Student debt statistics 2025/26: Insights from the U.S. & beyond

A college degree is supposed to open doors, but for millions of students, it also comes with a lifetime of debt. Behind the diplomas and career dreams lies a growing financial crisis that’s reshaping how people live, work, and even plan their futures.

The numbers tell a staggering story: student loans have become the second-largest form of consumer debt in the U.S., trailing only mortgages. And the weight isn’t carried equally — certain generations, regions, and demographics feel it more than others.

So how did we get here? Who’s paying the highest price? And what do the numbers reveal about the future of higher education? We’ve pulled together the latest 2025/26 student debt statistics to give you the full picture. 

Key stats 

• Student loan debt in the United States totals $1.81 trillion.
• Private student loans make up 8.02% ($144.86 billion), while Federal loans make up 91.98% ($1,670 trillion). 
• The average student loan debt per borrower is $37,400. 
• 63.6% of all student loan debt is held by women, while 36.4% of all student loan debt is held by men, primarily because parents of male students are more likely to take out loans on their behalf. 
• Millennials are the largest group with 14 million borrowers, while Gen X carries the heaviest overall burden, with almost $600 billion in debt.
• California has the highest student loan debt at $154.5 billion, while Wyoming has the lowest at $1.7 billion.
• The U.S. has the most student debt of any country, followed by the United Kingdom, where student debt has surpassed £200 billion.

Source: FSA, Federal Reserve, FSA, World Economic Forum, AAUW.

Table of contents

What is student debt?

Student debt refers to the money someone owes after borrowing to pay for the cost of education. This money can come from the government, private lenders, or both, and it helps cover tuition, books, living expenses, and other educational bills.

What causes student debt?

Multiple factors contribute to student debt, but at its core, you will find: 

• Rising tuition costs - tuition fees have gone up, leading students to borrow more.
• Increased enrollment - more students in higher education means greater demand for loans.
• Limited state funding - cuts in state support for public colleges have raised tuition, pushing students toward loans.
• Economic factors - recessions and shifts in the job market make it harder to afford school without borrowing.

Lack of financial literacy - many students don’t fully understand aid options or the long-term impact of loans.

Federal student loan debt statistics

According to the U.S. Federal Student Aid, the outstanding student debt on federal loans as of September 2025 totals $1.67 trillion, with an overall debt portfolio affecting 45.8 million recipients. This is reflective of the three main federal student loan programs: 

• Direct Loans - $1.5 trillion and 38 million borrowers.
• Federal Family Education Loans (FFEL) - $161 billion and 6.9 million borrowers.
• Perkins Loans - $2.9 billion and 0.9 million borrowers.

But keep in mind that the Federal Family Education Loan (FFEL) Program stopped issuing new loans in 2010; however, it still holds $161 billion in outstanding debt. The Perkins loans also concluded in September 2017, with the last funds disbursed in June 2018; however, repayments on the outstanding $2.9 billion debt persist. 

This means that all new federal loans are processed through the Direct Loan Program, powered by the U.S. Department of Education. It holds an outstanding student loan debt of $1.5 trillion, and includes three loan types: Direct Subsidized (need-based), Direct Unsubsidized (not need-based), and Direct PLUS. 

Federal student debt statistics by the numbers for the 2025/26 academic year

According to the August 2025 Federal Student Aid report, the Direct Loan program comprises 90% of the $1.67 trillion student debt shared across 45.8 million recipients, the FFEL represents less than 10%, and Perkins has less than one-fifth of one percent. 

But since the Department of Education (ED), which has the most recent data, is only directly responsible for managing 40.3 million loan portfolios—totaling $1.58 trillion of the outstanding student debts—the statistical deep dive below is limited to the debt portfolio of 40.3 million recipients. 

• More than 18.3 million of the 40.3 million recipients have at least one loan in a current repayment or delinquency status.
• Over 65% of the 40.3 million recipients with loans in active repayment are current on their federal student loan payments.
• Approximately 5.3 million of the 40.3 million borrowers, with nearly $117 billion in outstanding federal student loans, were in default as of June 2025.
• About 34.4% of the 40.3 million recipients, or more than six million recipients, are more than 30 days delinquent on their accounts.
• Nine percent of the total 40.3 million recipients have at least one loan in deferment, totaling nearly $145 billion.
• 13% of the 40.3 million recipients have a loan in an in-school status, and 3% have a loan in grace status. 
• More than a quarter of all recipients have at least one loan in a forbearance status.

Overall, while the total amount of federal student loan debt unpaid in 2025 ($1.67 trillion) is 3% higher than it was in June 2024 ($1.61 trillion), the borrower count saw a 1.2% decline, falling from 46.5 million in 2024 to 45.8 million in 2025. 

But that might not be the case for the 2025/26 academic year, since the same FSA report shows that more than 13.4 million applications were submitted for the academic year—a 14% increase in applications submitted in the previous cycle through June 30. 

Federal student loan portfolio by debt size from 2020 to 2025  

Over the past five years, the federal student loan portfolio has revealed striking shifts in how debt is distributed among borrowers. Fewer borrowers now carry small balances, while the number of borrowers with six-figure debts is steadily rising, leaving a small share of borrowers responsible for an outsized portion of the nation’s debt:

• In 2020, 35% of borrowers owed $5k-to-$20k debt, while 6.7% owed over $100k debt. But in 2025, 31% owe $5k-to-$20k debt, while 8.1% owe over $100k debt, so fewer students owe small balances, while six-figure debtors are growing.
• The total borrower count decreased slightly, from 48.6 million borrowers in 2020 to 45.8 million borrowers in 2025. However, total debt grew by 10%, from $1.56 trillion in 2020 to $1.67 trillion in 2025. 
• The average debt per borrower increased by 11% over five years, from $33,600 per borrower in 2020 to $37,400 per borrower in 2025.
• In both 2020 and 2025, the largest borrower group is $10k–$40k, holding 42% of all borrowers, so while the middle of the debt spectrum hasn’t shifted, high-balance categories are expanding.
• From 2020 to 2025, a small minority holds nearly half of all outstanding debt—6.7% of borrowers owe 36.1% of total debt, and 8.1% of borrowers owe 40.9% of total debt—all within the $100k+ bracket.

Overall, between 2020 and 2025, the federal student loan portfolio shows slight declines in total borrowers but growth in overall debt and average balances. The most concerning trend is the rapid rise in six-figure debt portfolios, especially $200k+ borrowers, which expanded by nearly 40% in just five years.

Federal student debt interest rate over the years (2006-2025)

Now that we know who owes what, the next question is what those balances cost—and that’s driven by interest rates. The interest rate for a federal student loan varies depending on the loan type and the first disbursement date. According to the Federal Student Aid, there are three major loan types, and here’s what their interest rate looks like for the 2025/26 academic year: 

• Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate - 6.39%
• Direct Unsubsidized Loans for graduates or professionals - 7.94%
• Direct PLUS Loans for parents and graduate or professional Students - 8.94%

For a more intuitive overview of what interest rates have been like over the past 19 years, here are the fixed interest rates for direct subsidized loans and unsubsidized federal loans for undergraduate borrowers:

• Over a 19-year horizon, the average federal student loan interest rate is just under 5%. 
• Borrowers who took loans in 2020 got them at less than half the interest rate of those who took loans in 2008.
• Rates fell from 6.8% to 3.4% (2011–2013), a 50% reduction. Borrowers during this window had historically cheap credit compared to prior cohorts.
• From 2020/21 to 2025/26, rates jumped from 2.75% to 6.53% - a 138% increase in just five years, marking the fastest sustained rise in federal loan rates in modern history.
• The pandemic had a serious effect on interest rates. From July 2019 to 2020, the rate was 4.53%. However, from July 2020 to July 2021, the rate dropped to 2.75%, a 40% cut in one year. 

The average undergraduate student loan interest rate for the 2025/26 academic year is 6.53%. However, the stats show that interest rates on subsidized and unsubsidized loans made a U-shaped curve over the years. It started from 6.80% in 2008 and dropped for over a decade to 4.45%. It even bottomed out to 2.75% in 2020, but has been rising steeply ever since.

Demographic disparities in federal student loan debt 

Student debt doesn’t affect all borrowers equally. Age, gender, degree type, and even geography shape how much students borrow and how long repayment lasts. Overall, younger borrowers carry smaller balances, while older generations often owe more per person. Women hold a larger share of the debt than men, and certain majors and states see especially high loan burdens.

Student loan debt by age 

According to a September 2025 Federal Student Aid report, the age group of 50-to-61-year-olds has the highest student loan debt per borrower, followed closely by 35-to-49-year-olds. Here’s a detailed overview.

• Approximately 6 million borrowers fall within the 24 and younger age group and have an outstanding loan balance of $90 billion, averaging $15,000 per person. 
• Approximately 14 million borrowers fall within the 25-to-34 age group and have an outstanding loan balance of $476 billion, averaging $34,000 per person.
• Approximately 12 million borrowers fall within the 35-to-49 age group and have an outstanding loan balance of $586 billion, averaging $48,000 per person.
• Approximately 5 million borrowers fall within the 50-to-61 age group and have an outstanding loan balance of $247 billion, averaging $49,000 per person.
• Approximately 1.9 million borrowers fall within the 62 and older age group and have an outstanding loan balance of $98 billion, averaging $51,000 per person.

Overall, Gen Z holds the lowest balances ($15,000 on average, $90 billion total), reflecting their shorter time in repayment. Millennials are the largest group with 14 million borrowers and $476 billion in debt, averaging $34,000 each. Gen X carries the heaviest overall burden, with almost $600 billion in debt and an average of $48,000 per borrower. Baby Boomers, although the smallest group, have the highest average balances—above $50,000—despite a much smaller total debt load of about $150–180 billion.

Student loan debt by gender

According to a 2021 American Association of University Women (AAUW) study, the burden of student loan debt doesn’t fall equally between men and women—surprisingly, a higher percentage of women have more federal student loans than men.

• 63.6% of all student loan debt belongs to women, and 36.4% of all student loan debt belongs to men.
• The average student debt for women in the U.S. is $31,700.
• The average student debt for men is $29,270.
• The average monthly student debt repayment among women is $307, representing 10.4% of their monthly expenses excluding childcare.
• Among undergraduate students, 35.6% of males, 41.3% of females, and 33.7% of non-binary students received student loans.

Overall, while men and women make average monthly payments of over $200 per month for received loans, parents of male students are more likely to take out loans on their behalf, so they are less likely to have high amounts of debt compared to women.

Student loan debt by degree type and major 

According to the 2022 U.S. Department of Education College Scorecard, student loan debt varies greatly by the degree type and the major you enrolled in. For example, someone looking to finance a bachelor’s degree in Vocational Nursing usually requires more funds (and probably ends up with more debt) than someone seeking an associate degree in Natural Sciences. 

Here’s a simple breakdown of the highest and lowest debts accrued across the five key degree types and related majors:

• For Associate’s degrees, the highest student loan debt is in Alternative and Complementary Medicine ($38,533), while the lowest is in Biological and Physical Sciences ($7,591).
• For Bachelor’s degrees, Behavioral Sciences carries the highest debt ($42,822), and Science Technologies/Technicians the lowest ($9,529).
• At the Master’s level, Advanced Dentistry and Oral Sciences leads with $158,155, compared to just $13,664 in Romance Languages.
• For Professional degrees, Osteopathic Medicine and Osteopathy carry the highest debt $287,817, compared to just $46,796 in Theological and Ministerial Studies.
• For Doctorates, Pharmacy and Pharmaceutical Sciences top the list at $310,330, while Area Studies has the lowest at $29,644.

Overall, majors in law, medical, dental, and veterinary science have some of the highest student debts, often exceeding $150,000. However, the average student loan debt by degree type is lowest at the associate level ($14,160) and is highest among individuals financing a professional degree ($168,277). 

Student loan debt by state 

According to the 2025 Federal student loan portfolio, student loan debt is not only a personal challenge but also a major driver of regional economic differences, with certain states and metropolitan areas carrying disproportionate shares of the burden.

• In 2025, California had the highest student loan debt at $154.5 billion, while Wyoming had the lowest at $1.7 billion.
• Texas follows with $134.7 billion, and Florida ranks third at $110.5 billion.
• California also leads in borrowers, with 3.9 million, nearly tied with Texas at 3.8 million.
• Florida (2.7 million) and New York (2.4 million) round out the top borrower states.
• The smallest borrower pools are in Wyoming (54,800), Vermont (75,200), and Alaska (65,800).
• On a per-borrower basis, the District of Columbia holds the highest average debt at $56,083.
• North Dakota has the lowest average debt per borrower at $29,545.

Overall, considering the average debt per borrower, the District of Columbia carries the heaviest burden. Maryland, Georgia, and Virginia also report high per-borrower averages, reflecting the concentration of professional jobs requiring advanced degrees. Meanwhile, North Dakota has the lowest per-borrower average, suggesting a lighter debt load compared to the national average.

Student debt payment statistics over the decade (2015-2025)

Over the past decade, the National Student Loan Data System (NSLDS) has kept track of how borrowers repay their federal loans. Taking into account the three-and-a-half-year payment pause effected in 2020 to 2023, as well as the impact the On-ramp and Fresh Start programs had on the repayment cycle, here are the key stats. 

In school balances 

(Debt payments that haven’t begun because the student is still in school)

• According to NSLDS, in-school balances fell from $145.3 billion (8.3 million borrowers) in 2015 to $96.9 billion (5.3 million borrowers) in 2025. 
• This represents a 33% decline in outstanding dollars and a 36% drop in recipients over the decade, reflecting enrollment declines and reduced borrowing.

Grace period 

(Payments haven’t begun because the borrower doesn’t have to start paying until six months after graduation)

• Grace-period balances remained stable, ranging between $24–50 billion throughout 2015–2019. 
• By comparison, the 2025 data shows $33.1 billion (1.4 million borrowers), nearly identical to early 2015 levels ($28.7B, 1.4 million borrowers).

Repayment 

(payments are being made, and the borrower’s account is active)

• Repayment grew steadily pre-pandemic, climbing from $350.0 billion (13.4 million borrowers) in 2015 to $687.7 billion (18.9 million borrowers) in 2019.
• During the payment pause, repayment collapsed to $11.3 billion (0.3M borrowers) in 2020, as nearly all loans transitioned into forbearance.
• Repayment resumed after 2023, reaching $567.4 billion (18.1 million borrowers) in 2025, still below the peak experienced before the pre-pandemic pause.

Deferment 

(In deferment, payments are postponed because of financial hardship, military service, or returning to school; interest may or may not grow)

• Deferment balances remained stable at $86–128 billion between 2015 and 2019, with 3–4 million borrowers.
• During the pause, deferment remained consistent, recording $100.5 billion (2.9 million borrowers) in 2022.
• As of June 2025, deferment stands at $142.5 billion (3.4 million borrowers) — slightly higher than pre-pandemic averages but within the historic range.

Forbearance 

(Payments are on pause, but interest continues to grow)

• Forbearance averaged $86–128 billion pre-pandemic, affecting 2.5-to-3.7 million borrowers.
• It surged during the pandemic forbearance pause, reaching $887.8 billion (22.3M borrowers) in 2020.
• Forbearance remained near $900 billion through 2021–2022, before declining to $570.6 billion (10.3 million borrowers) in June 2025.
• Overall, forbearance remains five times higher than pre-pause levels ($118.7 billion in 2019).

Default 

(Loans that are more than 360 days delinquent)

• Defaults rose steadily from $42.5 billion (2.9 million borrowers) in 2015 to $119.8 billion (5.5M borrowers) in 2019.
• During the payment pause, defaults plateaued at $110–to-$125 billion with 5 million borrowers.
• Post-restart initiatives (Fresh Start, discharges) cut defaults to $82.6 billion (3.7 million borrowers) in 2025 — the lowest since 2016.
• This marks a 31% decline in outstanding defaults since the 2019 peak.

In general, federal student loan borrowers can repay their debts through three main options: fixed-payment plans with the same monthly amount, graduated-payment plans where payments increase over time, or income-driven repayment (IDR) plans that adjust payments based on income. If no plan is chosen, borrowers are automatically placed in a fixed-payment plan, but they can switch to another option at any time.

Student debt forgiveness statistics

For many borrowers, it’s a relief to know that there’s a federal student loan forgiveness program that cancels student debt for borrowers who meet strict, specific requirements. This usually means a decade or more of payments, steady work in certain jobs, and zero missed payments. Here are the core debt forgiveness stats: 

• According to a 2023 Public Service Loan Forgiveness (PSLF) Form Report, only 1.2% of the 4.5 million PSLF applications that were submitted between November 2020 and January 2023 met the requirements for forgiveness.
• According to the National Loan Student Data System (NLSDS), only 469,600 borrowers have had their student loans forgiven under the Teacher Loan Forgiveness (TLF) program since it began in 2009.
• According to a 2023 NBC report, the Biden administration forgave student debt for more than 150,000 borrowers. It recorded $465 million in loan cancellations for public servants, $2.5 billion for borrowers with total and permanent disabilities, and more than $1.25 billion for defrauded students.
• According to Borrower’s Defense 2022 quarterly report, a total of $3.89 billion in student loan debt was discharged under borrower defense to repayment.

Overall, if you’re looking to get your student debt forgiven, the Public Service Loan Forgiveness program is your best bet, although the stats show that only very few applications get approved. Other programs like Teacher Loan Forgiveness, Disability Discharge, and Parent PLUS Loan Forgiveness exist, but they’re hard to qualify for and take years to see relief.

Sources:National Loan Student Data System (NLSDS), Public Service Loan Forgiveness (PSLF), NBC News, Borrower Defense

Private student debt statistics 

Private student loans are not centrally managed by a specific body like the Department of Education (ED) does with the Direct loan program, so there’s no particular repository with duly organized stats. 

However, the primary source of our findings, Enterval Research, covers 16 private lenders, including Citizens Bank, College Ave, Navient, PNC, Sallie Mae, SoFi, Navy Federal, and nine Education Finance Council members, representing 70.9% of the active in-school private loan market. And here are the facts:

• Private student loans make up 8% ($144.9 billion) of the total U.S. student debt
• Most private student loans are actively being repaid: 74.5% are in repayment, while 20.8% remain in-school; 2.7% are in grace, and 2.0% are in forbearance.
• Delinquencies are ticking up compared to pre-pandemic averages. 3.5% of loans are early-stage delinquent (30–89 days past due), and 1.6% are late-stage delinquent (90+ days past due).
• Annualized gross charge-offs have eased to 2.33%, down from 2.74% in 2024, though still above the 2.04% pre-pandemic average.
• New loan originations totaled $9.27 billion in 2023/24, a 7.6% drop from the prior year. But momentum is rebounding: in the first three quarters of 2024/25, originations hit $8.92 billion, an 8.6% year-on-year increase.
• Cosigners remain essential. In 2024/25, 93% of loans had a cosigner, rising to 95% for undergraduate loans.
• School certification is now near-universal. In 2008/09, just 73% of loans were school-certified. By 2024/25, the rate reached 100%.

Overall, private loans make up $144.9 billion, or just 8.02% of total U.S. student debt. Lenders in this report hold $72.9 billion. And nearly 90% of this is undergraduate debt, with just over 10% from graduate borrowers.

Global student debt statistics  

Now that we have a comprehensive overview of what students’ debt is like within the U.S., let’s look at what the stats say about the United Kingdom, Canada, the Netherlands, and China.

• According to Gov.uk, the total higher education loan balance in the United Kingdom increased from £54.4 billion in 2013-14 to £266.6 billion by 2024-25. 
• According to Canada Debt Relief, it is estimated that the total student loan debt in Canada in the 2025 academic year will reach approximately CAD 29 billion.
• According to a report from the Netherland Times, at the start of 2024, over 1.6 million people in the Netherlands had a student loan with an approximate debt of €29 billion. 
• According to a report from the Journal of Student Financial Aid, the number of student loan borrowers in China is expanding by 10 percent annually, with more than 5.3 million college students taking out student loans in 2021.

Sources: Gov.uk, Canada Debt Relief, Netherland Times, Journal of Student Financial Aid

Overall, the U.S. leads the chart with over $1.8 trillion in student loans, while the United Kingdom follows at arm's length with £266 billion. However, keep in mind that most countries don’t have a centralized and transparent student loan system like the U.S. and the U.K., so it’s impossible to depict global student debt levels with the same precision.

Conclusion

Student debt is a systemic crisis with ripple effects across the American economy. With $1.81 trillion outstanding and over 45 million Americans in repayment, the sustainability of higher education and financial stability for entire generations is at risk.

But the data also highlights where solutions may lie. Smarter policy, targeted forgiveness, stronger borrower protections, and affordable repayment options all show potential to ease the weight. What this means for lawmakers, institutions, and financial leaders is that it’s time to:

✔ Reinvest in public higher education to reduce reliance on loans.

✔ Expand income-driven repayment and forgiveness programs to reach more borrowers.

✔ Address demographic and regional disparities, with women and certain states bearing outsized burdens.

✔ Improve financial literacy so students understand the long-term impact of borrowing before signing.