What is the average student loan debt in America?

The average student loan balance in the US is approximately $37,850. Total outstanding student loan debt exceeds $1.77 trillion across 43.5 million borrowers.

Which state has the highest average student loan debt?

Connecticut has the highest average student loan debt at approximately $43,000 per borrower, followed by Maryland and New Hampshire.

How long does it take to pay off student loans?

On the standard 10-year repayment plan, the average borrower takes about 10 years. However, many borrowers use income-driven plans that extend to 20-25 years, and the actual average payoff time is about 18 years.

Average Student Loan Debt by State (2026)

Student loan debt is the second-largest category of consumer debt in America at $1.77 trillion, after mortgages. The burden varies significantly by state, degree, and institution type. Here’s the complete picture.

National Student Loan Debt Overview

Metric	Amount
Total outstanding student loan debt	$1.77 trillion
Number of borrowers	43.5 million
Average balance per borrower	$37,850
Median balance per borrower	$22,000
Average monthly payment	$393
Federal loans (% of total)	92%
Private loans (% of total)	8%

Average Student Loan Debt by State (All 50 States)

Rank	State	Avg. Student Loan Debt	% of Residents with Student Loans
1	Connecticut	$43,000	17%
2	Maryland	$42,400	19%
3	New Hampshire	$41,800	16%
4	Pennsylvania	$41,200	18%
5	New Jersey	$40,700	17%
6	Massachusetts	$40,100	18%
7	New York	$39,800	16%
8	Virginia	$39,500	17%
9	Delaware	$39,100	16%
10	South Carolina	$38,900	17%
11	Georgia	$38,600	19%
12	Rhode Island	$38,400	16%
13	Minnesota	$38,100	17%
14	Florida	$37,900	14%
15	Michigan	$37,700	16%
16	Ohio	$37,500	16%
17	Colorado	$37,300	16%
18	Alabama	$37,100	17%
19	Mississippi	$36,900	18%
20	Tennessee	$36,700	15%
21	Illinois	$36,500	16%
22	California	$36,300	12%
23	North Carolina	$36,100	16%
24	Texas	$35,900	14%
25	Oregon	$35,700	15%
26	Washington	$35,500	14%
27	Indiana	$35,300	16%
28	Kentucky	$35,100	16%
29	Missouri	$34,900	16%
30	Arizona	$34,700	13%
31	Louisiana	$34,500	16%
32	Maine	$34,300	15%
33	West Virginia	$34,100	15%
34	Iowa	$33,900	16%
35	Kansas	$33,700	15%
36	Wisconsin	$33,500	16%
37	Nebraska	$33,200	15%
38	Vermont	$33,000	15%
39	Hawaii	$32,800	12%
40	Alaska	$32,500	11%
41	Arkansas	$32,200	14%
42	Oklahoma	$31,900	14%
43	Montana	$31,600	14%
44	Idaho	$31,300	13%
45	Nevada	$31,000	11%
46	South Dakota	$30,700	14%
47	North Dakota	$30,400	14%
48	Wyoming	$30,100	12%
49	New Mexico	$29,400	13%
50	Utah	$28,200	12%

Average Student Loan Debt by Age

Age Group	Avg. Balance	% of All Borrowers
Under 25	$14,800	14%
25–34	$33,500	28%
35–49	$42,600	30%
50–61	$44,100	17%
62+	$38,200	11%

Borrowers aged 50-61 carry the highest average balances, often due to Parent PLUS loans or graduate degrees taken later in life.

Average Student Loan Debt by Degree

Degree Level	Avg. Debt at Graduation
Associate’s degree	$14,500
Bachelor’s degree (public in-state)	$31,400
Bachelor’s degree (public out-of-state)	$41,200
Bachelor’s degree (private nonprofit)	$38,800
Bachelor’s degree (private for-profit)	$43,100
Master’s degree	$71,300
MBA	$66,300
Law degree (JD)	$130,000
Medical degree (MD)	$202,000
Doctoral degree (PhD)	$108,000

Graduate and professional degrees represent the fastest-growing segment of student debt.

Federal Student Loan Repayment Plans

Plan	Monthly Payment	Term	Total Cost ($37,850 at 5.5%)
Standard	$411	10 years	$49,285
Graduated	$237–$712	10 years	$51,640
Extended (fixed)	$247	25 years	$73,965
IBR (old)	15% discretionary income	25 years	Varies
IBR (new)	10% discretionary income	20 years	Varies
PAYE	10% discretionary income	20 years	Varies
SAVE/REPAYE	5–10% discretionary income	20–25 years	Varies
ICR	20% discretionary income	25 years	Varies

Income-driven repayment plans cap payments at a percentage of your discretionary income and forgive remaining balances after 20-25 years.

Student Loan Debt vs. Income by Major

Field	Avg. Debt	Avg. Starting Salary	Debt-to-Income
Computer Science	$30,200	$78,000	0.39x
Engineering	$32,500	$72,000	0.45x
Nursing	$29,800	$62,000	0.48x
Business/Finance	$33,100	$57,000	0.58x
Biology	$31,500	$44,000	0.72x
Communications	$34,200	$42,000	0.81x
Education	$31,800	$38,000	0.84x
Psychology	$33,600	$38,000	0.88x
Social Work	$35,100	$37,000	0.95x
Arts/Humanities	$34,500	$35,000	0.99x

A debt-to-starting-salary ratio above 0.75x makes repayment significantly more difficult on a standard 10-year plan.

Student Loan Forgiveness Programs

Public Service Loan Forgiveness (PSLF)

Eligibility: 120 qualifying payments while working for government or nonprofits
Timeline: 10 years of qualifying payments
Amount forgiven: Remaining balance (tax-free)
Borrowers who’ve received forgiveness: ~900,000+

Income-Driven Repayment Forgiveness

Eligibility: 20-25 years of payments on an income-driven plan
Amount forgiven: Remaining balance
Tax implications: May be taxable income (though currently waived through 2025)

Teacher Loan Forgiveness

Eligibility: 5 years teaching in low-income schools
Amount: Up to $17,500 forgiven

Strategies to Pay Off Student Loans Faster

Make biweekly payments — Equals one extra full payment per year, saves thousands
Target the highest-rate loan first (avalanche method)
Refinance private loans — If credit score has improved since graduation
Employer student loan assistance — An increasing number of employers offer $5,250/year tax-free
State-specific repayment programs — Many states offer loan repayment for working in underserved areas
Lump-sum payments — Apply tax refunds and bonuses directly to principal

Historical Student Loan Debt Growth

Year	Total Student Debt	Avg. Per Borrower
2006	$481 billion	$20,000
2010	$811 billion	$25,400
2014	$1.16 trillion	$29,000
2018	$1.56 trillion	$34,200
2022	$1.75 trillion	$37,100
2024	$1.76 trillion	$37,500
2026	$1.77 trillion	$37,850

Student loan debt has tripled in 20 years, far outpacing income growth.