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 (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.

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.

Direct combined loans, also called Stafford loans, accounted for *** 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 **** trillion U.S. dollars.

The National Student Loan Data System (NSLDS) is the national database of information about loans and grants awarded to students under Title IV of the Higher Education Act (HEA) of 1965. NSLDS provides a centralized, integrated view of Title IV loans and grants during their complete life cycle, from aid approval through disbursement, repayment, deferment, delinquency, and closure.

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 Q1 2025 about student, IMA, consumer credit, federal, assets, loans, government, consumer, and USA.

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.

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.

The global student debt recovery services market is experiencing robust growth, driven by the increasing burden of student loan debt worldwide and the rising adoption of sophisticated debt recovery techniques. The market, segmented by application (schools, banks, government, non-profits) and service type (tuition fee, living expenses, other education-related debt), is witnessing a compound annual growth rate (CAGR) exceeding 10% – a figure derived from observing similar financial services sectors and considering the persistent issue of student loan defaults. North America currently holds the largest market share, fueled by high student loan debt levels and a well-established debt recovery infrastructure. However, rapid economic growth and expanding access to higher education in regions like Asia-Pacific are creating significant opportunities for market expansion. Key players in this market are leveraging technological advancements, such as AI-powered analytics and automated debt collection systems, to enhance efficiency and recovery rates. Regulations surrounding debt collection practices also play a significant role, impacting market dynamics and influencing the strategies employed by service providers. The ongoing evolution of these regulations necessitates continuous adaptation and compliance for companies operating in this sector. The competitive landscape is characterized by a mix of large, established players and smaller, specialized firms. These companies compete on factors such as recovery rates, technology, regulatory compliance, and client service. While consolidation and acquisitions are likely to shape the industry landscape in the coming years, the focus on providing ethical and legally compliant services remains paramount. Future growth will depend on factors including the overall economic climate, government policies related to student loans and debt recovery, and the ongoing development and adoption of innovative technologies within the sector. The market is expected to witness further diversification of services, catering to the evolving needs of diverse stakeholders across various geographical regions.

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

Federal Reserve Board of New York provides quarterly Household Debt in USD. Household Debt includes Mortgages, Home Equity Revolving, Auto Loans, Bankcards, Student Loans and Others.


Further information about United States Household Debt

• 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

The global educational debt recovery services market is experiencing robust growth, driven by the increasing prevalence of student loans and the rising cost of higher education worldwide. The market's expansion is fueled by several factors, including a greater emphasis on efficient debt collection practices by educational institutions and lenders, the adoption of advanced technologies like AI and machine learning for debt recovery, and a growing need for specialized services to handle the complexities of student loan repayment. 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). While non-litigation methods remain prevalent due to cost-effectiveness, litigation-based recovery is gaining traction for complex cases and high-value debts. North America currently holds a significant market share, owing to the high volume of student loans and established debt recovery infrastructure. However, Asia-Pacific is poised for significant growth, fueled by expanding access to higher education and a burgeoning middle class. The competitive landscape includes both established players like STA International and Cedar Financial, and specialized niche firms focusing on specific educational segments. Market consolidation through mergers and acquisitions is likely, driven by the need for increased operational efficiency and expanded service offerings. The forecast period (2025-2033) anticipates continued expansion, although the CAGR might moderate slightly from the historical growth rate as market maturity progresses. However, factors like government policies affecting student loan forgiveness or repayment plans, alongside technological advancements and evolving regulatory environments, will significantly influence the market trajectory. The key challenge remains balancing efficient debt collection with ethical considerations and protecting the rights of borrowers. Companies will need to invest in technology and develop sophisticated strategies to manage the diverse needs of borrowers and educational institutions effectively. Successful players will demonstrate compliance, transparency, and a focus on customer-centric solutions to navigate the ethical complexities of debt recovery. The overall market outlook remains optimistic, given the sustained growth in student loan debt globally and the growing need for professional debt recovery services.

The average amount of debt for university graduates from the class of 2023 in the United States was 29,374 U.S. dollars, an increase from the 21,211 U.S. dollars of debt that graduates from the class of 2008 had on average.

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.

The National Postsecondary Student Aid Survey (NPSAS) provides information on how postsecondary student financial aid is targeted, received, and used. A significant component of the NPSAS is the Student Loan Recipient Transcript Survey, which collected postsecondary-school transcripts for Guaranteed Student Loan (GSL) recipients who were surveyed in the Student Loan Recipient Survey (SLRS, Part 4). This component provides the means to analyze basic policy issues such as relationships between educational activities and ability to cope with indebtedness, and the patterns of student loan repayment or default. The Transcript Survey data cover 11,847 students, 12,213 transcripts, and 1,412 schools and are organized into four categories, consisting of data at the student (Part 5), transcript (Part 7), term (Part 6), and course (Part 2) levels. At least one student-level and one transcript-level record exist for each sample member for whom a transcript was requested, even if the school in question reported that an individual had never attended or had withdrawn before establishing a formal record of attendance. Student-level data (Part 5) provide general information about the respondent's academic career. Each record is given a case ID code, allowing the merger of transcript data and other files, sampling weights, and data that summarize information found on transcripts from all postsecondary schools attended as well as selected items from Part 4, the Student Loan Recipient Survey data files. Transcript-level records (Part 7) contain data pertaining to the student's academic record at a single institution, including the school ID code, degree or other credentials conferred with accompanying dates, major and minor field(s) of study, and the student's cumulative grade-point average. Term records (Part 6) contain type of term (quarters, trimesters, and semesters), season of occurrence, start and end dates, grade-scale type, the number of courses corresponding to a given term, and a special flag indicating regular or transfer status for the term. Included in term type is a code that signifies credit earned via standardized tests and other life experience. Course-level data (Part 2) include records for every course reported on a transcript. The Student Loan Recipient Survey data (Part 4, Questionnaire Data) contain identifying information about the students such as sex, age, race, citizenship, residence, marital status, and current employment, as well as survey control data, a counter variable for the NPSAS transcripts, and weights. The Composite Data file (Part 1) contains information from the student transcript data in Part 5 and the student questionnaire data in Part 4. It also contains composite variables that combine information from the record abstract done at the institution and the student questionnaire. A Parent Survey (Part 3) was also conducted to collect data on the total number of children in the family, how much respondents spent on clothing, food, and books and supplies for their children, other loans taken out to pay for schooling, when the respondents started saving for their children's college expenses, and what type of savings programs they used.

In the academic year of 2022/23, students who took out student loans had an average of 27,100 U.S. dollars worth of debt upon completion of their degree.

Key information about United States Household Debt: % of GDP

• United States household debt accounted for 61.7 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 62.3 % in the previous quarter.
• US household debt to GDP ratio is updated quarterly, available from Mar 1999 to Dec 2024.
• The data reached an all-time high of 85.8 % in Dec 2008 and a record low of 49.4 % in Mar 1999.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Federal Reserve Board of New York provides Household Debt in USD. The Bureau of Economic Analysis provides Nominal GDP in USD. Household Debt includes Mortgages, Home Equity Revolving, Auto Loans, Bankcards, Student Loans and Others.


Related information about United States Household Debt: % of GDP

• In the latest reports, US Household Debt reached 18,036.0 USD bn in Dec 2024.
• Money Supply M2 in US increased 3.9 % YoY in Jan 2025.
• US 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.
• US Domestic Credit reached 30,648.3 USD bn in Mar 2024, representing an drop of 0.3 % YoY.
• The country's Non Performing Loans Ratio stood at 1.7 % in Dec 2024, compared with the ratio of 1.5 % in the previous quarter.

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.