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If you already have student loan debt — or you’re considering taking out loans to pay for school — it can help to understand what the student loan landscape looks like in 2026. The federal student loan system has undergone significant changes in recent years, with pandemic-era relief fully phased out and new repayment rules reshaping how and when borrowers pay back what they owe.
For many Americans, student loans represent more than just a monthly bill. Education debt can influence career choices, housing decisions, and long-term financial goals like saving for retirement. Below, we break down the latest student loan debt statistics to provide a clearer picture of how much borrowers owe today, how repayment is going, and what these numbers mean for both current and future borrowers.
Key Points
• Total outstanding student loan debt in the U.S. has reached approximately $1.83 trillion, a significant increase over the past decade.
• The average federal student loan debt per borrower is $39,075, rising to an estimated $42,673 when private loans are included.
• Doctoral and professional degree holders, such as those in medicine and law, typically carry the highest loan balances, averaging nearly $280,000 in graduate school debt alone.
• Approximately 16% of student loan borrowers are at least 60 days delinquent on payments, exceeding prepandemic levels.
• High student loan balances are linked to delays in major life milestones like homeownership, marriage, and career flexibility.
Overview of Student Loan Debt in America
While national averages provide a useful snapshot of student debt, individual borrowing experiences vary widely. How much debt a student takes on depends on several factors, including the type of school they attend (public vs. private), living arrangements, financial aid received, and whether they use federal or private student loans.
With that context in mind, the following statistics offer a broad overview of student debt debt in the U.S.
Total Outstanding Student Loan Balance
Student loan debt — including both federal and private student loans — totaled approximately $1.83 trillion as of November 2025, according to the Federal Reserve. This figure reflects the cumulative burden carried by tens of millions of Americans who borrow to finance college, graduate school, and other credential programs.
Average Student Loan Debt per Borrower
The average federal student loan debt is $39,075 per borrower. When private loans are included, the total average student loan debt rises to an estimated $42,673.
Borrowing amounts also vary significantly by institution type. Students who attend public universities typically borrow less than those enrolled in private schools. On average, borrowers who attend public institutions take out $33,910 to complete a bachelor’s degree, while those attending private colleges borrow around $40,970.
Across all borrowers, the average monthly student payment generally falls between $200 and $299, though payments can be substantially higher for borrowers with graduate or professional degrees.
Federal vs Private Student Loan Debt Breakdown
Federal student loans make up the overwhelming majority of outstanding student loan debt. According to the Education Data Initiative, 91.6% of all student loan debt is federal, while private loans account for just 8.43%.
Federal loans are issued by the U.S. government and typically offer borrower protections such as income-driven repayment, deferment options. and forgiveness programs. Private student loans, which are issued by banks, credit unions, and online lenders, may allow for higher borrowing limits but generally lack the same safety nets and flexibility.
Bachelor’s Degree Debt Statistics
Undergraduate borrowers represent a large share of student loan holders. Students attending public colleges often graduate with less debt due to lower tuition and fees.
On average, borrowers who earn a bachelor’s degree from a public institution take out $31,835 in total student loans (including federal and private loans). Those who attend private universities borrow an average of $39,548 to complete their degree.
Master’s Degree Debt Statistics
Graduate and professional programs typically involve higher borrowing levels due to increased tuition costs and longer periods of enrollment without full-time income.
On average, borrowers with a master’s degree owe $81,870 in total student loans, with $64,440 attributable to graduate school alone. Debt levels also vary by institution type:
• Master’s degree holders who attended public universities carry an average total debt of $69,624, with $47,560 coming from graduate studies.
• Those who attended private graduate schools owe an average of $95,381, including $79,329 from graduate school alone.
Doctoral Degree Debt Statistics
Doctoral and professional degree holders — such as those earning Ph.D.s, M.D.s, or J.D.s — generally carry the highest student loan balances. These elevated debt levels often reflect lengthy programs, high tuition, and years spent out of the full-time workforce.
Borrowers pursuing a research doctorate or Ph.D. can expect to graduate with $70,000 or more in student loan debt. The average debt among Ph.D. holders is $77,331, including undergraduate loans.
Professional doctorate programs are typically the most expensive. Medical and law school graduates owe an average of $279,881 in graduate school debt alone.
The financial return on doctoral degrees varies widely by field, making student loan debt more manageable in high-earning professions like medicine and law, but potentially more burdensome in fields with lower post-graduate salaries.
Associate Degree and Certificate Program Debt
Associate degrees and certificate programs generally have lower tuition costs and shorter completion times, resulting in smaller student loan balances. Many students in these programs also work while enrolled or live at home, reducing their reliance on borrowing.
Student loan balances for associate degree holders typically range from $10,000 to $15,000. Among students attending public two-year institutions, only about 31% use student loans to pay for school.
Repayment Challenges and Delinquency Rates
Given the current debt levels, it’s not surprising that many borrowers struggle to stay current on their student loan payments.
Federal student loans become delinquent the day after a missed payment. If a borrower is delinquent for 90 days or more, it can potentially damage the borrower’s credit score. After 270 days of nonpayment, federal loans typically enter default, which can trigger serious consequences such as wage garnishment, tax refund seizure, and loss of access to federal repayment options.
Percentage of Borrowers in Delinquency
According to a November 2025 report from the Urban Institute, approximately 16% of student loan borrowers nationwide are at least 60 days behind on their payments — representing nearly 6 million Americans.
Delinquency rates now exceed prepandemic levels and are particularly high in several Southern states. In Louisiana, Mississippi, and Georgia, more than one in five borrowers is past due on student loan payments.
Factors Contributing to Delinquency
Several factors contribute to elevated delinquency rates, including:
• End of pandemic protections: After years of paused payments and the temporary “on-ramp” period that shielded borrowers from negative credit reporting, many borrowers lost (or never developed) the habit of budgeting for monthly student loan payments.
• High-interest consumer debt: Borrowers are increasingly juggling high-interest credit card and auto loan payments, often prioritizing these over student loans to manage overall financial stress.
• High cost of living: Inflation has increased the cost of housing, groceries, and utilities, leaving borrowers with less disposable income to allocate toward loan payments.
Recommended: How Much of My Income Should Go to Student Loans?
Impact of Student Loan Debt on Life Milestones
Student loan debt doesn’t just affect monthly budgets — it can also shape major life decisions and long-term financial well-being.
Homeownership Rates
High student loan balances can delay homeownership by limiting borrowers’ ability to save for down payments or qualify for a mortgage. Delinquent student loans further reduce access to credit by lowering credit scores.
According to the Education Data Initiative, borrowers with more than $35,000 in student loan debt are 27% less likely to be homeowners. In addition, since 2005, every $1,000 increase in student loan debt has been associated with a 1.8% decline in homeownership rates among college graduates under 35.
Delayed Marriage and Children
Education debt is also linked to delays in marriage and parenthood. Finance strain can lead young adults to postpone these milestones until they feel more financially secure.
A March 2025 literature review by the Council on Contemporary Families found that adults with student debt are less likely to marry or have children compared to their peers who left college without any debt. The review also noted that rising student debt increasingly leads young adults to delay marriage and choose cohabitation as an alternative or precursor to marriage.
Career Choices and Job Mobility
High levels of student debt can limit career flexibility, pushing graduates to prioritize higher-paying roles over jobs aligned with their interests or values. A February 2025 study by the MissionSquare Research Institute found that student debt influences job-acceptance decisions for 56% of public-sector employees and 62% of private-sector workers.
Debt can also limit geographic mobility. Steep loan payments make it harder to relocate to cities with higher costs of living — even when those cities offer better long-term career opportunities.
For some borrowers, refinancing student loans may help reduce interest rates or monthly payments, creating more financial breathing room. However, refinancing federal student loans with a private lender permanently eliminates access to federal protections such as income-driven repayment and loan forgiveness programs. Also, extending your loan term can increase the total interest paid over the life of the loan.
Recommended: Student Loan Refinancing Calculator
Trends in Student Loan Forgiveness and Relief Programs
Recent policy changes have reshaped student loan repayment plans and forgiveness options, signaling a shift toward longer repayment horizons and stricter eligibility requirements for some programs.
Income-Driven Repayment and PSLF Participation
Federal policy is moving toward consolidating and updating income-driven repayment (IDR) plans. Beginning in July 2026, a new repayment option called the Repayment Assistance Program (RAP) will be introduced and will fully replace previous IDR plans by 2028. RAP caps monthly loan payments at a percentage of a borrower’s income over a 30-year term, after which any remaining balance is forgiven. Early analysis suggests, however, that RAP could result in higher total repayment costs for some low-income borrowers compared to previous IDR options.
Public Service Loan Forgiveness (PSLF) — which forgives remaining federal loan balances after 10 years of qualifying payments for borrowers working full-time in public service — remains available. That said, new regulations proposed by the Trump administration could narrow which employers qualify for PSLF and potentially exclude certain nonprofit or advocacy organizations. These rules are scheduled to take effect July 2026, though ongoing legal challenges may delay that timeline.
Recommended: Guide to Student Loan Forgiveness
The Takeaway
The student loan landscape is complex and evolving, but understanding these statistics can help borrowers make more informed financial decisions. With average debt levels high, student loans often represent an investment in education and future earning potential.
Whether you’re considering taking out student loans, refinancing existing student debt, enrolling in the new RAP program, or working towards Public Service Loan Forgiveness, the key is to plan ahead and understand your options. With the right strategy, borrowers can better manage their debt while building toward long-term financial stability.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
FAQ
What is the average student loan debt for bachelor’s degree holders?
The average student loan debt for bachelor’s degree holders varies by institution type. On average, borrowers who graduate from a public university take out approximately $31,835 in total student loans, while those who attend a private university borrow a higher average of $39,548 to complete their bachelor degree.
Which degree level tends to have the highest student loan debt?
Doctoral and professional degree holders generally carry the highest student loan balances. Those who earn Ph.D.s, M.D.s, or J.D.s have the most debt because these programs are often lengthy and have high tuition costs.
Specifically, professional programs like medical and law school result in the largest amounts, with graduates owing an average of $279,881 in graduate school debt alone. The average debt for Ph.D. holders, including undergraduate loans, is $77,331.
How do student loan debt statistics vary by region or state?
Student loan statistics in the U.S. vary significantly by state, driven by factors such as the cost of living, tuition rates, regional income disparities, and the availability of state-level grant programs. As of 2025, average federal student loan debt per borrower ranges from just over $29,000 to over $54,000, depending on the state.
The District of Columbia consistently ranks highest in average federal student loan debt, with residents averaging roughly $54,561 per borrower. Other states with high average debt include Maryland, Georgia, Virginia, and Florida.
North Dakota and Wyoming often report the lowest average student loan debt per borrower, with figures for around $29,115 and $30,631 respectively.
What percentage of student loan borrowers are still in repayment?
Approximately 20% of adults with undergraduate degrees have outstanding student debt. Among those who hold postgraduate degrees, roughly 24% report outstanding student loans.
How has the student loan debt total changed over the past decade?
The total outstanding student loan balance in the U.S. has increased significantly over the last decade, reflecting rising tuition costs and greater reliance on borrowing for higher education. As of November 2025, the total student loan debt (federal and private) reached approximately $1.83 trillion, up from about $1.016 trillion in 2015. This represents an increase of around 80% over ten years, making student loans the second-largest category of consumer debt after mortgages.
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