Federal student loan balances average about $40,768 per borrower nationally, but the typical balance varies by more than $15,000 from state to state. The figures below come from Federal Student Aid’s own records of the federal loan portfolio, so they cover federal loans only.
National Student Loan Debt Overview
| Metric | Amount |
|---|---|
| Outstanding federal student loans | $1,724.5 billion |
| Federal borrowers | 42.3 million |
| Average federal balance per borrower | $40,768 |
| Data as of | June 30, 2026 |
Source: Federal Student Aid Portfolio Summary. In the New York Fed’s household credit data, which counts balances differently, all student loans (federal and private) came to $1.651 trillion in the second quarter of 2026, the third-largest household debt after mortgages and auto loans ($1.713 trillion).
Average Student Loan Debt by State
| Rank | State | Average Federal Balance | Borrowers | Total Balance |
|---|---|---|---|---|
| 1 | District of Columbia | $55,846 | 114,600 | $6.4B |
| 2 | Maryland | $45,589 | 842,300 | $38.4B |
| 3 | Georgia | $43,813 | 1,702,700 | $74.6B |
| 4 | Virginia | $41,916 | 1,085,500 | $45.5B |
| 5 | Florida | $41,162 | 2,747,700 | $113.1B |
| 6 | Illinois | $40,774 | 1,601,500 | $65.3B |
| 7 | New York | $40,666 | 2,456,600 | $99.9B |
| 8 | Delaware | $40,639 | 137,800 | $5.6B |
| 9 | Hawaii | $40,496 | 121,000 | $4.9B |
| 10 | North Carolina | $40,455 | 1,379,300 | $55.8B |
| 11 | South Carolina | $40,138 | 782,300 | $31.4B |
| 12 | California | $39,980 | 3,919,500 | $156.7B |
| 13 | Oregon | $39,499 | 526,600 | $20.8B |
| 14 | New Jersey | $39,174 | 1,235,500 | $48.4B |
| 15 | Alabama | $39,157 | 664,000 | $26.0B |
| 16 | Mississippi | $39,009 | 456,300 | $17.8B |
| 17 | Colorado | $38,844 | 764,600 | $29.7B |
| 18 | Vermont | $38,770 | 74,800 | $2.9B |
| 19 | Tennessee | $38,664 | 894,900 | $34.6B |
| 20 | Michigan | $38,626 | 1,377,300 | $53.2B |
| 21 | Connecticut | $38,417 | 515,400 | $19.8B |
| 22 | Washington | $38,139 | 776,100 | $29.6B |
| 23 | Pennsylvania | $37,542 | 1,853,900 | $69.6B |
| 24 | Alaska | $37,209 | 64,500 | $2.4B |
| 25 | Arizona | $37,114 | 916,100 | $34.0B |
| 26 | Massachusetts | $37,086 | 900,600 | $33.4B |
| 27 | Missouri | $37,024 | 826,500 | $30.6B |
| 28 | Ohio | $36,311 | 1,770,800 | $64.3B |
| 29 | New Hampshire | $36,228 | 187,700 | $6.8B |
| 30 | Louisiana | $36,167 | 694,000 | $25.1B |
| 31 | Maine | $35,906 | 186,600 | $6.7B |
| 32 | Nevada | $35,879 | 367,900 | $13.2B |
| 33 | Montana | $35,601 | 126,400 | $4.5B |
| 34 | Minnesota | $35,594 | 772,600 | $27.5B |
| 35 | Arkansas | $35,504 | 408,400 | $14.5B |
| 36 | Utah | $35,429 | 313,300 | $11.1B |
| 37 | New Mexico | $35,398 | 226,000 | $8.0B |
| 38 | Kentucky | $35,088 | 615,600 | $21.6B |
| 39 | Texas | $35,014 | 3,949,800 | $138.3B |
| 40 | Idaho | $34,642 | 216,500 | $7.5B |
| 41 | Kansas | $34,537 | 379,300 | $13.1B |
| 42 | Indiana | $34,502 | 898,500 | $31.0B |
| 43 | Rhode Island | $34,068 | 149,700 | $5.1B |
| 44 | Wisconsin | $33,846 | 709,100 | $24.0B |
| 45 | West Virginia | $33,728 | 228,300 | $7.7B |
| 46 | Nebraska | $33,676 | 243,500 | $8.2B |
| 47 | Oklahoma | $33,483 | 510,700 | $17.1B |
| 48 | Wyoming | $32,847 | 54,800 | $1.8B |
| 49 | Iowa | $31,885 | 423,400 | $13.5B |
| 50 | South Dakota | $31,705 | 116,700 | $3.7B |
| 51 | North Dakota | $30,543 | 88,400 | $2.7B |
Source: Federal Student Aid, Federal Student Loan Portfolio by Borrower Location, data as of March 31, 2026. Average = outstanding federal balance ÷ borrowers; balances are published rounded to $0.1 billion, so small-state averages are approximate.
Washington, D.C. has by far the highest average, reflecting its concentration of graduate and professional degree holders. Among the states, Maryland, Georgia and Virginia lead; the Dakotas, Iowa, Wyoming and Oklahoma have the lowest averages.
Average Student Loan Debt by Age
| Borrower Age | Average Federal Balance | Borrowers | Total Balance |
|---|---|---|---|
| 24 and Younger | $13,806 | 6.2 million | $85.6B |
| 25 to 34 | $33,271 | 14.0 million | $465.8B |
| 35 to 49 | $45,673 | 15.0 million | $685.1B |
| 50 to 61 | $48,875 | 6.4 million | $312.8B |
| 62 and Older | $44,906 | 3.2 million | $143.7B |
Source: Federal Student Aid, Federal Student Loan Portfolio by Borrower Age, data as of March 31, 2026. Average = outstanding federal balance ÷ borrowers.
Borrowers aged 50 to 61 carry the highest average balances, often because of Parent PLUS loans taken for their children or graduate degrees earned later. See average student loan debt by age for more.
Average Debt by Degree
Balances differ even more by degree than by state: graduate and professional borrowers owe far more than those with only undergraduate loans. See average student loan debt and average payment by degree.
Federal Student Loan Repayment Plans
| Plan | Monthly Payment | Term | Total Cost ($37,850 at 6.52%) |
|---|---|---|---|
| Standard | $430 | 10 years | $51,620 |
| New standard (loans from July 2026, balance $25,000–$49,999) | $330 | 15 years | $59,423 |
| Extended (older loans) | $256 | 25 years | $76,812 |
Income-driven plans set the payment from your income instead of your balance: the Repayment Assistance Plan (RAP) charges 1%–10% of income and is open to every federal borrower except Parent PLUS, and IBR remains for loans made before July 1, 2026. See income-driven repayment plans and student loan repayment plans.
Student Loan Forgiveness Programs
- Public Service Loan Forgiveness: remaining balance forgiven, tax-free, after 120 qualifying payments while working for a government or nonprofit employer (how to apply for PSLF)
- Income-driven forgiveness: after 20–25 years on IBR, PAYE or ICR, or 30 years on RAP; taxable federal income from 2026
- Teacher Loan Forgiveness: up to $5,000, or $17,500 for secondary math/science and special education teachers, after five years at a low-income school
See student loan forgiveness programs for every program and who qualifies.
Strategies to Pay Off Student Loans Faster
- Make biweekly payments — 26 half-payments a year equal one extra full payment
- Target the highest-rate loan first (avalanche method)
- Refinance private loans — if your credit score has improved since graduation
- Employer student loan assistance — up to $5,250 a year can be tax-free
- State loan repayment programs — many states repay loans for work in underserved areas
- Lump-sum payments — put tax refunds and bonuses toward principal
Historical Federal Student Loan Debt
| Year (federal fiscal) | Outstanding Federal Loans | Federal Borrowers | Average per Borrower |
|---|---|---|---|
| 2007 | $516.0 billion | 28.3 million | $18,233 |
| 2010 | $749.8 billion | 34.3 million | $21,860 |
| 2014 | $1,129.8 billion | 40.7 million | $27,759 |
| 2018 | $1,439.2 billion | 42.9 million | $33,548 |
| 2022 | $1,634.5 billion | 43.5 million | $37,575 |
| 2024 | $1,638.6 billion | 42.7 million | $38,375 |
| 2026 (as of June 30) | $1,724.5 billion | 42.3 million | $40,768 |
Source: Federal Student Aid Portfolio Summary (year-end figures; 2026 is the latest quarter). The federal portfolio has more than tripled since 2007, while the number of borrowers has grown by about half, so the average balance has more than doubled.
Related guides
Part of the student loan guide.
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