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Average Student Loan Debt Complete Record 2020

Average Student Loan Debt Complete Record 2020

The complete average student loan debt for a four-year bachelor’s degree in 2019-2020 was $30,500. The total federal student loan debt load is now a little over $1.6 trillion.

However, according to the Department of Education, the average federal student loan debt in the United States by the end of 2023 was approximately $37,090.

That’s around $1.6 trillion in outstanding debt divided by 43.2 million borrowers. However, the amount owed by individual borrowers varies greatly.

As families struggle to keep up with rising college prices, the average amount of student loan debt is increasing.

Five-figure debt was the standard for college graduates in the United States in 2020, regardless of state.

New Hampshire students had the highest debt levels in the country, with an average of 39,928 US dollars. Utah has the lowest average amount of student debt, at 18,344 US dollars.

Though 2022 college grads who borrowed to pay for school took out $302 fewer loans than the previous year, the average overall student debt remains above $30,000, according to U.S. News data.

Average Student Loan Debt Complete Statistics

According to data from U.S. News, graduates’ average debt varies by institution type. Those who graduated in 2022 from a rated private institution borrowed more on average, $23,627, than public college graduates, who borrowed $20,371.


The average amount of federal student loan debt increased by around 40% alone between 2010 and 2020. Take Note of the Reference.

That is almost the same increase rate as the cumulative, inflation-adjusted cost of college over the years, expressed in current dollars.


The National Center for Education Statistics (NCES) reported that the average student loan debt for a four-year bachelor’s degree was $30,500 in 2019-2020.


According to the Federal Reserve, the median student debt for all borrowers in 2022 ranged from $20,000 to $24,999.Take note of the references. That indicates that around half of student loan debtors owe more than that amount, while half owe less.


By the end of 2023, the average federal student loan debt had more than doubled from $18,233 in 2007 to $37,090.

Total Student Loan Debt Statistics

1. In September 2023, the United States owed approximately $1.74 trillion in federal and private student loan debt.

2. Over the previous 15 years, the amount owed on federal student loans in the United States has nearly tripled.

3. About $135 billion in private student loan debt was due by borrowers.

4. One-third (33.3%) of non-housing debt was composed of student loan debt, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data.

5. Americans owed $1.6 trillion in federal student loan debt during that time.

Private Student Loan Debt Statistics

Even though fewer than 10% of student loan debt is from private loans, there are some concerning tendencies. Interest rates on private loans can range from double to triple that of federal loans.

Almost a third of students who rely on private loans don’t take out any federal loans at all, and more than half of those who do not utilize federal loans to their full potential.

1. Approximately 7.8% of student loan debt was made up of private student loans as of September 2023.

2. Private student loan fixed interest rates can vary from 4.4 to 16.2%.

3. Between March 2014 and March 2021, the debt incurred by current students and graduates from private student loans increased by 47%.

4. 30% of undergraduates with private student loans did not take out any federal loans at all in 2015–2016, while 53% of those with private student loans did not use all of the federal loan funds that were available to them.

Federal Student Loan Debt Statistics

Under federal loan programs, you can apply for unsubsidized and subsidized loans, depending on your financial situation. Subsidized loans cover all or part of the interest paid on your loan.

1. Roughly 92% of all student loan debt is attributed to federal student loans.

2. Approximately 38.4% of first-time, full-time students in 2020–2021 took out federal student loans.

3. For federal student loans disbursed between July 2023 and July 2024, the interest rates are as follows:

  • For graduate students taking direct unsubsidized loans, the rate is 7.05%.
  • 8.05% for graduate students and parents who use direct PLUS loans
  • 5.50% for undergraduates

States with Highest and Lowest Average Student Debt From 2020

Highest debt states Lowest debt states
New Hampshire $39,928 Utah $18,344
Delaware $39,705 New Mexico $20,868
Pennsylvania $39,375 California $21,125
Rhode Island $36,791 Nevada $21,357
Connecticut $35,853 Wyoming $23,510

States with Highest Average Student Loan Debt

$35,210 is the average balance owed by borrowers with federal student loans nationwide. The following are the five states and territories with the highest balance:

1. Washington, D.C = $54,708.52

2. Maryland = $42,350.91

3. Georgia = $40,268.87

4. Virginia = $38,251.37

5. Florida = $37,709.72

Average Student Loan Debt by Age

Student loan debt is typically connected with young persons; average balances decrease with age group, with 62 and older having the greatest balance, and those 24 and younger having the lowest average balances.

Age group Average balance
24 and younger $13,722.22
25 to 34 $32,707.48
35 to 49 $44,441.67
50 to 61 $47,660
62 and older $49,375

Check Out the following video of a comparison of average debt by age from youtube.

Average Student Loan Debt by Race

  • With an average sum of $9,800, 50% of Black adults are in debt from their college loans.
  • An average of $7,000 in student loan debt is owed by 37% of Hispanic/Latino people.
  • The average balance of student loan debt for white individuals is $8,700, and 44% of them have debt.

Average Student Loan Debt by Gender

  • Women owe 47% of their school loans.
  • 40% of men are in debt from school loans.

Average Student Loan Debt in the United States

(1) The overall student loan debt is $1.75 trillion (including government and private loans).

(2) Borrowers owe an average of $28,950 each.

(3) Federal student loans account for around 92% of total student debt; the remainder is made up of private student loans.

(4) 55% of students at public four-year universities have student loans.

(5) 57% of students at private nonprofit four-year universities incurred education debt.

Federal Student Loan

Loan type Amount owed Number of borrowers
Direct Unsubsidized

Direct Subsidized

$564 billion

$292 billion

34 million, combined
Grad PLUS $91 billion 1.6 million
Parent PLUS $105 billion 3.7 million
Perkins $4 billion 1.5 million
Consolidation $555 billion 11.3 million

Private Student Loan

1. The outstanding debt from private student loans is $131 billion.

2. Private student loans account for just 7.6% of total student loan debt.

3. 11% of private loans are for graduate school, while 89% are for undergraduate degrees.

4. 66% of graduate private loans need a co-signer, while 92% of undergraduate private loans are co-signed.

5. 99.9% of private loans require school certification, which is the process by which the educational institution verifies the borrower’s enrollment status and cost.

Statistics on Student Loan Repayment

Beginning in October 2023, around 37 million borrowers with student loans will have to make new monthly payments.

Since March 2020, the country has suspended federal student loan payments, and the vast majority of federal loans are presently in forbearance.

Just 2.7 million borrowers had their federal loans in forbearance at the start of 2020. By the end of 2021, that figure had skyrocketed to 24 million debtors.

The federal Direct Loan program’s current repayment statuses are listed below:

Status Amount of debt Number of borrowers
In-school $118 billion 6.4 million
Grace period $41 billion 1.6 million
Repayment $16 billion 0.5 million
Deferment $113 billion 3.1 million
Forbearance $968 billion 24 million
Default $112 billion 5.1 million

Repayment Plans

Borrowers can select from a wide range of repayment choices under the federal student loan program. While some programs are open to all borrowers, others have qualifying requirements depending on family size and income.

This represents the portfolio distribution of federal loans among the most often-used repayment options:

Repayment plan Loan amount Number of borrowers
Standard $202 billion 10.5 million
Graduated $91 billion 3.1 million
Income-contingent (ICR) $37 billion 0.8 million
Income-based (IBR) $173 billion 2.8 million
Pay As You Earn (PAYE) $112 billion 1.5 million
Revised Pay As You Earn (REPAYE) $200 billion 3.3 million

Student Loan Forgiveness Update

10,776 borrowers had their federal loans successfully erased as of September 2021 thanks to the Public Service Loan Forgiveness (PSLF) program through Biden’s administration.

Over $1 billion in debt has been forgiven, with the typical applicant paying off roughly $95,000 in debt. In the future, 1.3 million more debtors, or around $132 billion in debt, might qualify for PSLF.

According to records from the Student Aid Portfolio, from November 9, 2020, until September 30, 2021:

1. A total of 678,373 PSLF forms were filed.

2. Most Employment Certification forms were approved; 99.7% fulfilled the employer’s standards.

3. Nearly all PSLF forms (98%) were declined because the applicant did not meet the standards. The most prevalent cause for refusal was that the applicant had not made 120 qualifying payments on their Direct Loan.


What was the total US student loan debt in 2020?

Year* Total
Year* 2022 Total $1,762,171,390,000
Year* 2021 Total $1,733,415,180,000
Year* 2020 Total $1,728,113,340,000
Year* 2019 Total $1,637,900,000,000

How much does the average American owe in student loans?

Debt type Average debt
Bachelor’s degree debt $29,100
Graduate school loan debt $77,300
Parent PLUS loan debt $29,526
Law school debt $132,740


What is the average student loan debt for a master’s degree?

The average graduate student loan balance among federal borrowers is $76,620. The average undergraduate student loan balance is $37,337.

The average debt for master’s degree holders is $83,651. The average debt for PhD holders is $125,276.

What is the average student loan debt in the UK?

According to 2023 figures, an undergraduate student leaves with an average debt of £45,000 after graduation. Postgraduates have an average student loan burden of roughly £24,000. This is because postgraduate fees are generally lower.


Which country has the highest student loan debt?

According to a 2022 analysis, the United States has the second highest student loan debt globally, after only the United Kingdom.


Imran Lawan

I am a professional researcher whose focus is around engaging and knowledgeable information for students.

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