Total private student loan debt: $145 billion
Total private student loan debt totaled $145 billion as of the end of March 2025, according to Enterval Analytics. That accounts for 8% of all outstanding student loan debt. That’s up from $133 billion, roughly 7.6% of all outstanding debt, measured at the end of March 2024.
Private loans don't come with the same protections as federal loans, making it easier for borrowers to fall behind on payments. They are also not eligible for forgiveness through government action or programs.
Many private lenders will offer to consolidate federal student loans at potentially lower rates. Doing so transfers federal loans into private loans, eliminating protections and making them ineligible for potential federal student loan forgiveness or other types of relief.
Average student loan debt by race
There is a notable racial disparity in student loan access. Black Americans carry more student loan debt on average, are more likely to have student loans, and are more likely to have student loan debt of more than $25,000 compared to other Americans.
Black Americans also have the most student loan debt, carrying $26,000 on average, according to the Federal Reserve.
White Americans hold $25,000 in student loan debt on average, while Hispanic Americans have $13,000. Other races have an average of $25,000 of student loan debt.