The current number of student loan borrowers in the United States

About 43 million Americans hold student loan debt as of 2024, according to federal loan servicing data. That figure includes people still in school, those actively repaying loans, and those in deferment or forbearance. The number has grown steadily over the past two decades as college costs have risen and more people have pursued higher education.

The total amount owed across all student loans is roughly $1.7 trillion, spread across federal loans (which make up the majority) and private loans. Federal student loans are tracked by the Department of Education, while private loan numbers come from credit reporting agencies and lender reports, so the exact count varies slightly depending on the source and timing of the count.

Key Takeaways

  • Approximately 43 million Americans currently hold student loan debt, including borrowers at all stages from active repayment to deferment.
  • Federal loans make up the majority of student debt, with private loans accounting for a smaller but growing portion of the total.
  • The number of borrowers has increased over the past 20 years as college tuition costs have risen and more people have pursued degrees.
  • Student loan debt affects borrowing power for mortgages, car loans, and other major purchases, which is why the overall number matters to the broader economy.

How the count breaks down by loan type

Federal student loans account for roughly 92% of all student debt. These loans are issued directly by the Department of Education or through the Federal Family Education Loan Program (FFELP), and the government tracks borrower numbers through its loan servicers. The remaining 8% comes from private student loans issued by banks, credit unions, and other lenders.

Within federal loans, the largest category is Direct Loans, which include Stafford loans (both subsidized and unsubsidized), PLUS loans for parents and graduate students, and Consolidation loans. Graduate and professional students make up a significant portion of federal borrowers, particularly those with PLUS loans, which tend to carry higher balances.

Who holds student loans and why the numbers matter

Student loan borrowers span all age groups, though the largest concentration is people in their 20s and 30s. However, a growing number of borrowers are over 50, often because they took out Parent PLUS loans when their children were in school or because they returned to school later in life. Some older borrowers are still repaying loans from decades ago.

The total number of borrowers affects the broader economy because student debt reduces how much money people can borrow for homes, cars, and other major purchases. When millions of people carry student loans, it can slow down home buying, delay family formation, and affect consumer spending patterns. This is why economists and policymakers track the overall borrower count as an economic indicator.

How student loan numbers have changed over time

In 2004, roughly 26 million Americans held student loan debt. By 2010, that number had grown to about 37 million. The increase accelerated during and after the 2008 financial crisis, when more people pursued education as a way to improve job prospects, and when unemployment made existing borrowers less able to repay quickly.

The growth has slowed in recent years as fewer people have enrolled in college when ready after high school, though the total number of borrowers remains near its peak. The composition has also shifted: more borrowers now carry graduate-level debt, and the average loan balance per borrower has increased even as the total number of borrowers has plateaued.

The difference between borrower count and debt amount

The number of people with student loans (43 million) is different from the total amount owed ($1.7 trillion) because individual borrowers carry very different loan balances. A recent high school graduate with a small federal loan and a graduate student with multiple PLUS loans are both counted as one borrower each, but their debt levels differ dramatically.

The average federal student loan balance per borrower is roughly $37,000 to $40,000, though this average masks wide variation. Borrowers with only undergraduate loans typically owe less, while those with graduate or professional degrees often owe $100,000 or more. Private loan balances vary even more widely depending on the lender and the terms of the loan.

Where the data comes from and why it changes

Federal student loan numbers come from the Department of Education's National Student Loan Data System (NSLDS), which is updated regularly as borrowers enter repayment, graduate, or change their loan status. The most recent comprehensive counts are released in annual reports, though the exact timing varies.

Private loan numbers are harder to pin down because they come from multiple lenders and credit reporting agencies rather than a single source. This is why you may see slightly different total figures depending on whether you are reading a government report, a credit agency analysis, or a news article—each source may be using data from a different point in time or counting loans slightly differently.

Frequently Asked Questions

What counts as a student loan for these statistics?

Federal counts include Direct Loans, FFELP loans, Perkins loans, and Parent PLUS loans. Private loans from banks and credit unions are counted separately. Loans that have been fully repaid or discharged are no longer counted in the active borrower total.

Are these numbers only for people currently in school?

No. The 43 million figure includes people still in school, people actively repaying loans, people in deferment or forbearance, and people in default. It is a snapshot of everyone with an outstanding student loan balance at a given time.

Why do student loan numbers matter if I am not a borrower?

Student debt affects the overall economy by reducing consumer spending, delaying home purchases, and influencing interest rates and lending practices. Even if you do not have student loans, the total amount of student debt in circulation can affect job markets, housing availability, and economic growth.

Do these numbers include Parent PLUS loans?

Yes. Parent PLUS loans are counted as federal student loans, and the parents who took them out are counted as borrowers. This means some of the 43 million borrowers are parents rather than the students themselves.

How often are these numbers updated?

The Department of Education releases comprehensive data annually, usually in the fall. However, loan servicers update individual borrower information continuously, so the exact count changes slightly from month to month as people graduate, enter repayment, or change their loan status.