Student Loan Debt Statistics: 2024 - NerdWallet (2024)

In 2024, student loan borrowers in the United States owe a collective $1.74 trillion in federal and private student loan debt, according to the most recent quarterly tally by the Federal Reserve.

Here are the key 2024 student loan debt statistics to know, including how much borrowers owe, the types of loans they have and how they're repaying them.

Fifty-four percent of bachelor’s degree recipients graduated with student debt in 2020-21, according to the most recent data available from College Board. Among these graduates, the average student debt burden was $29,100.

Here's what average student loan debt by type:

Roughly 43 million Americans have outstanding federal student loan debt — that's about 13% of the U.S. population, per census data.

Borrowers between the ages of 35 and 49 hold the most student debt, on average. Here’s the full breakdown by age group:

Among student borrowers, women take out an average of $31,276, while men borrow an average of $29,270, according to a 2021 data analysis by the American Association of University Women.

Black women owe a disproportionate amount of student debt. They hold 43% more undergraduate debt and nearly 99% more graduate school debt than their white woman counterparts 12 months after graduation, according to an April 2022 study by the nonprofit organization The Education Trust.

Most student loans — about 92.5% — are owned by the government.

Private student loans account for 7.52% of all outstanding U.S. student loans as of September 2023.

Parents have one federal student loan option to help pay for their children's education: parent PLUS loans.

A 2023 high school graduate could expect to borrow $37,300 for their bachelor’s degree, according to a May 2023 NerdWallet analysis of National Center for Education Statistics data that assumes a five-year undergraduate career. This projection dipped slightly from 2022, when high school graduates were poised to take on up to $39,500 in student loan debt.

Federal student loans

If borrowers can't make payments, they can postpone them through deferment or forbearance. Interest typically accrues during these periods, but borrowers with subsidized loans don't owe the interest that accrues during deferment.

Private student loans

Borrowers can also postpone private student loan payments via deferment or forbearance, but interest always accrues regardless of whether the borrower is making payments.

Unlike federal loans, private student loans were not on hold during the pandemic.

The government can forgive federal student loans through programs like income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF). Borrowers who’ve been defrauded by their schools may also be eligible for loan forgiveness.

Public Service Loan Forgiveness

Income-driven repayment forgiveness

Prior to the spring of 2023, only about 157 borrowers had ever received IDR loan forgiveness because the Education Department and servicers had mismanaged the program, the Government Accountability Office found. The automatic IDR account adjustment is underway to rectify these past missteps.

Borrower defense to repayment & closed school discharge

Total and permanent disability discharge

Student loan default happens after a period of missed payments. Most federal student loans enter default after roughly 270 days (or nine months) past due. Private student loans typically enter default after three missed payments (typically three months), but it can happen as soon as after one missed payment.

Below are the most recent cohort default rates among student loan borrowers who default within a couple of years of entering repayment. These rates have plummeted since the pandemic payment pause, which expired in September 2023, also froze default proceedings on federal student loans through September 2024.

Federal IDR plans cap monthly payments at 5% to 20% of a borrower’s discretionary income and forgive the balance remaining after 10 to 25 years, depending on the plan and loan type.

In August 2023, the Education Department launched a generous new IDR plan called Saving on a Valuable Education (SAVE). It replaced a previous IDR plan called Revised Pay As You Earn (REPAYE). More than half of borrowers enrolled in SAVE qualify for $0 monthly payments, as of January 2024.

Students and their families must fill out the Free Application for Federal Student Aid (FAFSA) to be eligible for grants, scholarships, work-study and federal student loans. High school graduates who complete the FAFSA are 84% more likely to immediately enroll in postsecondary education.