Average U.S. Student Loan Debt (2026 Insights)

Student loan debt is one of the most common financial challenges facing Americans today. It can affect your monthly budget and influence major decisions, such as whether you can afford to save for a home or other long-term goals.

Understanding the average student loan debt in the U.S. can help you set realistic expectations and make informed decisions about borrowing and repayment. Here’s a closer look at the latest data.

Current student loan refinance rates

What is the average student loan debt in the U.S.?

In total, Americans owe about $1.83 trillion in federal and private student loans, making it one of the largest categories of consumer debt nationwide.

Among borrowers who earn a bachelor’s degree, the average student loan balance is $29,560 after leaving school, according to the College Board. This total includes both federal and private loans.

Here’s how average balances compare by loan type:

• Average federal student loan debt: $20,460 
• Average private student loan debt: $42,170

Average student loan debt by age

The table below shows the total federal student loan debt by age group, according to the U.S. Department of Education's Federal Student Aid office.

Borrowers aged 35 to 49 hold $681.5 billion in student loan debt, more than any other age group. Borrowers aged 25 to 34 hold the second-largest amount, at $472.8 billion. 

Student loan debt also affects older Americans. Borrowers ages 50 to 61 collectively owe $311.5 billion in federal student loans, while those ages 62 and older still carry $140.8 billion in balances.

Average student loan debt by degree

The type of degree you pursue can affect how much you borrow. In general, more advanced degrees are associated with higher student loan balances.

Borrowers who earn associate or bachelor’s degrees typically have lower debt levels than those who pursue graduate or professional degrees, such as law or medicine. For example, the average medical school debt is $223,130, according to the Association of American Medical Colleges (AAMC), and the average law school debt is $112,500, according to the American Bar Association (ABA). By comparison, the average debt for bachelor’s degree recipients is $29,560.

Average student loan debt by state

Where you live can also affect your total student loan debt. State-level differences are influenced by factors such as local college costs, the total number of graduate and professional degree programs, and regional income levels.

As of Dec. 31, 2025, California carries the largest total federal student loan balance of any state at $157.1 billion. At the other end of the spectrum, Wyoming, South Dakota, and North Dakota have the smallest total balances, which is consistent with their smaller populations.

Average student loan debt by school type

The type of school you attend can influence how much you borrow.

Undergraduate students who attend public colleges and universities tend to graduate with less debt than those at private institutions, according to the College Board.

• Average debt at public colleges: $27,420
• Average debt at private colleges: $34,420

How has student loan debt changed over time?

Student loan debt in the U.S. has increased significantly over the past two decades, although growth has slowed in recent years. 

Between 2007 and 2020, total outstanding federal student loan debt rose by 140%, increasing from $0.80 trillion to $1.92 trillion. Over the past five years, balances declined by 14%, falling from $1.92 trillion to $1.66 trillion in 2025 dollars.

The table below shows the average federal student loan balance from 2007 to 2025:

How common is student loan forgiveness?

Student loan forgiveness programs have canceled billions of dollars of outstanding balances. But getting forgiveness may require years of qualifying payments, specific types of employment, or special circumstances.

The largest and most well-known program is Public Service Loan Forgiveness (PSLF), which discharges any remaining federal loan balances for borrowers who work for qualifying government or nonprofit employers and make 120 qualifying monthly payments. As of the end of January 2026, a cumulative 1,220,500 borrowers have had their loan balances forgiven through PSLF and related programs, with $90.6 billion in total debt eliminated. 

Income-driven repayment (IDR) plans adjust your monthly payments based on your income and family size, and any remaining balance is forgiven after 20 to 25 years of qualifying payments. However, changes phased in through July 2028 will replace most IDR plans with a new Repayment Assistance Plan (RAP) that extends the forgiveness timeline to 30 years.

Tips for managing student loan debt

Student loan debt can feel overwhelming, but there are steps you can take to make repayment more manageable:

• Know exactly what you owe: Start by reviewing each loan’s balance, interest rate, servicer, and repayment status. You can log in to your Federal Student Aid account to see your federal loans, and check your lender’s website for private loans.
• Choose the right repayment plan: Federal loans offer multiple repayment options, including income-driven plans that adjust your monthly payment at a percentage of your discretionary income. If your payments are straining your budget, switching plans could provide immediate relief.
• Pay more than the minimum: The standard federal repayment term is 10 years, but even small additional payments applied to the principal can significantly reduce the total interest you pay. 
• Explore forgiveness programs: If you work for a government agency or a qualifying nonprofit, you may be eligible for Public Service Loan Forgiveness (PSLF). Teachers, social workers, and other public-sector employees should check their eligibility.
• Consider refinancing: Refinancing replaces your existing loans with a new private loan, ideally at a lower interest rate. This can reduce your monthly payment and the total amount you pay in interest over the life of the loan. 

See Also: How Long Does It Take To Pay Off Student Loans?