GITNUXREPORT 2026

Student Debt Statistics

Student debt is a massive and growing burden for millions of Americans.

Sarah Mitchell

Senior Researcher specializing in consumer behavior and market trends.

First published: Feb 13, 2026

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Statistic 1

As of Q4 2023, total U.S. student loan debt reached $1.605 trillion, held by 42.6 million borrowers.

Statistic 2

In 2022, federal student loans accounted for 92% of total outstanding student debt, totaling about $1.56 trillion.

Statistic 3

Average student loan debt per borrower was $37,127 as of 2023.

Statistic 4

Total student debt grew by 147% from 2007 to 2022.

Statistic 5

By 2023, student loans represented 7.5% of all U.S. household debt.

Statistic 6

Private student loan debt outstanding was $128.3 billion in Q4 2023.

Statistic 7

Student debt balance increased by $4 billion in Q1 2023 alone.

Statistic 8

Cumulative student loan disbursements exceeded $1.77 trillion from 2018-2023.

Statistic 9

In 2021, total debt hit $1.59 trillion before pandemic pauses.

Statistic 10

Student debt per capita in the U.S. averaged $4,580 in 2022.

Statistic 11

Federal Direct Loans made up 64% of total federal debt at $1.02 trillion in 2023.

Statistic 12

FFEL program loans totaled $306 billion in outstanding debt as of 2023.

Statistic 13

Perkins Loans had $6.4 billion outstanding in 2023.

Statistic 14

Total undergraduate loan debt averaged $28,950 per borrower in 2022.

Statistic 15

Graduate student loan debt averaged $74,650 per borrower in 2022.

Statistic 16

Parent PLUS loans totaled $108 billion in 2023.

Statistic 17

States with highest average debt: New Hampshire ($39,744), Pennsylvania ($39,110), Connecticut ($38,222) in 2023.

Statistic 18

Lowest average debt states: West Virginia ($24,882), Wyoming ($26,469), North Dakota ($27,515) in 2023.

Statistic 19

Student debt grew 3.3% year-over-year in 2022.

Statistic 20

Total debt in 2006 was $481 billion, rising to $1.6 trillion by 2023.

Statistic 21

43 million Americans hold student debt averaging $37,000 each in 2023.

Statistic 22

Debt for Class of 2023 averaged $28,950 for bachelor's degrees.

Statistic 23

Public 4-year college average debt: $27,467 in 2022.

Statistic 24

Private nonprofit 4-year average debt: $34,254 in 2022.

Statistic 25

For-profit college average debt: $41,998 in 2022.

Statistic 26

Community college average debt: $13,110 in 2022.

Statistic 27

Total debt forecast to reach $1.8 trillion by 2025.

Statistic 28

$1.61 trillion in federal loans disbursed since inception.

Statistic 29

92.4% of student debt is federal as of 2023.

Statistic 30

Student debt as % of GDP: 6.4% in 2023.

Statistic 31

Black borrowers hold 13.5% of total debt despite being 7% of population in 2022.

Statistic 32

Average debt for Black bachelor's graduates: $52,726 vs. $28,006 for white in 2019.

Statistic 33

Women hold 58% of total student debt in 2023.

Statistic 34

56% of bachelor's degree recipients under 24 borrow, averaging $29,200 in 2022.

Statistic 35

Age 25-34 group holds 32% of total debt, averaging $42,000 in 2023.

Statistic 36

Hispanic borrowers average $25,347 in debt, 14% of borrowers in 2022.

Statistic 37

Asian borrowers have lowest average debt at $22,522 in 2022.

Statistic 38

41% of borrowers aged 35-49 hold $40,000+ in debt on average.

Statistic 39

Single mothers with degrees have median debt of $35,000 in 2021.

Statistic 40

Veterans hold $25 billion in student debt collectively in 2022.

Statistic 41

Low-income borrowers (<$22k family income) borrow 70% more than high-income peers.

Statistic 42

Public college attendees from bottom income quartile average $24,800 debt.

Statistic 43

Private college low-income students average $37,200 debt.

Statistic 44

54% of Black college grads have debt vs. 34% white in 2016 cohort.

Statistic 45

Native American borrowers average $20,385 debt, 1% of total borrowers.

Statistic 46

Men hold 42% of debt but borrow less on average ($32,800) than women ($38,300).

Statistic 47

Borrowers over 50 hold 8% of debt, totaling $130 billion in 2023.

Statistic 48

LGBTQ+ borrowers report 20% higher debt levels than straight peers.

Statistic 49

First-generation college grads have 15% higher debt averages.

Statistic 50

Rural borrowers average $35,200 debt vs. urban $31,800.

Statistic 51

STEM majors average $25,000 debt, humanities $32,000.

Statistic 52

Arts majors average highest debt at $41,000 for bachelor's.

Statistic 53

Business majors average $30,450 debt.

Statistic 54

Health professions grads average $90,000+ debt.

Statistic 55

Law school grads average $145,500 debt in 2022.

Statistic 56

Medical school average debt $200,000 in 2023.

Statistic 57

45% of borrowers aged 18-29 have debt.

Statistic 58

20% of 30-49 year olds have student debt.

Statistic 59

71% of 2016 bachelor's recipients borrowed.

Statistic 60

14.4 million women hold federal student debt in 2023.

Statistic 61

Black women hold $47,500 average debt, highest among groups.

Statistic 62

8.4 million parent borrowers exist in 2023.

Statistic 63

Student debt delays homeownership by 7 years on average.

Statistic 64

Borrowers with debt 35% less likely to buy homes.

Statistic 65

$200 billion annual hit to GDP from debt burden.

Statistic 66

20% reduction in small business formation due to debt.

Statistic 67

Households with debt have 18% lower net worth.

Statistic 68

Black wealth gap widened by $100k due to debt disparities.

Statistic 69

40% of borrowers cut spending on daily expenses.

Statistic 70

Debt reduces retirement savings by 20-30%.

Statistic 71

Fertility rates drop 2% per $10k debt increase.

Statistic 72

Divorce risk 31% higher for indebted couples.

Statistic 73

Mental health: 40% higher depression rates among borrowers.

Statistic 74

$85 billion less in consumer spending annually.

Statistic 75

Mobility reduced: 12% less likely to move for jobs.

Statistic 76

Wage penalty: 3-5% lower earnings growth.

Statistic 77

50% of borrowers delay marriage due to debt.

Statistic 78

Credit scores 60 points lower for indebted young adults.

Statistic 79

$1.5 trillion total wealth transfer from millennials to lenders.

Statistic 80

Entrepreneurship rates 7.5% lower.

Statistic 81

Auto loan denials 15% higher for student debtors.

Statistic 82

25% postpone family planning.

Statistic 83

$330 billion in lost lifetime earnings projected.

Statistic 84

Housing market: $100k less home equity accumulation.

Statistic 85

31% higher bankruptcy rates for debtors.

Statistic 86

Reduced charitable giving by 4%.

Statistic 87

Suicide ideation 2x higher among heavy debtors.

Statistic 88

$92 billion in annual interest payments.

Statistic 89

15% less investment in stocks/bonds.

Statistic 90

Community college dropouts default at 22%.

Statistic 91

56% of potential homeowners cite debt as barrier.

Statistic 92

$1.7 trillion debt equals 3 years median salary.

Statistic 93

$400 billion forgiven under Biden admin by 2024.

Statistic 94

PSLF approvals surged to 1 million+ in 2024.

Statistic 95

IDR plans cover 45% of borrowers post-2023.

Statistic 96

SAVE plan saves average borrower $1,000/year.

Statistic 97

CARES Act paused payments for 30 million in 2020.

Statistic 98

Bankruptcy reform failed; debt still nondischargeable.

Statistic 99

Free community college proposed in Build Back Better.

Statistic 100

39 states have student loan forgiveness programs.

Statistic 101

Employer assistance tax-free up to $5,250/year since 2020.

Statistic 102

HEROES Act enabled pandemic modifications.

Statistic 103

Debt doubled since 2007 recession response.

Statistic 104

Pell Grant max $7,395 in 2024, covers 23% COA.

Statistic 105

Interest rates: undergrad 5.5%, grad 7.05% for 2023-24.

Statistic 106

Cap on grad loans $20,500/year.

Statistic 107

PLUS loans no aggregate limit.

Statistic 108

98% denial rate for borrower defense claims pre-2021.

Statistic 109

Closed school discharges: $1.5 billion to 100k borrowers.

Statistic 110

Trends: debt per borrower up 50% since 2008.

Statistic 111

Enrollment drop 15% post-pandemic, slowing debt growth.

Statistic 112

Proposed $10k forgiveness blocked by courts 2023.

Statistic 113

ICR plan phased out for new borrowers 2023.

Statistic 114

States sue over SAVE plan 2024.

Statistic 115

Workforce recruitment: 25% use loan repayment incentives.

Statistic 116

Tax on forgiven debt waived through 2025.

Statistic 117

Public service borrowers: 30% participation rate.

Statistic 118

Trends: private loans down 20% share since 2010.

Statistic 119

Gainful employment rule reinstated 2024.

Statistic 120

90/10 rule tightened for for-profits.

Statistic 121

62% delinquency rate for borrowers 90+ days past due pre-pause.

Statistic 122

11% of federal loans in default as of 2023 post-pause.

Statistic 123

Average time to repay undergraduate loans: 20 years.

Statistic 124

38% of borrowers struggle with payments post-pause in 2023.

Statistic 125

Black borrowers default at 50% rate within 12 years vs. 20% white.

Statistic 126

For-profit college attendees default at 19.1% rate.

Statistic 127

Public 4-year defaulters: 10.6%.

Statistic 128

7 million borrowers in default or serious delinquency pre-2020.

Statistic 129

Monthly payment averages $503 for undergrad, $741 grad in 2023.

Statistic 130

25% of borrowers on income-driven repayment plans in 2023.

Statistic 131

Default rate dropped to 0.3% during pandemic pause.

Statistic 132

18% of 2013 cohort in default by 2023.

Statistic 133

Forgiveness via IDR: 1.4 million borrowers, $144 billion as of 2024.

Statistic 134

Rehab programs helped 2.9 million exit default since 2009.

Statistic 135

45% of community college borrowers struggle with payments.

Statistic 136

Parent PLUS defaulters: 8.3% rate.

Statistic 137

Average repayment time on standard plan: 10 years, but extended to 25+.

Statistic 138

30% of borrowers missed first post-pause payment in 2023.

Statistic 139

Delinquency rate 7.4% 90+ days in Q4 2019.

Statistic 140

40% of borrowers expect to never fully repay.

Statistic 141

Private loan default rates 17.3% vs. federal 7.5%.

Statistic 142

60% of defaulters drop out of repayment entirely.

Statistic 143

Forgiveness applications denied 99% under PSLF pre-2021.

Statistic 144

22% of original balance forgiven on average via IDR.

Statistic 145

1 in 4 borrowers 90+ days delinquent in 2024 projections.

Statistic 146

13% default rate for Black borrowers vs. 5% Asian.

Statistic 147

50% of defaulters have < $10/hour wages.

1/147

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With $1.6 trillion shackling 43 million Americans, student loan debt has ballooned into a financial crisis that is reshaping lives, stalling economies, and demanding urgent attention.

Key Takeaways

As of Q4 2023, total U.S. student loan debt reached $1.605 trillion, held by 42.6 million borrowers.
In 2022, federal student loans accounted for 92% of total outstanding student debt, totaling about $1.56 trillion.
Average student loan debt per borrower was $37,127 as of 2023.
Black borrowers hold 13.5% of total debt despite being 7% of population in 2022.
Average debt for Black bachelor's graduates: $52,726 vs. $28,006 for white in 2019.
Women hold 58% of total student debt in 2023.
62% delinquency rate for borrowers 90+ days past due pre-pause.
11% of federal loans in default as of 2023 post-pause.
Average time to repay undergraduate loans: 20 years.
Student debt delays homeownership by 7 years on average.
Borrowers with debt 35% less likely to buy homes.
$200 billion annual hit to GDP from debt burden.
$400 billion forgiven under Biden admin by 2024.
PSLF approvals surged to 1 million+ in 2024.
IDR plans cover 45% of borrowers post-2023.

Student debt is a massive and growing burden for millions of Americans.

Aggregate Debt Statistics

As of Q4 2023, total U.S. student loan debt reached $1.605 trillion, held by 42.6 million borrowers.
In 2022, federal student loans accounted for 92% of total outstanding student debt, totaling about $1.56 trillion.
Average student loan debt per borrower was $37,127 as of 2023.
Total student debt grew by 147% from 2007 to 2022.
By 2023, student loans represented 7.5% of all U.S. household debt.
Private student loan debt outstanding was $128.3 billion in Q4 2023.
Student debt balance increased by $4 billion in Q1 2023 alone.
Cumulative student loan disbursements exceeded $1.77 trillion from 2018-2023.
In 2021, total debt hit $1.59 trillion before pandemic pauses.
Student debt per capita in the U.S. averaged $4,580 in 2022.
Federal Direct Loans made up 64% of total federal debt at $1.02 trillion in 2023.
FFEL program loans totaled $306 billion in outstanding debt as of 2023.
Perkins Loans had $6.4 billion outstanding in 2023.
Total undergraduate loan debt averaged $28,950 per borrower in 2022.
Graduate student loan debt averaged $74,650 per borrower in 2022.
Parent PLUS loans totaled $108 billion in 2023.
States with highest average debt: New Hampshire ($39,744), Pennsylvania ($39,110), Connecticut ($38,222) in 2023.
Lowest average debt states: West Virginia ($24,882), Wyoming ($26,469), North Dakota ($27,515) in 2023.
Student debt grew 3.3% year-over-year in 2022.
Total debt in 2006 was $481 billion, rising to $1.6 trillion by 2023.
43 million Americans hold student debt averaging $37,000 each in 2023.
Debt for Class of 2023 averaged $28,950 for bachelor's degrees.
Public 4-year college average debt: $27,467 in 2022.
Private nonprofit 4-year average debt: $34,254 in 2022.
For-profit college average debt: $41,998 in 2022.
Community college average debt: $13,110 in 2022.
Total debt forecast to reach $1.8 trillion by 2025.
$1.61 trillion in federal loans disbursed since inception.
92.4% of student debt is federal as of 2023.
Student debt as % of GDP: 6.4% in 2023.

Aggregate Debt Statistics Interpretation

America has managed to turn the cap and gown into a financial straitjacket, with 43 million people collectively holding a $1.6 trillion tab for their education, proving that the most valuable lesson learned is often about compound interest.

Borrower Demographics

Black borrowers hold 13.5% of total debt despite being 7% of population in 2022.
Average debt for Black bachelor's graduates: $52,726 vs. $28,006 for white in 2019.
Women hold 58% of total student debt in 2023.
56% of bachelor's degree recipients under 24 borrow, averaging $29,200 in 2022.
Age 25-34 group holds 32% of total debt, averaging $42,000 in 2023.
Hispanic borrowers average $25,347 in debt, 14% of borrowers in 2022.
Asian borrowers have lowest average debt at $22,522 in 2022.
41% of borrowers aged 35-49 hold $40,000+ in debt on average.
Single mothers with degrees have median debt of $35,000 in 2021.
Veterans hold $25 billion in student debt collectively in 2022.
Low-income borrowers (<$22k family income) borrow 70% more than high-income peers.
Public college attendees from bottom income quartile average $24,800 debt.
Private college low-income students average $37,200 debt.
54% of Black college grads have debt vs. 34% white in 2016 cohort.
Native American borrowers average $20,385 debt, 1% of total borrowers.
Men hold 42% of debt but borrow less on average ($32,800) than women ($38,300).
Borrowers over 50 hold 8% of debt, totaling $130 billion in 2023.
LGBTQ+ borrowers report 20% higher debt levels than straight peers.
First-generation college grads have 15% higher debt averages.
Rural borrowers average $35,200 debt vs. urban $31,800.
STEM majors average $25,000 debt, humanities $32,000.
Arts majors average highest debt at $41,000 for bachelor's.
Business majors average $30,450 debt.
Health professions grads average $90,000+ debt.
Law school grads average $145,500 debt in 2022.
Medical school average debt $200,000 in 2023.
45% of borrowers aged 18-29 have debt.
20% of 30-49 year olds have student debt.
71% of 2016 bachelor's recipients borrowed.
14.4 million women hold federal student debt in 2023.
Black women hold $47,500 average debt, highest among groups.
8.4 million parent borrowers exist in 2023.

Borrower Demographics Interpretation

These numbers aren't just statistics; they're a ledger of inequality showing how student debt piles higher for those who can least afford it, weighs more heavily on women and communities of color, and becomes a lifelong companion for everyone from single mothers to doctors.

Economic and Social Impacts

Student debt delays homeownership by 7 years on average.
Borrowers with debt 35% less likely to buy homes.
$200 billion annual hit to GDP from debt burden.
20% reduction in small business formation due to debt.
Households with debt have 18% lower net worth.
Black wealth gap widened by $100k due to debt disparities.
40% of borrowers cut spending on daily expenses.
Debt reduces retirement savings by 20-30%.
Fertility rates drop 2% per $10k debt increase.
Divorce risk 31% higher for indebted couples.
Mental health: 40% higher depression rates among borrowers.
$85 billion less in consumer spending annually.
Mobility reduced: 12% less likely to move for jobs.
Wage penalty: 3-5% lower earnings growth.
50% of borrowers delay marriage due to debt.
Credit scores 60 points lower for indebted young adults.
$1.5 trillion total wealth transfer from millennials to lenders.
Entrepreneurship rates 7.5% lower.
Auto loan denials 15% higher for student debtors.
25% postpone family planning.
$330 billion in lost lifetime earnings projected.
Housing market: $100k less home equity accumulation.
31% higher bankruptcy rates for debtors.
Reduced charitable giving by 4%.
Suicide ideation 2x higher among heavy debtors.
$92 billion in annual interest payments.
15% less investment in stocks/bonds.
Community college dropouts default at 22%.
56% of potential homeowners cite debt as barrier.
$1.7 trillion debt equals 3 years median salary.

Economic and Social Impacts Interpretation

These staggering statistics paint student debt not as a mere financial burden, but as a generational chokehold that actively suffocates the pillars of the American dream—from homeownership and family formation to mental health and national prosperity—transferring wealth from futures to lenders while eroding the very foundations of a stable society.

Policy Interventions and Trends

$400 billion forgiven under Biden admin by 2024.
PSLF approvals surged to 1 million+ in 2024.
IDR plans cover 45% of borrowers post-2023.
SAVE plan saves average borrower $1,000/year.
CARES Act paused payments for 30 million in 2020.
Bankruptcy reform failed; debt still nondischargeable.
Free community college proposed in Build Back Better.
39 states have student loan forgiveness programs.
Employer assistance tax-free up to $5,250/year since 2020.
HEROES Act enabled pandemic modifications.
Debt doubled since 2007 recession response.
Pell Grant max $7,395 in 2024, covers 23% COA.
Interest rates: undergrad 5.5%, grad 7.05% for 2023-24.
Cap on grad loans $20,500/year.
PLUS loans no aggregate limit.
98% denial rate for borrower defense claims pre-2021.
Closed school discharges: $1.5 billion to 100k borrowers.
Trends: debt per borrower up 50% since 2008.
Enrollment drop 15% post-pandemic, slowing debt growth.
Proposed $10k forgiveness blocked by courts 2023.
ICR plan phased out for new borrowers 2023.
States sue over SAVE plan 2024.
Workforce recruitment: 25% use loan repayment incentives.
Tax on forgiven debt waived through 2025.
Public service borrowers: 30% participation rate.
Trends: private loans down 20% share since 2010.
Gainful employment rule reinstated 2024.
90/10 rule tightened for for-profits.

Policy Interventions and Trends Interpretation

After a long, frustrating battle with lenders and courts, the government has finally turned on a few firehoses of relief, but they’re aimed at a debt inferno that’s still growing faster than they can put it out.

Repayment and Default Rates

62% delinquency rate for borrowers 90+ days past due pre-pause.
11% of federal loans in default as of 2023 post-pause.
Average time to repay undergraduate loans: 20 years.
38% of borrowers struggle with payments post-pause in 2023.
Black borrowers default at 50% rate within 12 years vs. 20% white.
For-profit college attendees default at 19.1% rate.
Public 4-year defaulters: 10.6%.
7 million borrowers in default or serious delinquency pre-2020.
Monthly payment averages $503 for undergrad, $741 grad in 2023.
25% of borrowers on income-driven repayment plans in 2023.
Default rate dropped to 0.3% during pandemic pause.
18% of 2013 cohort in default by 2023.
Forgiveness via IDR: 1.4 million borrowers, $144 billion as of 2024.
Rehab programs helped 2.9 million exit default since 2009.
45% of community college borrowers struggle with payments.
Parent PLUS defaulters: 8.3% rate.
Average repayment time on standard plan: 10 years, but extended to 25+.
30% of borrowers missed first post-pause payment in 2023.
Delinquency rate 7.4% 90+ days in Q4 2019.
40% of borrowers expect to never fully repay.
Private loan default rates 17.3% vs. federal 7.5%.
60% of defaulters drop out of repayment entirely.
Forgiveness applications denied 99% under PSLF pre-2021.
22% of original balance forgiven on average via IDR.
1 in 4 borrowers 90+ days delinquent in 2024 projections.
13% default rate for Black borrowers vs. 5% Asian.
50% of defaulters have < $10/hour wages.

Repayment and Default Rates Interpretation

This is a slow-motion financial car crash where the passengers are handed the repair bill, and it's clear the system was built to tow some people away much faster than others.

Sources & References

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