Student loans are a big head scratch for anyone who wants to pursue higher education.

Are you planning to take out a student loan to stop worrying about education expenses, tuition, study materials, transportation fees, and living costs for the time being?

Lucky for you, various types of student loans are offered by financial institutions, including government and private lenders.

It is typically repaid over time, depending on the lender, type of loan, and agreement, usually after completing your education, so you don’t have a problem.

What is the average student loan debt in 2024?

The answer to this and other interesting student loan debt statistics are coming right up.

Post Contents

1 Key Statistics
2 What is the Average Student Loan Debt in 2024?
3 Conclusion
4 Sources

Key Statistics

The average student loan debt is more than $32,000 per borrower, up by 20% from 2015.
Approximately 43 million student loan borrowers take out loans from the federal government.
The outstanding private student loan balance is nearly $147 billion.
The student loan debt for Graduate School reached $71,000.
In 2023, the total educational loan in the United States exceeded $1.77 trillion.
Graduates in New Hampshire have the highest student arrears, accounting for $39,928.
People aged 62 and older have educational arrears totalling to $49,375.
Black borrowers face significantly higher educational financial payables compared to other races.

What is the Average Student Loan Debt in 2024?

According to a recent report, it is approximately $32,731 per borrower, up by 20% from 2015.

Student loan debt is a way for some individuals to attain higher education, especially those who cannot afford to pay for educational expenses on the onset due to the increasing cost of tuition and other related fees.

These payables are obtained through federal student loans provided by the government and private student loans offered by private lenders like banks.

As of 2023, the federal student loan liability is around $37,717, while the average for private financing is $54,921.

1. Federal Student Loan Debt

Federal student payables are provided by the government, such as the US Department of Education.

These student loans are mostly utilized because they offer fixed interest rates, income-driven repayment plans, and flexible repayment options.

More than 90% of student loans are federal.

A recent report shows that roughly 43 million student loan borrowers take out loans from the federal government.

As of 2023, the average federal student loan debt is approximately $37,717 per borrower, and the outstanding federal student loan balance reached $1.644 trillion.

2. Average Federal Student Loan Debt per Year

Here is the average federal student loan debt from 2013 to 2023:

In 2013, the median federal student loan dues was $26,267
In 2015, the median federal student loan dues was $29,144
In 2017, the median federal student loan dues was $32,086
In 2019, the median federal student loan dues was $35,205
In 2021, the median federal student loan dues was $37,113
In 2022, the median federal student loan dues was $37,575
In 2023, the median federal student loan dues was $37,717

3. Private Student Loan Debt

Private student loan debt is offered by credit unions, banks, online lenders, and other private financial institutions.

These student loans can be an option for additional funding beyond what federal loans can provide or for students who do not qualify for federal aid.

Private student loans have various repayment terms and interest rates based on the lender.

They typically have higher interest rates and require a co-borrower.

The average private student loan dues per borrower is approximately $54,921, and the outstanding private student loan balance is around $146.9 billion.

These loans make up an estimated 8% of the US outstanding student loans in March 2023.

4. Student Loan Dues by Debt Type

Based on the College Board’s recent data, more than half of the 2020 class graduated with student loan payables.

These graduates accumulated a student loan debt amounting to $28,400.

Let’s take a look at the student loan debt by debt type (average):

$28,400 for Bachelor’s Degree
$71,000 for Graduate School
$28,778 for Parent PLUS
$66,300 for MBA
$130,000 for Law School
$203,062 for Medical School

5. Total Student Loan Debt in the US

As of Q1 2023, the total student loan debt in the US exceeded $1.77 trillion, up from $1.74 trillion in the same quarter of 2022.

It is equivalent to a 1.53% year-over-year increase.

Below are the total student loan debt in the US from 2013 to Q1 2023:

In 2013, the total exceeded $1.18 trillion
In 2015, the total exceeded $1.35 trillion
In 2017, the total exceeded $1.52 trillion
In 2019, the total exceeded $1.63 trillion
In 2021, the total exceeded $1.73 trillion
In 2022, the total exceeded $1.76 trillion
In 2023, the total exceeded $1.77 trillion

6. Highest Student Loan Debt by State (Median)

Graduates in New Hampshire have the highest median educational loan, accounting for $39,928.

Delaware follows closely, with a median of $39,705.

Here are the five states with the highest median student loan debt:

In New Hampshire, the mean is at $39,928
In Delaware, the mean is at $39,705
In Pennsylvania, the mean is at $39,375
In Rhode Island, the mean is at $36,791
In Connecticut, the mean is at $35,853

7. Lowest Median Student Loan Debt by State

On the onset, Utah recorded the lowest student loan debt, accounting for $18,344.

New Mexico comes next, with $20,868.

Here are the five states with the lowest median student loan debt:

In Utah, the average amount is capped at $18,344
In New Mexico, the average amount is capped at $20,868
In California, the average amount is capped at $21,125
In Nevada, the average amount is capped at $21,357
In Wyoming, the average amount is capped at $23,510

8. Student Loan Debt by Age

People aged 24 and younger have the lowest amount of educational dues (loan) on the majority of occasions. This age group owes $13,722.22 in student loans.

Older people aged 62 and above have the highest student loan debt, averaging $49,375.

Below is the average student loan debt by age:

People aged 24 and below recorded $13,722.22
People aged 25 to 34 recorded $32,707.48
People aged 35 to 49 recorded $44,441.67
People aged 50 to 61 recorded $47,660
People aged 62 and above recorded $49,375

9. Student Loan Debt by Race

Black borrowers face significantly higher student loan debt compared to other races.

In some cases, Black borrowers have a student loan balance of $44,880.

The following are the average student loan balance by race:

Black borrowers have a student loan balance of $44,880
White borrowers have a student loan balance of $40,170
Hispanic borrowers have a student loan balance of $30,890
Other borrowers have a student loan balance of $40,400

Conclusion

Student loan debt is mostly obtained by the students or their parents to cover the costs associated with pursuing higher education.

This includes living expenses, textbooks, and tuition fees.

What is the average student loan debt in 2024?

Recent data shows that student loan dues exceeded $32,000 per borrower in the majority of circumstances.

The federal student loan debt is nearly $38,000, while the private student loan liability is roughly $55,000.

Managing student loan debt responsibly and making timely repayments can avoid financial challenges and negative consequences, such as damage to credit scores and potential legal actions.