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Money Student Loan Debt Statistics 2022
If you’ve been to college recently or you’re a parent of someone who has, you’ll know that getting a degree involves a considerable financial sacrifice. The cost of a college education is on the rise, and 43 million American adults currently have student loan debt. [1] Student Debt Stats https://educationdata.org/student-loan-debt-statistics
We’ve broken down some of the key student loan debt statistics to give you an insight into the change over time, and how families are dealing with the increase.
Key statistics
- The total amount of student loan debt in the U.S. is $1.75 trillion.
- In 2021, the average student debt per person was $31,100 at graduation.
- People aged 25-34 are the most likely to have student loan debt, with 14.9 million borrowers in this age group.
- Maryland had the highest average student debt in 2021, at $43,219 per graduate, North Dakota had the lowest, with $29,466.
- People of color and women are the most likely groups to have student loan debt. A quarter (24%) of Black adults have federal student loan debt compared to 14% of white adults. Women hold 58% of all student loan debt, compared to 42% for men.
- By 2030, the average graduate student debt amount could reach $50,000.
Total student debt per year
Since 2010, the total amount of student debt in the U.S. has risen by over $1 trillion, with a staggering 130% increase from 2010 to 2021.
The total student loan debt amount in the U.S. now stands at $1.75 trillion, compared with $0.76 trillion in 2010.
| Year | Total Student Debt in the U.S. ($ trillions) |
|---|---|
| 2010 | 0.76 |
| 2011 | 0.96 |
| 2012 | 1.05 |
| 2013 | 1.12 |
| 2014 | 1.21 |
| 2015 | 1.28 |
| 2016 | 1.36 |
| 2017 | 1.42 |
| 2018 | 1.51 |
| 2019 | 1.57 |
| 2020 | 1.7 |
| 2021 | 1.75 |
Source [2] Student Debt By Year https://educationdata.org/average-student-loan-debt-by-year
The steep increase in total student debt over time can mainly be attributed to the increase in the cost of tuition. The average cost of private college tuition has increased from $28,452 in 2010 to $43,775 in 2022. [3] Tuition Growth https://www.usnews.com/education/best-colleges/paying-for-college/articles/2017-09-20/see-20-years-of-tuition-growth-at-national-universities This shows a 54% increase in the average cost of tuition during that time, so it’s no surprise that the total student debt has also seen an upward trend.
Estimated projection of student loan debt
Using the upward trend of student loan debt between 2010 and 2021, we can estimate that student loan debt will surpass $2 trillion by 2025 and could hit $2.14 trillion in 2026.
| Year | Total Student Debt in the U.S. ($ trillions) |
|---|---|
| 2010 | 0.76 |
| 2011 | 0.96 |
| 2012 | 1.05 |
| 2013 | 1.12 |
| 2014 | 1.21 |
| 2015 | 1.28 |
| 2016 | 1.36 |
| 2017 | 1.42 |
| 2018 | 1.51 |
| 2019 | 1.57 |
| 2020 | 1.7 |
| 2021 | 1.75 |
| 2022 | 1.85 |
| 2023 | 1.91 |
| 2024 | 1.98 |
| 2025 | 2.06 |
| 2026 | 2.14 |
Average federal student debt per person
The average amount of federal student debt per person in the U.S. has been climbing steadily for a number of years. With the increase in average college tuition typically rising year over year, debt per student follows the same trend.
Below you can see the increase since 2007 in cash terms and when adjusted for 2021 inflation. We have also estimated a prediction of the average student debt until 2034 using the current trend. This shows that by 2030, the average student debt amount per student could reach over $50,000.
| Year | Avg Federal Student Debt Per Person | Avg Federal Student Debt Per Person (inflation adjusted) | Predicted |
|---|---|---|---|
| 2007 | $18,233 | $24,250 | |
| 2008 | $19,298 | $25,666 | |
| 2009 | $20,467 | $26,403 | |
| 2010 | $21,860 | $27,762 | |
| 2011 | $23,238 | $28,816 | |
| 2012 | $24,757 | $29,956 | |
| 2013 | $26,268 | $31,521 | |
| 2014 | $27,759 | $33,033 | |
| 2015 | $29,144 | $34,390 | |
| 2016 | $30,548 | $35,131 | |
| 2017 | $32,087 | $36,258 | |
| 2018 | $33,548 | $37,238 | |
| 2019 | $35,205 | $38,022 | |
| 2020 | $36,510 | $39,066 | |
| 2021 | $37,113 | $37,113 | |
| 2022 | $39,075 | ||
| 2023 | $40,492 | ||
| 2024 | $41,910 | ||
| 2025 | $43,327 | ||
| 2026 | $44,745 | ||
| 2027 | $46,162 | ||
| 2028 | $47,580 | ||
| 2029 | $48,997 | ||
| 2030 | $50,414 | ||
| 2031 | $51,832 | ||
| 2032 | $53,249 | ||
| 2033 | $54,667 | ||
| 2034 | $56,084 |
Source [2] Student Debt By Year https://educationdata.org/average-student-loan-debt-by-year
Average student debt by state
Average student debt varies slightly from state to state. In 2021, Maryland had the highest average student loan debt at $43,219. North Dakota had the lowest average student loan debt in 2021 at $29,466.
When looking at percentage change from 2016 to 2021, Utah had the largest increase with 64.1% in average student debt, while Pennsylvania saw the smallest increase with just 0.1%. Just two of the 50 states saw a decrease in average student debt: Connecticut with -0.1%, and New Hampshire with -5.5%.
Below is a breakdown of the average student debt by state between 2016 and 2021.
| State | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | % change |
|---|---|---|---|---|---|---|---|
| Alabama | $31,275 | $31,899 | $29,469 | $31,174 | $30,996 | $37,348 | 19.4% |
| Alaska | $26,008 | $25,682 | - | $27,852 | $26,356 | $34,431 | 32.4% |
| Arizona | $23,447 | $23,967 | - | $24,709 | $24,298 | $35,454 | 51.2% |
| Arkansas | $26,859 | $26,799 | $26,579 | $23,798 | $27,319 | $33,525 | 24.8% |
| California | $22,744 | $22,785 | $22,585 | $25,112 | $21,125 | $36,937 | 62.4% |
| Colorado | $26,520 | $26,530 | $24,888 | $26,111 | $26,424 | $37,120 | 40.0% |
| Connecticut | $35,494 | $38,510 | $38,669 | $41,579 | $35,853 | $35,448 | -0.1% |
| Delaware | $33,838 | $34,144 | $34,144 | $37,447 | $39,705 | $37,338 | 10.3% |
| Florida | $24,461 | $24,041 | $24,428 | $22,953 | $24,454 | $38,481 | 57.3% |
| Georgia | $27,657 | $28,653 | $28,824 | $29,783 | $27,759 | $41,843 | 51.3% |
| Hawaii | $26,092 | $25,125 | $24,162 | $23,914 | $24,926 | $36,575 | 40.2% |
| Idaho | $27,130 | $26,675 | $27,682 | $25,771 | $24,983 | $33,100 | 22.0% |
| Illinois | $29,271 | $29,214 | $29,855 | $28,960 | $28,552 | $38,071 | 30.1% |
| Indiana | $29,562 | $29,561 | $29,064 | $26,641 | $28,521 | $33,106 | 12.0% |
| Iowa | $29,801 | $29,859 | $30,045 | $28,466 | $29,560 | $30,848 | 3.5% |
| Kansas | $28,776 | $27,720 | $26,764 | $27,216 | $26,002 | $33,130 | 15.1% |
| Kentucky | $28,910 | $28,447 | $28,435 | $29,523 | $28,356 | $33,023 | 14.2% |
| Louisiana | $27,138 | $27,210 | $27,151 | $23,855 | $26,284 | $34,683 | 27.8% |
| Maine | $31,295 | $31,364 | $32,676 | $36,339 | $32,764 | $33,352 | 6.6% |
| Maryland | $27,455 | $29,314 | $29,178 | $32,165 | $30,461 | $43,219 | 57.4% |
| Massachusetts | $31,563 | $32,065 | $31,882 | $31,549 | $33,457 | $34,549 | 9.5% |
| Michigan | $30,852 | $31,289 | $32,158 | $28,895 | $29,863 | $36,295 | 17.6% |
| Minnesota | $31,915 | $31,734 | $32,317 | $33,168 | $32,012 | $33,822 | 6.0% |
| Mississippi | $29,384 | $30,439 | $30,117 | $31,485 | $29,714 | $37,080 | 26.2% |
| Missouri | $27,532 | $27,108 | $29,224 | $29,613 | $28,713 | $35,706 | 29.7% |
| Montana | $31,065 | $28,466 | $28,032 | $27,154 | $27,114 | $33,953 | 9.3% |
| Nebraska | $26,585 | $25,750 | $26,422 | $24,266 | $26,781 | $32,138 | 20.9% |
| Nevada | $24,128 | $22,064 | $22,600 | $22,418 | $21,357 | $33,863 | 40.3% |
| New Hampshire | $36,367 | $34,415 | $36,776 | $41,511 | $39,928 | $34,353 | -5.5% |
| New Jersey | $29,878 | $32,247 | $34,387 | $31,818 | $35,117 | $35,730 | 19.6% |
| New Mexico | $21,373 | $21,237 | $21,858 | $20,497 | $20,868 | $34,237 | 60.2% |
| New York | $30,346 | $30,931 | $31,127 | $29,209 | $30,951 | $38,107 | 25.6% |
| North Carolina | $25,562 | $26,526 | $26,683 | $26,866 | $29,681 | $37,861 | 48.1% |
| North Dakota | - | - | - | $33,318 | $31,939 | $29,446 | - |
| Ohio | $30,351 | $30,629 | $30,323 | $30,047 | $30,605 | $34,923 | 15.1% |
| Oklahoma | $25,856 | $25,952 | $25,221 | $25,737 | $27,876 | $31,832 | 23.1% |
| Oregon | $27,321 | $27,885 | $28,628 | $26,328 | $26,504 | $37,251 | 36.3% |
| Pennsylvania | $35,759 | $36,854 | $37,061 | $38,521 | $39,375 | $35,804 | 0.1% |
| Rhode Island | $31,217 | $36,250 | $36,036 | $31,902 | $36,791 | $32,212 | 3.2% |
| South Carolina | $30,123 | $30,891 | $30,838 | $31,129 | $32,635 | $38,662 | 28.3% |
| South Dakota | $31,362 | $31,275 | $31,895 | $28,821 | $32,029 | $31,858 | 1.6% |
| Tennessee | $26,981 | $25,252 | $26,838 | $24,655 | $26,852 | $36,549 | 35.5% |
| Texas | $26,292 | $26,824 | $27,293 | $16,633 | $26,273 | $33,123 | 26.0% |
| Utah | $19,975 | $18,838 | $19,728 | $31,619 | $18,344 | $32,781 | 64.1% |
| Vermont | $28,662 | $30,651 | $31,431 | $30,688 | $34,866 | $38,411 | 34.0% |
| Virginia | $29,296 | $29,887 | $30,363 | $26,207 | $29,616 | $39,472 | 34.7% |
| Washington | $24,609 | $23,936 | $23,524 | $30,118 | $23,993 | $35,521 | 44.3% |
| West Virginia | $27,708 | $27,505 | $30,014 | $31,317 | $29,208 | $32,258 | 16.4% |
| Wisconsin | $30,059 | $29,569 | $31,705 | $30,600 | $30,270 | $32,272 | 7.4% |
| Wyoming | $25,378 | $22,524 | $24,474 | $23,444 | $23,510 | $30,246 | 19.2% |
Sources 2016 [4] 2016 Student Debt https://ticas.org/files/pub_files/classof2016.pdf, 2017 [5] 2017 Student Debt https://www.valuepenguin.com/average-student-loan-debt, 2018 [6] 2018 Student Debt https://ticas.org/wp-content/uploads/2019/09/classof2018.pdf, 2019 [7] 2019 Student Debt https://lendedu.com/blog/student-loan-debt-by-school-by-state/, 2020 [8] 2020 Student Debt https://www.statista.com/statistics/224863/states-average-student-debt-borrowing-for-graduates-in-the-us/, 2021 [9] 2021 Student Debt https://educationdata.org/student-loan-debt-by-state
Student loan debts by demographic
There are currently around 43 million adults in the U.S. with federal student loan debt. Let’s take a look at how those borrowers break down into different demographics.
Student debt by age
When we look at the age breakdown of federal student loan borrowers, the 25-34 age group had the most student debt as of 2021. With 32.6% of the total student loan debt, this age group included 14.9 million total borrowers.
Unsurprisingly, the age group with the fewest student loan borrowers was 62 and over, with 2.4 million people and just 5.3% of the total borrowers. People over the age of 50 who went to college between the 1960s and 1990s are likely to have borrowed much less than today’s college students, and have spent their working lives paying off what they did borrow.
| Age (2021) | Number of People With Student Debt |
|---|---|
| 18-24 | 7.6 million |
| 25-34 | 14.9 million |
| 35-49 | 14.4 million |
| 50-61 | 6.4 million |
| 62 and over | 2.4 million |
Source [10] Student Aid https://studentaid.gov/data-center/student/portfolio
Almost one in four (23%) millennials have student loan debt compared with 18% of Gen Z, 17% of Gen X and 7% of baby boomers. Women aged 18-44 are the most likely to have student debt (27%) compared with 15% of men in the same age group. [11] CNBC Momentive Poll https://www.surveymonkey.com/curiosity/cnbc-invest-in-you-jan-2022/
Student debt by gender
Student debt data by gender shows that there are more women in the U.S. with student loan debt than men. 58% of all student debt belongs to women, while 42% belongs to men.
Recent estimates for 2022 suggest that 25 million women in the U.S. have student loan debt, compared to around 18 million men in the U.S. Once they graduate from college, women are likely to earn less than men according to research by the U.S. Census Bureau, meaning they stay in debt longer and incur more interest over time.
| Gender (2022) | Number with Federal student loan debt (millions) |
|---|---|
| Women | 25,172,000 |
| Men | 18,228,000 |
Source [12] Student Debt By Year https://educationdata.org/student-loan-debt-by-gender
At this time, there is not enough data about student debt in the non-binary and trans communities to draw meaningful insight due to the low relative population. The data that is available suggests that gender-variant students face policy-related issues including identity verification which may create obstacles for them when applying for student loans.
Available statistics also show that the average gender minority student borrows around 10% more than non-gender minority students.
Student debt by race
Comparing student loan statistics by race shows that people of color are more likely to have student debts than white people. This, along with the higher proportion of women having student loan debt, tends to reflect historical access to capital.
24% of Black adults say they have federal student loan debt, compared to 15% of Hispanics, 14% of white people, and 11% of Asians. [11] CNBC Momentive Poll https://www.surveymonkey.com/curiosity/cnbc-invest-in-you-jan-2022/
| Race | Percentage of each race with federal student loan debt |
|---|---|
| Black | 24% |
| Hispanic | 15% |
| White | 14% |
| Asian | 11% |
How many Americans have student loan debt?
43 million Americans currently have federal student loan debt in the U.S. This equates to about one in eight (12.9%) of the country’s population based on recent census figures. According to the Federal Reserve, approximately 30% of people who went to college took out some form of loan in order to attend.
The figure has increased by almost 10 million since 2010 when there were 34 million Americans with student loan debt. The graph below shows the change from 2010 to 2021.
| Year | Number of U.S. Population with Federal Student Loan Debt (millions) |
|---|---|
| 2010 | 34.3 |
| 2011 | 36.5 |
| 2012 | 38.3 |
| 2013 | 39.6 |
| 2014 | 40.7 |
| 2015 | 41.6 |
| 2016 | 42.3 |
| 2017 | 42.6 |
| 2018 | 42.9 |
| 2019 | 42.9 |
| 2020 | 42.3 |
| 2021 | 43 |
Source [1] Student Debt Stats https://educationdata.org/student-loan-debt-statistics
Undergraduate debt vs postgraduate debt
When looking at the difference between undergraduate and postgraduate debt, we can see that most student borrowers (94.8%) took out a loan for undergraduate studies. 44.2% used a student loan to fund their postgraduate education.
For students that didn’t take out a loan for undergraduate study, we can assume that they used a loan as postgraduates, but their undergraduate courses were funded using other methods like scholarships or grants.
| % of all student loan borrowers who borrowed for each type of education | |
|---|---|
| Undergraduate | 94.8 |
| Postgraduate | 44.2 |
Source [1] Student Debt Stats https://educationdata.org/student-loan-debt-statistics
Paying off student loans
When it comes to paying off student loans, your salary, amount of debt, and interest rates all affect how much you’ll pay per month and how long it’ll take you to pay your debt off in full.
How long does it take to pay off a student loan?
The chart below shows us how long it would take on average to pay back student loans for Associate’s, Bachelor’s, Master’s and Doctoral degrees and different types of colleges. Paying back a loan for a doctoral degree from a private for-profit college takes by far the longest at 459 months (or 38 years and 3 months).
| Public College | Private College (weighted average) | Private (Non-Profit) | Private (For-Profit) | |
|---|---|---|---|---|
| Associate's | 49 | 82 | 81 | 87 |
| Bachelor's | 67 | 85 | 81 | 109 |
| Master's | 108 | 164 | 155 | 218 |
| Doctoral | 162 | 200 | 156 | 459 |
Source [13] Average Time to Repay Student Loans https://educationdata.org/average-time-to-repay-student-loans
The average monthly student loan payment
Unsurprisingly, the mean monthly repayment for a Doctoral degree loan was also the highest, at $1,210 per month.
| Average Monthly Student Loan Payment | Low End | High End | Mean Monthly Repayment |
|---|---|---|---|
| Associate's | $281 | $384 | $333 |
| Bachelor's | $354 | $541 | $448 |
| Master's | $350 | $1,039 | $695 |
| Doctoral | $575 | $1,844 | $1,210 |
Source [13] Average Time to Repay Student Loans https://educationdata.org/average-time-to-repay-student-loans
Current interest rates on federal student loans
| Loan Type | Interest Rate (%) | |
|---|---|---|
| Undergraduate | Direct | 3.73 |
| Graduate & Professional | Direct | 5.28 |
| Parent, Graduate & Professional | PLUS | 6.28 |
A recent study by Self on the life of interest payments found that using a federal interest rate of 6%, students paid an average of $20,803 in student loan interest over 20 years.
Student loan forgiveness statistics
Data from the U.S. Department of Education shows that since November 2020, only 2% of applications for Public Service Loan Forgiveness (PSLF) have been accepted. [14] Student Loan Forgiveness https://studentaid.gov/data-center/student/loan-forgiveness/pslf-data
In 2021, eligibility for PSLF was expanded which has resulted in at least 30,000 additional borrowers having their loans forgiven to $0. This is on top of the pre-2021 figure of 463,444 students who had their loans fully or partially forgiven. The Department of Education estimates that 550,000 borrowers could eventually benefit from the temporary student loan forgiveness expansion.
Before 2021, only 6.7% of eligible borrowers applied for student loan forgiveness. 4.1% of these applicants received a partial student loan discharge, and 6.8% had the remainder of their student loan payments discharged.
How do you get student loans forgiven?
Many students and graduates with loan debt wonder if it’s possible to have their student loans forgiven or to get some help with paying them back. There are a few options available when it comes to student loan forgiveness. There are specific criteria you’ll need to meet in order to qualify, but let’s take a look at some of the options.
- Teacher loan forgiveness - Teachers who teach full time for five consecutive years at elementary or secondary schools or educational service agencies for low-income families can qualify for loan forgiveness. You’ll need to meet specific qualifications but you may be eligible for $17,500 of forgiveness on your loan.
- Income driven repayment plan (IDR) - You can repay your loans through a repayment plan based on your income, and any balance left on your student loan will be forgiven after a certain amount of time after you make a specified number of payments.
- Public service loan forgiveness (PSLF) - You might qualify for forgiveness on your remaining student loans if you work full-time for a non-profit or government organization. You’ll be eligible after you’ve made 120 payments (or 10 years' worth of payments).
- AmeriCorps - People who complete a term of national service through an approved AmeriCorps program will be eligible to receive a Segal AmeriCorps Education Award which can be used to pay off remaining student loans that qualify.
- Military service - The U.S. Department of Education and U.S. Department of Defense offer special repayment options on student loans for people who serve in the U.S. Military. These include loan repayment programs and caps on interest rates.
Jobs that could help students pay off loans the fastest
While paying off student loans is a big financial worry for many, there are a few careers that might enable students to pay their loans back faster than others. It typically comes down to salary, those who earn more may pay off their loans quicker. Let’s take a look at some of these careers and their average starting salary.
| Career or Profession | Average Starting Salary |
|---|---|
| Doctor or medical professional | $210,000 |
| Psychiatrist | $200,000 |
| Lawyer | $80,000-$160,000 (depending on specialisms) |
| Computer system or IT manager | $125,000 |
| Pharmacist | $120,000 |
| Financial manager | $115,000 |
| Air traffic controller | $110,000 |
| Software architect | $100,000 |
| Analytics manager | $90,000 |
Source [15] Jobs and Average Salaries https://www.collegeraptor.com/paying-for-college/articles/student-loans/these-10-jobs-will-help-you-pay-off-your-student-loans-fast/
Sources
- [1] Student Debt Stats https://educationdata.org/student-loan-debt-statistics
- [2] Student Debt By Year https://educationdata.org/average-student-loan-debt-by-year
- [3] Tuition Growth https://www.usnews.com/education/best-colleges/paying-for-college/articles/2017-09-20/see-20-years-of-tuition-growth-at-national-universities
- [4] 2016 Student Debt https://ticas.org/files/pub_files/classof2016.pdf
- [5] 2017 Student Debt https://www.valuepenguin.com/average-student-loan-debt
- [6] 2018 Student Debt https://ticas.org/wp-content/uploads/2019/09/classof2018.pdf
- [7] 2019 Student Debt https://lendedu.com/blog/student-loan-debt-by-school-by-state/
- [8] 2020 Student Debt https://www.statista.com/statistics/224863/states-average-student-debt-borrowing-for-graduates-in-the-us/
- [9] 2021 Student Debt https://educationdata.org/student-loan-debt-by-state
- [10] Student Aid https://studentaid.gov/data-center/student/portfolio
- [11] CNBC Momentive Poll https://www.surveymonkey.com/curiosity/cnbc-invest-in-you-jan-2022/
- [12] Student Debt By Year https://educationdata.org/student-loan-debt-by-gender
- [13] Average Time to Repay Student Loans https://educationdata.org/average-time-to-repay-student-loans
- [14] Student Loan Forgiveness https://studentaid.gov/data-center/student/loan-forgiveness/pslf-data
- [15] Jobs and Average Salaries https://www.collegeraptor.com/paying-for-college/articles/student-loans/these-10-jobs-will-help-you-pay-off-your-student-loans-fast/
