Direct combined loans, also called Stafford loans, accounted for 856 billion U.S. dollars of outstanding student loan debt in the United States in 2024. Stafford loans are a type of federal student loans offered to eligible university students at a lower interest rate than private loans. In the first quarter of 2024, outstanding student loan debt in the United States totaled over 1.75 trillion U.S. dollars.

The value of outstanding student loans in the United States has ballooned since the first quarter of 2006. As of the fourth quarter of 2024, American students owed over 1.77 trillion U.S. dollars in student loans. In the first quarter of 2006, this figure stood at 480.9 billion U.S. dollars.

In the fourth quarter of 2024, 497.5 billion U.S. dollars worth of student loans were in forbearance in the United States. This reflects the effects of the coronavirus (COVID-19) pandemic, where the government temporarily paused student loan payments and froze the accumulation of interest. Federal student loan repayments resumed in October 2023, with 599 billion U.S. dollars worth of student loans in repayment as of Q4 2024. During this time period, outstanding student loan debt in the U.S. totaled over 1.77 trillion U.S. dollars.

Graph and download economic data for Student Loans Owned and Securitized (DISCONTINUED) (SLOAS) from Q1 2006 to Q4 2024 about student, securitized, owned, loans, and USA.

Debt Balance Student Loans in the United States increased to 1.63 Trillion USD in the first quarter of 2025 from 1.62 Trillion USD in the fourth quarter of 2024. This dataset includes a chart with historical data for the United States Debt Balance Student Loans.

In 2024, the generation Z in the United States had an average of roughly 22,950 U.S. dollars in student loan debt. By contrast, Generation X had the highest student loan debt, amounting to approximately 44,240 U.S. dollars. The value of outstanding student loans has been consistently rising over the past few decades.

Cambodia: Student loan debt balance per capita, U.S. dollars: The latest value from is U.S. dollars, unavailable from U.S. dollars in . In comparison, the world average is 0 U.S. dollars, based on data from countries. Historically, the average for Cambodia from to is U.S. dollars. The minimum value, U.S. dollars, was reached in while the maximum of U.S. dollars was recorded in .

For those graduating college in the United States in 2020, five-figure debt was the norm across all states. Students in New Hampshire had the highest debt levels in the country, at 39,928 U.S. dollars on average. The lowest average amount of debt that students had was in the state of Utah at 18,344 U.S. dollars.

As of April 2023, federal student loan forgiveness programs forgave an average amount of around 21,347 U.S. dollars to eligible borrowers in the United States. In comparison, the average amount of student debt forgiven by the Public Service Loan Forgiveness program was 63,826 U.S. dollars per borrower. Public Service Loan Forgiveness grants federal loan forgiveness to borrowers who have been working for a qualifying public service employer full-time for 10 years and have made 120 monthly payments while working for that employer.

The private student loan market is experiencing robust growth, driven by rising tuition fees and a growing awareness of alternative financing options beyond federal loans. While precise figures for market size and CAGR are not provided, leveraging industry reports and trends, we can estimate a 2025 market size of approximately $150 billion USD, with a projected Compound Annual Growth Rate (CAGR) of 8% between 2025 and 2033. This growth is fueled by several key factors: increasing undergraduate and graduate enrollment, the rising cost of education exceeding the capacity of federal loan programs, and the expansion of private lenders offering diverse loan products catering to various educational needs, including career training programs. The market segmentation shows strong demand across undergraduate, graduate, and career training loans, with students and parents as the primary borrowers. Leading companies such as Sallie Mae, SoFi, and Discover Bank are aggressively competing for market share through innovative loan products and technological advancements in online application processes and servicing. However, market growth is not without its challenges. Regulatory changes, fluctuating interest rates, and economic downturns can significantly impact borrowing and repayment rates. The increasing awareness of student loan debt and its consequences can also impact borrowing behavior and drive stricter lending criteria. Furthermore, regional variations in educational costs and financial literacy levels contribute to diverse market penetration across North America, Europe, and Asia-Pacific. Despite these restraints, the long-term outlook remains positive, with continued technological innovations and evolving financing solutions expected to fuel further market expansion. The focus on providing tailored financial solutions, improving transparency, and enhancing borrower experience is crucial for companies to thrive in this competitive landscape.

The global student debt recovery services market is experiencing robust growth, driven by the escalating burden of student loan debt worldwide and increasingly sophisticated debt collection techniques. The market is segmented by application (schools, banks, government, non-profits) and service type (tuition fee recovery, living expenses recovery, other education-related debt). While precise market sizing requires further data, a reasonable estimate, considering the global student loan debt crisis and the consequential rise in debt recovery activity, places the 2025 market value at approximately $5 billion. Assuming a conservative Compound Annual Growth Rate (CAGR) of 8% over the forecast period (2025-2033), the market is projected to surpass $10 billion by 2033. Key drivers include rising student loan defaults, stringent regulatory frameworks demanding efficient debt recovery, and the increasing adoption of technological advancements such as AI-powered debt collection tools and predictive analytics to optimize recovery strategies. Trends indicate a shift towards more ethical and empathetic debt recovery practices, alongside the growing outsourcing of debt recovery services by educational institutions and financial lenders. However, restraining factors include stringent data privacy regulations, economic downturns impacting borrowers' repayment abilities, and public criticism of aggressive debt collection methods. The North American market, particularly the United States, currently holds a significant market share, owing to the substantial volume of student debt within the region. However, growth in other regions, especially in rapidly developing economies of Asia Pacific (India and China) and parts of Europe, is expected to accelerate, as higher education access expands, leading to a parallel increase in student loan debt and the subsequent need for recovery services. Major players in the market are leveraging technological innovation to improve efficiency and reduce operational costs. The competitive landscape is characterized by a mix of large international firms and specialized regional players, creating a dynamic and evolving market structure. The future success of firms hinges on their capacity to adapt to changing regulations, technological advancements, and evolving consumer expectations regarding ethical and responsible debt collection.

How has student debt changed over the past decade? How will interest rates affect it now?

The student loan debt recovery services market is experiencing robust growth, driven by the escalating burden of student loan debt globally. The increasing number of student loan defaults and the rising cost of higher education are primary catalysts for this expansion. While precise market sizing is unavailable from the provided data, a reasonable estimate based on observed trends in related financial services and the reported presence of numerous companies in the space suggests a 2025 market value exceeding $5 billion. This market's compound annual growth rate (CAGR) is likely in the range of 8-10%, projecting significant expansion through 2033. Key segments contributing to this growth include tuition fee loan recovery and living expense loan recovery services, particularly within the education, banking, and government sectors. North America and Europe currently hold significant market share, but emerging economies in Asia-Pacific and other regions present substantial untapped potential for growth, fueled by rising higher education enrollment and subsequent loan defaults. The market faces certain restraints, including stringent regulations surrounding debt collection practices and increasing consumer protection measures. However, the persistent issue of high student loan debt levels continues to drive demand for effective recovery services. The competitive landscape includes a mix of established players and specialized agencies offering diverse services tailored to different client needs. Successful firms are likely to be those that leverage advanced technologies such as AI and machine learning for efficient debt recovery, demonstrate compliance with regulatory frameworks, and provide flexible and empathetic solutions to borrowers. Focus on digital channels and personalized communication strategies also plays a crucial role in improving recovery rates and client satisfaction. Looking ahead, the market will continue to evolve with increasing sophistication in debt recovery techniques and a growing emphasis on ethical and transparent practices, ensuring sustainable growth and mitigating potential risks.

As of the fourth quarter of 2024, federal student loan borrowers aged between 35 and 49 years had the most student debt out of all age groups in the United States, with a total outstanding debt of 646.6 billion U.S. dollars. Studies have shown that Black women are the most likely demographic to have student loan debt in the United States.

Norfolk Island: Student loan debt balance per capita, U.S. dollars: The latest value from is U.S. dollars, unavailable from U.S. dollars in . In comparison, the world average is 0 U.S. dollars, based on data from countries. Historically, the average for Norfolk Island from to is U.S. dollars. The minimum value, U.S. dollars, was reached in while the maximum of U.S. dollars was recorded in .

In the academic year 2022/23, the average student loan debt for a four-year bachelor's degree from a public college in the United States was 29,300 U.S. dollars. In comparison, student loan debt from a private for-profit college averaged almost 34,000 U.S. dollars.

The educational debt recovery services market is experiencing robust growth, driven by the escalating cost of higher education and increasing student loan defaults globally. The market, estimated at $10 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 8% from 2025 to 2033, reaching approximately $18 billion by 2033. This growth is fueled by several key factors. Firstly, the rising number of students pursuing higher education, coupled with limited financial aid options, is contributing to a significant increase in student loan debt. Secondly, the shift towards outcome-based funding models in higher education incentivizes institutions to pursue more rigorous debt recovery strategies. Thirdly, the increasing sophistication of debt recovery technologies, including AI-powered solutions for efficient identification and engagement of defaulters, further enhances the market's expansion. The market is segmented by application (Higher Education, Vocational Education and Training, Basic Education and Special Education, Others) and type of collection (Non-litigation Collection, Litigation Collection). North America currently holds the largest market share due to its high student loan debt levels and established debt recovery infrastructure, followed by Europe and Asia Pacific. However, growth in emerging economies like India and China is expected to significantly contribute to the market's expansion in the coming years. Challenges include stringent regulations surrounding debt collection practices and the ethical considerations associated with aggressive recovery methods. Nevertheless, the market presents significant opportunities for companies specializing in innovative and ethical debt recovery solutions. The competitive landscape is characterized by a mix of large multinational corporations and smaller specialized firms. Companies like STA International, Cedar Financial, and Legal Recoveries are prominent players, competing on the basis of technological capabilities, recovery rates, and geographic reach. The market is expected to witness further consolidation as larger firms acquire smaller players to expand their service offerings and market reach. The increasing use of technology and data analytics to improve efficiency and recovery rates will continue to reshape the competitive landscape. The focus on ethical and compliant debt recovery practices is becoming increasingly crucial, given growing public scrutiny and regulatory oversight in this sector. Strategic partnerships between educational institutions and debt recovery firms are also expected to gain momentum, optimizing debt recovery processes and minimizing financial losses for institutions.

Includes Appendix, Stata Do File, and Replication Data associated with the PRQ paper.

Saint Vincent and the Grenadines: Student loan debt balance per capita, U.S. dollars: The latest value from is U.S. dollars, unavailable from U.S. dollars in . In comparison, the world average is 0 U.S. dollars, based on data from countries. Historically, the average for Saint Vincent and the Grenadines from to is U.S. dollars. The minimum value, U.S. dollars, was reached in while the maximum of U.S. dollars was recorded in .

The consumer debt settlement market is experiencing robust growth, driven by increasing consumer debt levels globally and a rising awareness of debt relief solutions. The market's expansion is fueled by several factors, including economic downturns leading to financial hardship, the proliferation of high-interest debt products like credit cards and payday loans, and sophisticated marketing strategies employed by debt settlement companies. While the exact market size in 2025 is unavailable, a reasonable estimate, considering industry reports showing similar markets exceeding $10 billion annually, would place the consumer debt settlement market at approximately $12 billion. Assuming a conservative Compound Annual Growth Rate (CAGR) of 8% based on market dynamics and recent growth trends, the market is projected to reach approximately $20 billion by 2033. Market segmentation reveals significant demand across various debt types, with credit card debt and private student loans representing substantial portions of the market. The United States, with its high consumer debt and established debt settlement industry, is likely to maintain a significant regional market share, followed by other developed economies in Europe and Asia Pacific. However, the market also faces challenges. Stringent regulations governing debt settlement practices in various jurisdictions are a significant restraint, alongside the ethical concerns surrounding aggressive marketing tactics employed by some companies. The rise of alternative debt relief options, such as bankruptcy and debt consolidation, further poses a challenge to the industry's growth. Nevertheless, the ongoing need for effective debt management solutions in the face of persistent financial instability suggests that the consumer debt settlement market will continue its expansion, albeit at a pace tempered by regulatory oversight and competitive pressures. The key to success for companies within this market lies in transparent and ethical operations coupled with innovative and client-centric approaches to debt relief.