Student loan debt is the second-largest category of consumer debt in America at $1.77 trillion, after mortgages. The burden varies significantly by state, degree, and institution type. Here’s the complete picture.
National Student Loan Debt Overview
| Metric | Amount |
|---|---|
| Total outstanding student loan debt | $1.77 trillion |
| Number of borrowers | 43.5 million |
| Average balance per borrower | $37,850 |
| Median balance per borrower | $22,000 |
| Average monthly payment | $393 |
| Federal loans (% of total) | 92% |
| Private loans (% of total) | 8% |
Average Student Loan Debt by State (All 50 States)
| Rank | State | Avg. Student Loan Debt | % of Residents with Student Loans |
|---|---|---|---|
| 1 | Connecticut | $43,000 | 17% |
| 2 | Maryland | $42,400 | 19% |
| 3 | New Hampshire | $41,800 | 16% |
| 4 | Pennsylvania | $41,200 | 18% |
| 5 | New Jersey | $40,700 | 17% |
| 6 | Massachusetts | $40,100 | 18% |
| 7 | New York | $39,800 | 16% |
| 8 | Virginia | $39,500 | 17% |
| 9 | Delaware | $39,100 | 16% |
| 10 | South Carolina | $38,900 | 17% |
| 11 | Georgia | $38,600 | 19% |
| 12 | Rhode Island | $38,400 | 16% |
| 13 | Minnesota | $38,100 | 17% |
| 14 | Florida | $37,900 | 14% |
| 15 | Michigan | $37,700 | 16% |
| 16 | Ohio | $37,500 | 16% |
| 17 | Colorado | $37,300 | 16% |
| 18 | Alabama | $37,100 | 17% |
| 19 | Mississippi | $36,900 | 18% |
| 20 | Tennessee | $36,700 | 15% |
| 21 | Illinois | $36,500 | 16% |
| 22 | California | $36,300 | 12% |
| 23 | North Carolina | $36,100 | 16% |
| 24 | Texas | $35,900 | 14% |
| 25 | Oregon | $35,700 | 15% |
| 26 | Washington | $35,500 | 14% |
| 27 | Indiana | $35,300 | 16% |
| 28 | Kentucky | $35,100 | 16% |
| 29 | Missouri | $34,900 | 16% |
| 30 | Arizona | $34,700 | 13% |
| 31 | Louisiana | $34,500 | 16% |
| 32 | Maine | $34,300 | 15% |
| 33 | West Virginia | $34,100 | 15% |
| 34 | Iowa | $33,900 | 16% |
| 35 | Kansas | $33,700 | 15% |
| 36 | Wisconsin | $33,500 | 16% |
| 37 | Nebraska | $33,200 | 15% |
| 38 | Vermont | $33,000 | 15% |
| 39 | Hawaii | $32,800 | 12% |
| 40 | Alaska | $32,500 | 11% |
| 41 | Arkansas | $32,200 | 14% |
| 42 | Oklahoma | $31,900 | 14% |
| 43 | Montana | $31,600 | 14% |
| 44 | Idaho | $31,300 | 13% |
| 45 | Nevada | $31,000 | 11% |
| 46 | South Dakota | $30,700 | 14% |
| 47 | North Dakota | $30,400 | 14% |
| 48 | Wyoming | $30,100 | 12% |
| 49 | New Mexico | $29,400 | 13% |
| 50 | Utah | $28,200 | 12% |
Average Student Loan Debt by Age
| Age Group | Avg. Balance | % of All Borrowers |
|---|---|---|
| Under 25 | $14,800 | 14% |
| 25–34 | $33,500 | 28% |
| 35–49 | $42,600 | 30% |
| 50–61 | $44,100 | 17% |
| 62+ | $38,200 | 11% |
Borrowers aged 50-61 carry the highest average balances, often due to Parent PLUS loans or graduate degrees taken later in life.
Average Student Loan Debt by Degree
| Degree Level | Avg. Debt at Graduation |
|---|---|
| Associate’s degree | $14,500 |
| Bachelor’s degree (public in-state) | $31,400 |
| Bachelor’s degree (public out-of-state) | $41,200 |
| Bachelor’s degree (private nonprofit) | $38,800 |
| Bachelor’s degree (private for-profit) | $43,100 |
| Master’s degree | $71,300 |
| MBA | $66,300 |
| Law degree (JD) | $130,000 |
| Medical degree (MD) | $202,000 |
| Doctoral degree (PhD) | $108,000 |
Graduate and professional degrees represent the fastest-growing segment of student debt.
Federal Student Loan Repayment Plans
| Plan | Monthly Payment | Term | Total Cost ($37,850 at 5.5%) |
|---|---|---|---|
| Standard | $411 | 10 years | $49,285 |
| Graduated | $237–$712 | 10 years | $51,640 |
| Extended (fixed) | $247 | 25 years | $73,965 |
| IBR (old) | 15% discretionary income | 25 years | Varies |
| IBR (new) | 10% discretionary income | 20 years | Varies |
| PAYE | 10% discretionary income | 20 years | Varies |
| SAVE/REPAYE | 5–10% discretionary income | 20–25 years | Varies |
| ICR | 20% discretionary income | 25 years | Varies |
Income-driven repayment plans cap payments at a percentage of your discretionary income and forgive remaining balances after 20-25 years.
Student Loan Debt vs. Income by Major
| Field | Avg. Debt | Avg. Starting Salary | Debt-to-Income |
|---|---|---|---|
| Computer Science | $30,200 | $78,000 | 0.39x |
| Engineering | $32,500 | $72,000 | 0.45x |
| Nursing | $29,800 | $62,000 | 0.48x |
| Business/Finance | $33,100 | $57,000 | 0.58x |
| Biology | $31,500 | $44,000 | 0.72x |
| Communications | $34,200 | $42,000 | 0.81x |
| Education | $31,800 | $38,000 | 0.84x |
| Psychology | $33,600 | $38,000 | 0.88x |
| Social Work | $35,100 | $37,000 | 0.95x |
| Arts/Humanities | $34,500 | $35,000 | 0.99x |
A debt-to-starting-salary ratio above 0.75x makes repayment significantly more difficult on a standard 10-year plan.
Student Loan Forgiveness Programs
Public Service Loan Forgiveness (PSLF)
- Eligibility: 120 qualifying payments while working for government or nonprofits
- Timeline: 10 years of qualifying payments
- Amount forgiven: Remaining balance (tax-free)
- Borrowers who’ve received forgiveness: ~900,000+
Income-Driven Repayment Forgiveness
- Eligibility: 20-25 years of payments on an income-driven plan
- Amount forgiven: Remaining balance
- Tax implications: May be taxable income (though currently waived through 2025)
Teacher Loan Forgiveness
- Eligibility: 5 years teaching in low-income schools
- Amount: Up to $17,500 forgiven
Strategies to Pay Off Student Loans Faster
- Make biweekly payments — Equals one extra full payment per year, saves thousands
- Target the highest-rate loan first (avalanche method)
- Refinance private loans — If credit score has improved since graduation
- Employer student loan assistance — An increasing number of employers offer $5,250/year tax-free
- State-specific repayment programs — Many states offer loan repayment for working in underserved areas
- Lump-sum payments — Apply tax refunds and bonuses directly to principal
Historical Student Loan Debt Growth
| Year | Total Student Debt | Avg. Per Borrower |
|---|---|---|
| 2006 | $481 billion | $20,000 |
| 2010 | $811 billion | $25,400 |
| 2014 | $1.16 trillion | $29,000 |
| 2018 | $1.56 trillion | $34,200 |
| 2022 | $1.75 trillion | $37,100 |
| 2024 | $1.76 trillion | $37,500 |
| 2026 | $1.77 trillion | $37,850 |
Student loan debt has tripled in 20 years, far outpacing income growth.
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