\n\n\n\n<p><strong>Source:<\/strong> <a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of Education<\/a><\/p>\n\n\n\n<p>While temporary government action through the CARES Act offered a reprieve to millions of student loan borrowers, payments restarted in October 2023. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The impact of student loans on your credit <\/strong><\/h2>\n\n\n\n<p>Student loan debt and payments <a href=\"https:\/\/www.lexingtonlaw.com\/education\/student-loans-affect-credit\" target=\"_blank\" rel=\"noreferrer noopener\">affect your credit<\/a>, 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.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.lexingtonlaw.com\/credit-repair-services\" target=\"_blank\" rel=\"noreferrer noopener\">our service<\/a>. <\/p>\n\n\n\n<p><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>Note:<\/em><\/strong><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the average student loan debt is $37,645 per borrower, the amount can vary from person to person depending on factors like age, gender and race.<\/p>\n","protected":false},"author":63,"featured_media":16831,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[528],"tags":[],"yoast_head":"\n<title>Average Student Loan Debt for 2024 | Lexington Law<\/title>\n<meta name=\"description\" content=\"While the average student loan debt is $37,645 per borrower, the amount can vary from person to person depending on factors like age, gender and race.\" 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