U.S. Student Loan Debt Statistics

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Statistics about average student loan debt in the U.S. make for frightening headlines, and it’s no wonder — the amount students owe as of 2021 is staggering.

Here’s the average student loan debt in several categories:

• Student loan debt at a glance
• Average student loan debt by state
• Private student loan debt
• Federal student loan debt
• Average student loan monthly payment
• Graduate student loan debt
• Medical student loan debt
• Law school student loan debt
• Parent student loan debt
• Average student loan debt for recent graduates
• Average debt by school type
• Average student loan debt by age group
• Extreme student loan debt
• Strategies to pay off student loan debt
• Student loan debt: Frequently asked questions

Student loan debt at a glance

The average student loan debt grew by $5,697 from 2019 to 2021, based on recent statistics from EducationData.org.

Average student loan debt by state

Borrowers who live in the District of Columbia have the highest average student loan debt at $55,077 while residents of North Dakota had the lowest at $29,446, according to EducationData.org.

Private student loan debt

Here’s how private student loan debt broke down as of Sept. 30, 2021, according to data collected by MeasureOne:

Analysis: MeasureOne’s data shows that 92.16% of private student loans made to undergraduates for the 2021-2022 academic year were cosigned, compared to 65.99% of grad school loans.

Federal student loan debt

As of the last quarter of 2021, federal student loan debt comprises the following, according to EducationData.org:

Average student loan monthly payment

Here’s what you can expect as an average student loan payment, according to the Federal Reserve’s Survey of Consumer Finances:

Analysis: The average monthly payment for student loan borrowers depends not only on the amount they owe, but their interest rate and how many years they’ll take to repay their debt.

The standard repayment term for federal student loans is 10 years, but extended and income-driven repayment plans allow borrowers to stretch out their payments for as long as 20 or 25 years. These repayment plans can ease the burden of monthly student loan payments, but they can also dramatically increase total repayment costs.

Similarly, borrowers who opt for longer private student loan repayment options will likely pay much more in interest over time compared to those who choose shorter terms.

Graduate student loan debt

The average graduate school debt comprises the following, according to EducationData.org:

Medical student loan debt

Here’s how the average medical school debt breaks down, according to EducationData.org:

Law school student loan debt

Here’s what the average law school debt looks like, according to EducationData.org:

Parent student loan debt

As of December 2021, parents owe the following amounts in federal Parent PLUS Loans, according to the U.S. Department of Education. Note that this information doesn’t include any private loans these borrowers may have taken.

Average student loan debt for recent graduates

According to an annual survey of thousands of colleges by the College Board, 55% of students who earned a four-year degree in 2020 took out student loans to pay for college.

Average debt by school type

The average amount of debt taken on to earn a degree can vary significantly by school type. Here’s the average debt by school type based on data from the National Center for Education Statistics:

Average student loan debt by age group

Here’s how the average student loan debt breaks down by age group, according to the Department of Education:

While student loan debt is often thought of as a problem disproportionately affecting millennials, borrowers ages 35 and older hold 60.69% of all student debt. Additionally, borrowers aged 35 to 61 tend to have the highest loan balances.

Although borrowers 24 and younger have the lowest average loan balances ($14,807) of any age group, many are still enrolled in school and taking out additional loans. Borrowers 24 and younger hold less than 7.5% of total student loan debt.

Extreme student loan debt

Among federal student loan borrowers, there are relatively few who have six-figure debt:

While only a small fraction of borrowers (7.03%) owe $100,000 or more, that group owes a disproportionate amount of total student loan debt: $580.3 billion. That’s more than a third of all outstanding federal student loan debt.

Keep in mind that much of this extreme debt is made up of loans for graduate school or professional programs. In comparison, most federal student loan borrowers (74.9%) owe less than $40,000.

Strategies to pay off student loan debt

There are a number of strategies that could help you pay off your student loan debt, including:

• Sign up for an income-driven repayment plan. If you have federal student loans and are struggling to make payments, signing up for an income-driven repayment (IDR) plan could be a good idea. Under an IDR plan, your payment will be based on your income. Plus, any remaining balance could be forgiven after 20 to 25 years, depending on the plan.
• Pay more than the minimum. Paying extra on your loans could help reduce your principal balance and get you out of debt faster. Remember to ask your servicer to apply the additional amount to the loan principal rather than your next monthly payment.
• Use the debt avalanche method. This method could help you pay off multiple student loans while saving you money on interest. You’ll put whatever extra money you can afford toward the loan with the highest interest rate while continuing to make minimum payments on your other loans. Once this loan is paid off, you’ll move on to the loan with the next-highest rate — then continue until all of your loans are paid off.
• Use the debt snowball method. If you’re more motivated by small wins, this method might be a better choice for paying off multiple loans — though it won’t save you money on interest like the debt avalanche. To start, put any extra money toward the loan with the lowest balance while making minimum payments on your other loans. Once this loan is paid off, move on to the loan with the next-lowest balance — continue until all of your loans are paid off.
• Refinance your student loans. Depending on your credit, refinancing your student loans could get you a lower interest rate and help you pay off your debt faster. Or you could opt for a longer repayment period to reduce your monthly payment and lessen the strain on your budget — though keep in mind that this will cost you more in interest over time. Borrowers who used Credible to refinance their loans through Credible from Nov. 1, 2019, to Dec. 1, 2020, and who chose a shorter repayment term were projected to save $16,9431¹ over the life of their loan.

If you decide to refinance your student loans, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan terms (years)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.94%+	N/A	10, 15, 20
Fixed APR: 2.94%+ Variable APR: N/A Min. credit score: Does not disclose Loan amount: $7,500 up to $500,000 Loan terms (years): 10, 15, 20 Max. undergraduate loan balance: $250,000 - $500,000 Time to fund: 4 months Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a resident of Kentucky Customer service: Phone Soft credit check: No Cosigner release: After 12 months Loan servicer: Kentucky Higher Education Student Loan Corporation Max. graduate loan balance: $250,000 - $500,000 Credible Review: Advantage Education Loan review Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.4%+	4.07%+	5, 7, 10, 15, 20
Fixed APR: 2.4%+ Variable APR: 4.07%+ Min. credit score: 690 Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.29%+1	2.24%+1	5, 7, 10, 15, 20
Fixed APR: 4.29%+1 Variable APR: 2.24%+1 Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.49%+2	3.44%+2	5, 7, 10, 12, 15, 20
Fixed APR: 3.49%+2 Variable APR: 3.44%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.41%+5	5.03%+5	10, 15, 20
Fixed APR: 4.41%+5 Variable APR: 5.03%+5 Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R) Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.39%+3	1.86%+3	5, 7, 10, 12, 15, 20
Fixed APR: 3.39%+3 Variable APR: 1.86%+3 Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.18%+4	3.67%+4	5, 10, 15, 20
Fixed APR: 5.18%+4 Variable APR: 3.67%+4 Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.5%+	N/A	7, 10, 15
Fixed APR: 4.5%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.49%+	N/A	5, 8, 12, 15
Fixed APR: 5.49%+ Variable APR: N/A Min. credit score: 670 Loan amount: $7,500 to $300,000 Loan terms (years): 5, 8, 12, 15 Repayment options: Does not disclose Fees: None Discounts: None Eligibility: Must be a U.S. citizen and have and at least $7,500 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 12 months Loan servicer: PenFed Max. Undergraduate Loan Balance: $300,000 Max. Graduate Loan Balance: $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.29%+	N/A	5, 10, 15
Fixed APR: 4.29%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures

Student loan debt: Frequently asked questions

Here are the answers to a few commonly asked questions regarding student loan debt:

What is the average student loan debt for Americans compared to other countries?

American graduates aren’t the only ones dealing with student loan debt. However, the average debt of $39,351 in the U.S. is still higher than averages found in other countries.

For example, here are the averages for student loan debt in several other countries:

• Australia: $22,000
• Canada: $20,000
• Germany: $2,400
• Sweden: $20,000
• United Kingdom: $30,800

Learn More: Private Student Loan Forgiveness Alternatives

Is it bad to have student loan debt?

Not necessarily — while student loan debt can be a financial burden, it could also help you access higher education. Generally, having a college education leads to higher wages and lower rates of unemployment.

Earning these higher amounts or meeting other personal goals could make student loan debt worth it despite the potential strain on your budget.

Check Out: How to Pay Off Medical School Debt

How long will it take to pay off a college education?

On average, it takes 20 years for borrowers to pay off their student loans, according to EducationData.org. But keep in mind that you could reduce this timeframe by increasing your monthly payments or by refinancing your loans for a lower interest rate or shorter repayment term.

Learn More: Best Companies to Refinance Law School Loans

How long does it take to pay off $30,000 in student loans?

This mainly depends on your interest rate and whether you can afford to pay extra on the loan.

You could also consider refinancing your student loans to get a lower interest rate (depending on your credit) or to shorten your repayment term. While this might increase your monthly payments, you’d save money on interest and be able to pay off your loans sooner.

You can use our calculator below to see how much you can save by refinancing your student loans.

¹$16,943 savings disclaimer: Savings estimates assume the analyzed consumers will make full, on-time monthly payments for the full life of the loan according to the terms of their promissory notes. Actual savings may be higher or lower. Average $16,943 savings calculation based on (1) information the users shared with Credible about their original loans (such as loan balance, repayment term, and rate) and created an account between Nov.1, 2019 and Dec. 1, 2020; and (2) actual loan terms for those same users who refinanced into a student loan with a shorter repayment term than the weighted average of their previous loan’s(‘) remaining months to full amortization, calculated using information the users shared with Credible . This calculation excludes borrowers who refinanced to a loan of a similar or longer duration or who reported loan terms that deviate from normal user experiences, including: (i) any loan term with less than one (1) year or more than twenty-five (25) years remaining before refinancing; (ii) monthly loan payments greater than $5,000 per month before refinancing; and (iii) any existing loan amount (before refinancing) that deviates more than five (5) percent from the loan amount disbursed upon refinancing. Our calculations do not take into account variable factors such as the borrower’s potential eligibility for loan forgiveness, variable interest rates, deferments, late payments, underpayments, missed payments, or pre-payments. Please note that your actual savings may vary depending on interest rate, balance, loan terms, credit score, and other factors.

About the author

Emily Guy Birken

Emily Guy Birken is a Credible authority on student loans and personal finance. Her work has been featured by Forbes, Kiplinger’s, Huffington Post, MSN Money, and The Washington Post online.

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