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.

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.

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

Due to the impact of the COVID-19 pandemic, the U.S government paused payments on federal student loans starting on March 13, 2020, moving billions of dollars of student debt into forbearance. Forbearance means that no payments need to be made, with the interest rate set to zero percent. In the second quarter of 2022 and 2023, the majority of federal student loans remained in forbearance, totaling over 1000 billion U.S. dollars. However, loan repayments and interest rates restarted in October 2023, lowering the amount of student loans in forbearance to 93.7 billion U.S. dollars as of Q2 2024.

Statistics on student debt, including the average debt at graduation, the percentage of graduates who owed large debt at graduation and the percentage of graduates with debt who had paid it off at the time of the interview, are presented by the province of study and the level of study. Estimates are available at five-year intervals.

In 2024, the average student loan debt of graduates of Northwestern University, ranked as the 6th best college in the United States, amounted to 36,425 U.S. dollars. For students at Princeton University, classified as the best U.S. college in that year, they left college with student loan debt totaling 17,494 U.S. dollars on average.

Graph and download economic data for Federal Government; Consumer Credit, Student Loans; Asset, Level (FGCCSAQ027S) from Q4 1945 to Q4 2024 about student, IMA, consumer credit, federal, assets, loans, government, consumer, and USA.

Presents statistics on student loan borrower status and repayments by repayment cohort and tax year, produced by the Student Loans Company

Source agency: Business, Innovation and Skills

Designation: Official Statistics not designated as National Statistics

Language: English

Alternative title: Student loan repayments

As of 2024, the outstanding student loan debt in the United Kingdom reached over 259 billion British pounds, with the majority of the debt coming from England at 236.2 billion pounds, with student loan debt in Scotland amounting to 8.42 billion, Wales 9.3 billion, and Northern Ireland 5.2 billion.

In the academic year 2003/04, a total of 99.9 billion U.S. dollars was offered to students across the United States in the form of loans. By 2023/24, this amount had slightly decreased to 99 billion U.S. dollars. This amount peaked in 2010/11, when 159.2 billion U.S. dollars were provided in student loans.

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.

The global student debt recovery services market is projected to reach $12.5 billion by 2033, expanding at a CAGR of 6.2% from 2025 to 2033. The market growth is primarily driven by the increasing student loan defaults, rising tuition fees, and government initiatives to reduce student debt. Furthermore, the growing awareness of student debt recovery services among educational institutions, lenders, and government agencies is expected to drive market expansion. The segment of tuition fee loan recovery services held the largest market share in 2025 and is expected to maintain its dominance throughout the forecast period. This segment's growth is attributed to the increasing number of student loan defaults and the growing demand for specialized services to recover tuition fees from delinquent borrowers. Additionally, the living expenses loan recovery services segment is expected to witness significant growth due to the increasing cost of living and the rising number of students relying on loans to cover their living expenses.

The private student loan market is experiencing robust growth, driven by increasing tuition costs and a rising number of students pursuing higher education. While precise figures for market size and CAGR are not provided, a reasonable estimate based on industry trends suggests a market valued at approximately $150 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of around 7% during the forecast period (2025-2033). This growth is fueled by several key factors: the expanding availability of diverse loan products tailored to undergraduate, graduate, and career training programs; increasing parental involvement in financing education; and the emergence of fintech companies offering streamlined, tech-driven application and loan management processes. The market is segmented by loan type (undergraduate, graduate, career training, others) and applicant (students, parents), allowing lenders to cater to specific needs and risk profiles. Geographic expansion is another significant driver, with North America currently dominating the market, followed by Europe and Asia-Pacific, each presenting unique opportunities and challenges. Despite positive growth projections, the private student loan market faces certain challenges. These include fluctuating interest rates, stringent lending criteria which can exclude certain applicants, and increasing regulatory scrutiny aimed at protecting borrowers. Furthermore, the economic climate and overall student debt levels significantly influence demand. The competitive landscape is dynamic, with established financial institutions like Sallie Mae and Discover Bank competing with innovative fintech lenders like SoFi and LendKey, creating a complex interplay of offerings and pricing strategies. To maintain momentum, lenders must adapt to technological advancements, optimize their risk assessment models, and strategically target specific market segments to navigate these headwinds and sustain market share.

In 2022, students who graduated from Cornell University had an average student debt of 28,408 U.S. dollars, making them the most indebted class in the Ivy League. This is compared to Princeton University, where the average student debt was 12,500 U.S. dollars.

Key information about United States Household Debt

• United States Household Debt reached 18,036.0 USD bn in Dec 2024, compared with the reported number of 17,943.0 USD bn in the previous quarter
• US Household Debt: USD mn data is updated quarterly, available from Mar 1999 to Dec 2024
• The data reached an all-time high of 18,036.0 USD bn in Dec 2024 and a record low of 4,540.0 USD bn in Mar 1999

• In the latest reports, United States Household Debt accounted for 61.7 % of the country's Nominal GDP in Dec 2024
• Money Supply M2 in United States increased 21,533.8 USD bn YoY in Dec 2024
• United States Foreign Exchange Reserves was measured at 34.9 USD bn in Dec 2024
• The Foreign Exchange Reserves equaled 0.1 Months of Import in Dec 2024
• United States Domestic Credit reached 30,648.3 USD bn in Mar 2024, representing an drop of 0.3 % YoY

In the United States, taking out student loans to attend higher education has become a controversial course of action. In 2022, 36 percent of adults perceived taking out student loans in order to afford higher education in the United States as a financial risk. In contrast, 14 percent of adults said it was a good long-term investment.

Biden’s pause on payments

During the COVID-19 pandemic, the Biden administration allowed for a pause on student loan payments which was extended to June 2023. It has since become clear that many adults in the U.S. will struggle to resume student loan payments, with 30 percent of U.S. adults reporting that they probably would not be able to afford to make payments towards their student loans once the pause expires. In addition, 60 percent of adults in the U.S. said that resuming payments towards their student loans would have a major impact on their financial security. Although President Biden has advocated for a student loan forgiveness plan to ease the transition into resuming student loan payments by first forgiving up to 20,000 U.S. dollars in student debt for many Americans, this plan came under criticism by conservative groups who have attacked the implementation of the policy in courts. In 2022, only a quarter of Republicans believed that student loan debt was a very serious problem, compared to over half of Democrats.

Affordability of higher education in America

Although many in the U.S. perceive the value of attending higher education as a pathway to a successful career, only nine percent of surveyed Americans believed that everyone in the U.S. had access to a quality, affordable education after high school if they wanted it. 36 percent of Americans who said that they definitely could not afford to resume student loan payments reported owing 75,000 to 100,000 U.S. dollars, which can amount to the cost of just one semester of college in the United States. Despite declining enrollment numbers in higher education institutions, colleges fees remain costly and younger Americans have started to question whether taking out student loans is worth the risk. U.S. adults aged 18 to 44 years old as well as those who earned under 50,000 U.S. dollars were both found less likely to believe that taking out student loans to attend higher education was worth it.

Tables show data on federal student aid from the Canada Student Financial Assistance Program. The data reports only on aid in the provinces and territory who take part in the program. Note: - data are from the 2009 to 2010 to the 2021 to 2022 academic year (August 1 of the current year to July 31 of the next) - figures may not add up to the total as some cells are blocked due to privacy, and due to rounding - Unless otherwise stated, tables include both full-time and part-time students

Student loans by Population registration county/municipal, Debt calculation date, Gender and Measures: Number of persons, Debt