What is the total student loan debt in the United States?

Total student loan debt reached $1.866 trillion as of March 2026, according to the Federal Reserve. Federal loans account for $1.696 trillion of that total, per the Department of Education as of December 2025.

How many Americans have student loan debt?

About 42.8 million Americans held federal student loans, the Department of Education reported in December 2025. Several million more only hold private student loans, though some overlap exists between the two groups.

What is the average monthly student loan payment?

Sixty percent of borrowers who make payments pay up to $299 per month, according to Federal Reserve data collected in 2024. Twenty percent pay under $100 per month, and only 6% pay $1,000 or more.

Student Loan Debt 2026: Statistics, Forgiveness, and Outlook

Q: What happens if you miss student loan payments?

A missed federal student loan payment makes the loan delinquent immediately. After 90 days, the servicer reports the delinquency to credit bureaus. After 270 days without payment, the loan enters default, which can trigger wage garnishment, tax refund seizure, and loss of federal financial aid eligibility, according to the Department of Education.

Student loan debt totals $1.9 trillion and is held by about 43 million Americans.

By Jack Caporal – Updated Mar 30, 2026 at 1:25 PM EST | Fact-checked by Frank Bass

Key Points

U.S. student loan debt approaching $1.9 trillion, 90% federal loans, as collections on defaults resume.
Private student loans total $140.38 billion with limited protection and no federal forgiveness.
57% of Americans would use debt forgiveness savings to reduce other debts.

Student loan debt in the United States approached $1.9 trillion in first quarter of 2026, according to the Federal Reserve, and borrowers who were already at risk of falling behind are now facing the consequences.

Fifteen percent of those with student loan payments due did not pay or paid less than required in the most recent month. Among those who had difficulty, 23% had their loans assigned to a debt collector in the past year, per the Federal Reserve's 2025 Survey of Household Economics and Decisionmaking.

The Trump administration resumed collections on defaulted federal loans in May 2025, including wage garnishment and tax refund seizure. For the millions of borrowers who slipped behind during the payment pause, that shift has real stakes.

Federal loans account for more than 90% of all outstanding student loan debt. The remaining approximately $140.38 billion, according to Enterval Analytics as of September 2025, is held in private loans, which carry fewer consumer protections and no path to federal forgiveness.

Read on for a full roundup of student loan debt statistics.

Total student loan debt: $1.9 trillion

Total student loan debt, federal and private combined, reached $1.866 trillion as of March 2026, according to the Federal Reserve. That is up from $1.841 trillion at the end of 2025 and roughly four times the approximately $481 billion outstanding in early 2006.

Federal student loan debt alone stood at a record $1.696 trillion as of December 2025, per the Department of Education. Federal debt has grown at roughly 1% per quarter on average since 2013, a pace that slowed to 0.64% per quarter during the pandemic payment pause from mid-2020 through mid-2023, and then resumed after payments resumed.

Federal student loan debt declined in three consecutive quarters in 2023, the longest stretch of declines since at least 2006, but rose in five of the six quarters that followed, per Federal Reserve data.

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Average monthly student loan payment

Sixty percent of those who make student loan payments pay up to $299 a month, according to data collected by the Federal Reserve in 2024. Twenty percent pay less than $100 a month, 24% pay between $100 and $199, and another 16% pay between $200 and $299. Only 6% have payments of $1,000 or more per month.

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Compared to the average American’s monthly expenses, many are paying more than they put aside for retirement or spend on education every month.

Average federal student loan debt: $39,633

The average federal student loan balance per borrower was $39,633 as of December 2025, according to the Department of Education. That is a record high, roughly double the average in 2007. The average has grown by roughly 1% per quarter since 2013.

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Total federal student loan debt: $1.696 trillion

Total federal student loan debt stood at a record $1.696 trillion as of December 2025, per the Department of Education.

During the COVID-19 pandemic payment pause -- from the second quarter of 2020 through the second quarter of 2023 -- that growth rate slowed to 0.64% per quarter, per Department of Education data.

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Federal student loan debt by loan type

Direct Loans account for more than 90% of all federal student loan debt, at $1.534 trillion as of December 2025. Federal Family Education Loans (FFEL) account for $159.6 billion. Perkins Loans, which were discontinued in 2017, carry $2.8 billion in remaining balances.

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Source: U.S. Department of Education (2026).
Period End	Direct Loans	FFEL	Perkins	Total
December 2025	$1,534 billion	$159.6 billion	$2.8 billion	$1,696 billion

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Direct Loans are the only active federal loan type. FFEL loans were private loans subsidized by the government through a program that ended in 2010. Perkins Loans were low-interest government loans that were discontinued in 2017.

Average federal student loan debt by state

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Washington, D.C., has the highest average federal student loan balance, at $55,986 per borrower, according to Department of Education data as of December 2025. Among the 50 states, Maryland has the second-highest average at $45,246, and Georgia is No. 3 at $43,493. North Dakota has the lowest state average at $30,168.

California, Texas, and Florida have the largest total balances at $157.1 billion, $138 billion, and $113 billion, respectively, driven more by borrower counts than by per-person debt levels. Texas, despite having the second-largest total balance, has an average of $34,691, well below the national average of $39,633.

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Average federal student loan debt by age

Americans aged 35 to 49 carry the largest total amount of federal student loan debt, but borrowers aged 50 to 61 carry the highest average balance per person. The youngest borrowers have the least debt overall and the lowest average balance. All figures are from the Department of Education as of December 2025.

The 35-to-49 age group carries $681.5 billion, more than any other. Those 15 million borrowers hold the largest share of total federal student loan debt. The group's average balance is $45,433.
Borrowers aged 50 to 61 have the highest average balance at $48,672. That group's 6.4 million borrowers hold $311.5 billion in outstanding debt. Higher averages among older borrowers reflect borrowing accumulated over time for graduate and professional degrees.
Borrowers 24 and younger have the lowest average balance at $13,569. That group's 6.5 million borrowers hold $88.2 billion in total debt. Lower balances reflect earlier repayment stages and typically less total borrowing.

Average balances have grown steadily over time for borrowers aged 35 or older, while remaining relatively flat for younger borrowers.

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Average student loan debt by race and gender

The student loan burden falls unevenly across race and gender. Black Americans carry more debt on average, are more likely to hold loans, and are more likely to hold large balances than any other group. Women carry more debt than men at every racial demographic studied.

All race data are from the Federal Reserve Survey of Consumer Finances, and gender data are from the American Association of University Women.

Black Americans carry higher median debt and are more likely to hold student loans than any other group. The median balance for Black Americans is $26,000, compared with $25,000 for white Americans and $13,000 for Hispanic Americans, according to the Federal Reserve. Thirty-six percent of Black Americans hold student loans, versus 20% of white Americans and 15% of Hispanic Americans.
Fifty-seven percent of Black student loan holders carry more than $25,000 in debt, the highest share of any group. That compares to 45% of white borrowers and 39% of Hispanic borrowers, per the Federal Reserve. Forty-seven percent of all student loan holders carry more than $25,000.
Women carry more undergraduate debt than men across every racial group studied. The average undergraduate balance one year after graduation is $31,276 for women and $29,270 for men, per the AAUW. Black or African American women carry the highest average of any group at $41,466, more than $10,000 above men in the same demographic.

The gender gap in debt is compounded by the gender pay gap: Women with higher balances typically have less income available to service those loans.

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Average student loan debt by gender

Women hold an average of $31,276 in undergraduate student loan debt one year after graduation, while men hold roughly $2,000 less, according to the American Association of University Women.

1 in 7 student loan borrowers missed or underpaid, Federal Reserve survey finds

Not all student loan borrowers owe payments at any given time. In the Federal Reserve's 2025 survey, 45% of borrowers were not required to make payments in the month before they were interviewed — still in school, in grace periods, or in deferment. Another 41% paid the full amount due. The remaining 15% did not pay or paid less than required.

Among borrowers who made at least a partial payment in the survey month, 20% reported difficulty making their student loan payments in the 12 months before the survey.

The most common reason for difficulty was income falling short of expenses, cited by 48% of those who struggled. Unexpected expenses were cited by 36% and an unexpected drop in income by 20%, according to the Federal Reserve SHED. Income shortfall, not financial ignorance, is driving most missed payments.
23% of borrowers who experienced difficulty had their loans assigned to a debt collector or collection agency in the past year. Ten percent had federal tax refunds withheld by the IRS, and 7% had wages garnished, per the Federal Reserve SHED.
Social Security benefits were withheld for 5% of borrowers who had difficulty making payments in the past year, according to the Federal Reserve SHED. That figure reflects the approximately 2.9 million borrowers aged 62 and older who still carry federal student loan debt, many of whom are in or near default.

For borrowers approaching default, income-driven repayment plans offer reduced monthly payments based on income and family size. Deferment and forbearance are available to temporarily pause payments, though both require active enrollment with a loan servicer.

Student loan delinquency rates

Student loan delinquency has surged since the pandemic-era payment pause ended, and the on-ramp period that protected borrowers from negative credit reporting for missed payments expired Sept. 30, 2024. December 2025 was the second full quarter after that protection ended, and the delinquency data reflects it.

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Source: U.S. Department of Education (2026).
Delinquency stage	Balance (billions)	Borrowers (millions)
31–90 days	$37.8	1.28
91–180 days	$32.9	1.18
181–270 days	$17.1	0.68
271–360 days (near default)	$23.5	1.00
Total delinquent	$111.3	4.14

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A missed payment makes a federal loan delinquent immediately. After 90 days, the servicer reports the delinquency to major credit bureaus. After 270 days without payment, the loan enters default, which triggers loss of federal aid eligibility, collections referral, and potential wage garnishment.

The burden is concentrated among lower-income and less-educated borrowers. Those earning under $50,000 fall behind at nearly three times the rate of borrowers earning $100,000 or more. Borrowers with some college but no four-year degree fall behind at almost four times the rate of those with graduate degrees, according to the Federal Reserve.

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Federal Reserve (2026).
Family income	Percent behind on payments
<$25,000	27%
$25,000 to $49,999	27%
$50,000 to $99,999	21%
$100,000 or more	10%
Education level
Some college or technical degree	30%
Associate's degree	30%
Bachelor's degree	11%
Graduate degree	8%
Race/ethnicity
White	13%
Black	26%
Hispanic	29%
Asian	6%
Overall	20%

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Total private student loan debt: $140 billion

Total private student loan debt totaled $140.38 billion as of September 2025, according to Enterval Analytics, roughly 7.7% of all outstanding student loan debt. Private loans do not carry the protections that come with federal loans: no income-driven repayment, no federal forgiveness, and fewer options when payments become difficult.

Many private lenders offer to consolidate federal student loans at potentially lower rates. Doing so converts federal loans into private loans, permanently stripping access to federal repayment programs and forgiveness options.

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57% of Americans would use savings from student loan forgiveness to pay off other debt

Fifty-seven percent of Americans say they would use savings from forgiveness to pay off debt.

Twenty-six percent say they would put savings from federal student loan forgiveness toward other savings. Ten percent say they would put savings toward a home purchase, and 7% say they would spend their savings on other things.

Older Americans are more likely to use loan forgiveness savings to pay off debt, while younger Americans are more likely to set those savings aside for a home purchase.

Expected main use of savings from potential student loan forgiveness

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Source: Federal Reserve (2023)
Age	Pay off debt	Save for home purchase	Save for other things	Spend it on other things
18 to 29	49%	19%	28%	4%
30 to 44	56%	12%	25%	7%
45 to 59	67%	4%	22%	8%
60+	56%	4%	29%	11%

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Source: Federal Reserve (2023)
Race/Ethnicity	Pay off debt	Save for home purchase	Save for other things	Spend it on other things
White	56%	11%	27%	8%
Black	62%	11%	21%	6%
Hispanic	54%	12%	27%	6%
Asian	51%	11%	29%	9%
Overall	57%	10%	26%	7%

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Most Americans say the benefits of higher education outweigh the costs

Fifty-two percent of Americans who attended college say the financial benefits of doing so outweigh the costs, according to the Federal Reserve. Twenty percent said the costs were not worth the benefits, and the other 28% said the costs and benefits were roughly the same.

Views on whether the financial benefits of higher education outweigh the costs vary by education level and age.

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Collections, loan forgiveness, and debt relief

After a five-year pause, the Trump administration began collecting on defaulted federal student loans in May 2025, including through wage garnishment. About 5 million borrowers are in default. The Federal Reserve's 2025 SHED survey shows that borrowers earning under $50,000, those without four-year degrees, and Black and Hispanic borrowers were all behind at roughly double the rate of their counterparts or more.

For borrowers in default or close to it, two main options exist. Income-driven repayment plans such as PAYE and ICR can reduce monthly payments based on income and family size; there is an application backlog. Deferment and forbearance pause payments temporarily but do not reduce the underlying balance. Borrowers who have worked in qualifying public service jobs for 10 years may be eligible for Public Service Loan Forgiveness regardless of the current administration's broader policy on forgiveness.

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About the Author

Jack Caporal is the Research Director for The Motley Fool and Motley Fool Money. Jack leads efforts to identify and analyze trends shaping investing and personal financial decisions across the United States. His research has appeared in thousands of media outlets including Harvard Business Review, The New York Times, Bloomberg, and CNBC, and has been cited in congressional testimony. He previously covered business and economic trends as a reporter and policy analyst in Washington, D.C. He serves as Chair of the Trade Policy Committee at the World Trade Center in Denver, Colorado. He holds a B.A. degree in International Relations with a concentration in International Economics from Michigan State University.

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The Motley Fool has a disclosure policy.

Student Loan Debt Statistics in 2026

Student loan debt totals $1.9 trillion and is held by about 43 million Americans.

Key Points

Total student loan debt: $1.9 trillion

Average monthly student loan payment

Average federal student loan debt: $39,633

Total federal student loan debt: $1.696 trillion

Federal student loan debt by loan type

Average federal student loan debt by state

Average federal student loan debt by age

Average student loan debt by race and gender

Average student loan debt by gender

1 in 7 student loan borrowers missed or underpaid, Federal Reserve survey finds

Student loan delinquency rates

Total private student loan debt: $140 billion

57% of Americans would use savings from student loan forgiveness to pay off other debt

Expected main use of savings from potential student loan forgiveness

Most Americans say the benefits of higher education outweigh the costs

Collections, loan forgiveness, and debt relief

FAQs

What is the total student loan debt in the United States?

What is the total student loan debt in the United States?

How many Americans have student loan debt?

How many Americans have student loan debt?

What is the average monthly student loan payment?

What is the average monthly student loan payment?

What happens if you miss student loan payments?

What happens if you miss student loan payments?

Sources

About the Author

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Total student loan debt: $1.9 trillion

Average monthly student loan payment

Average federal student loan debt: $39,633

Total federal student loan debt: $1.696 trillion

Federal student loan debt by loan type

Average federal student loan debt by state

Average federal student loan debt by age

Average student loan debt by race and gender

Total private student loan debt: $140 billion

57% of Americans would use savings from student loan forgiveness to pay off other debt

Expected main use of savings from potential student loan forgiveness

Most Americans say the benefits of higher education outweigh the costs

Collections, loan forgiveness, and debt relief

FAQs

What is the total student loan debt in the United States?

What is the total student loan debt in the United States?

How many Americans have student loan debt?

How many Americans have student loan debt?

What is the average monthly student loan payment?

What is the average monthly student loan payment?

What happens if you miss student loan payments?

What happens if you miss student loan payments?

Sources

Average student loan debt by gender

1 in 7 student loan borrowers missed or underpaid, Federal Reserve survey finds

Student loan delinquency rates