Written by: Erica Sandberg
Edited by: Lillian Guevara-Castro
Reviewed by: Ashley Fricker
It’s no secret that pursuing a higher education, though an incredible opportunity, can come with a costly price tag. Currently, about 42 million Americans have federal student loan debt, proving that the price of attending college is much more than a few sleepless nights during exam season.1
When you consider tuition, room and board, books, and other miscellaneous expenses, it’s easy to see how debt can rack up. And the amount of money students borrow is only increasing year to year, due to rising prices and other factors.
As the student loan landscape returns to a pre-pandemic “normal,” trends around how much people borrow for education and how they repay that money will be worth watching out for.
Below, we will go through the average student loan debt for each year from 2014 to 2024, as well as other data that help put these numbers into perspective.
2014
- Average federal loan debt per borrower: $27,7602
- Average federal loan debt per borrower in 2024 dollars: $37,1302
- Federal loan debt in aggregate: $1.24 trillion3
- Number of student loan borrowers who were 90+ days delinquent: 2.55 million4
- Number of student loan borrowers who were in default: 4.67 million4
Cost of college in the 2014/2015 academic year:5
| Public two-year, in-district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four year |
|---|---|---|---|
| $11,192 | $18,931 | $32,893 | $42,445 |
2015
- Average federal loan debt per borrower: $29,1402
- Average federal loan debt per borrower in 2024 dollars: $38,6902
- Federal loan debt in aggregate: $1.32 trillion3
- Number of student loan borrowers who were 90+ days delinquent: 2.49 million4
- Number of student loan borrowers who were in default: 4.76 million4
Cost of college 2015/2016 academic year:5
| Public two-year, in district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four-year |
|---|---|---|---|
| $11,370 | $19,570 | $34,220 | $43,870 |
2016
- Average federal loan debt per borrower: $30,5502
- Average federal loan debt per borrower in 2024 dollars: $39,7402
- Federal loan debt in aggregate: $1.41 trillion3
- Number of student loan borrowers who were 90+ days delinquent: 2.28 million4
- Number of student loan borrowers who were in default: 4.83 million4
Cost of college 2016/2017 academic year:5
| Public two-year, in-district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four-year |
|---|---|---|---|
| $11,640 | $20,150 | $35,300 | $45,370 |
2017
- Average federal loan debt per borrower: $32,0902
- Average federal loan debt per borrower in 2024 dollars: $40,8802
- Federal loan debt in aggregate: $1.49 trillion3
- Number of student loan borrowers who were 90+ days delinquent: 2.06 million4
- Number of student loan borrowers who were in default: 4.8 million4
Cost of college 2017/2018 academic year:5
| Public four-year, out-of-state | Public four-year, in-state | Public four-year, out of state | Private nonprofit, four-year |
|---|---|---|---|
| $12,040 | $20,790 | $36,480 | $46,990 |
2018
- Average federal loan debt per borrower: $33,5502
- Average federal loan debt per borrower in 2024 dollars: $41,9402
- Federal loan debt in aggregate: $1.57 trillion3
- Number of student loan borrowers who were 90+ days delinquent: 2.24 million4
- Number of student loan borrowers who were in default: 4.72 million4
Cost of college 2018/2019 academic year:
| Public two-year, in-district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four-year |
|---|---|---|---|
| $12,350 | $21,400 | $37,390 | $48,290 |
2019
- Average federal loan debt per borrower: $35,2102
- Average federal loan debt per borrower in 2024 dollars: $43,0302
- Federal loan debt in aggregate: $1.64 trillion3
- Number of student loan borrowers who were 90+ days delinquent: 2.04 million4
- Number of student loan borrowers who were in default: 4.51 million4
Cost of college 2019/2020 academic year:
| Public two-year, in-district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four-year |
|---|---|---|---|
| $12,690 | $21,950 | $38,280 | $49,870 |
2020
- Average federal loan debt per borrower: $36,5102
- Average federal loan debt per borrower in 2024 dollars: $44,0202
- Federal loan debt in aggregate: $1.69 trillion3
- Number of student loan borrowers who were 90+ days delinquent: 0.26 million4
- Number of student loan borrowers who were in default: 3.87 million4
Cost of college 2020/2021 academic year:
| Public two-year, in-district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four-year |
|---|---|---|---|
| $12,900 | $22,290 | $38,870 | $50,580 |
2021
- Average federal loan debt per borrower: $37,1102
- Average federal loan debt per borrower in 2024 dollars: $41,8002
- Federal loan debt in aggregate: $1.73 trillion3
- Number of student loan borrowers who were 90+ days delinquent: 0.27 million4
- Number of student loan borrowers who were in default: 3 million4
Cost of college 2021/2022 academic year:
| Public two-year, in-district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four-year |
|---|---|---|---|
| $13,130 | $22,700 | $39,570 | $51,690 |
2022
- Average federal loan debt per borrower: $37,5702
- Average federal loan debt per borrower in 2024 dollars: $39,7602
- Federal loan debt in aggregate: $1.76 trillion3
- Student loan default rate: 2.3%3
Cost of college 2022/2023 academic year:
| Public two-year, in-district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four-year |
|---|---|---|---|
| $13,500 | $23,300 | $40,610 | $53,970 |
2023
- Average federal loan debt per borrower: $37,0902
- Average federal loan debt per borrower in 2024 dollars: $37,9802
- Federal loan debt in aggregate: $1.73 trillion3
- Student loan 3-year default rate: 0%3
Cost of college 2023/2024 academic year:
| Public two-year, in-district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four-year |
|---|---|---|---|
| $13,920 | $24,080 | $42,610 | $56,390 |
2024
- Average federal loan debt per borrower: $37,8502
- Average federal loan debt per borrower in 2024 dollars: $37,8502
- Federal loan debt in aggregate: $1.75 trillion3
- Student loan 3-year default rate: 0%3
Cost of college 2024/2025 academic year:
| Public two-year, in-district | Public four-year, in-state | Public four-year, out-of-state | Private nonprofit, four-year |
|---|---|---|---|
| $14,440 | $24,920 | $44,090 | $58,600 |
Student Loan Debt Fluctuates by Year for Several Reasons
The data shows that student loan debt has increased year over year, with the cost of education keeping pace. This affirms that student loan debt will only continue to rise as associated costs do so, revealing the stark reality of loan repayment and college tuition.
The type of college a student attends also plays an impactful role in how much they borrow. As we have seen, out-of-state education and private universities carry a higher price tag than traditional, public colleges.
These forms of enrollment can further drive up the amount of money borrowed by students. So choosing wisely, whether that’s considering affordable options or seeking out financial assistance, can help you avoid unwanted debt or reduce how much you will owe.
Though the Biden administration forgave $183.6 billion in student loan debt, lowering the amount of aggregate debt in 2023, figures rose again in 2024.6 The default rate also resumed regular programming after loan repayments restarted in July 2023.
These statistics point to broader financial issues for borrowers. Falling behind in payments and going into default are indicators of a borrower’s inability to manage debt. With so many factors to navigate, including inflation, unemployment, and rising interest rates, people can find it challenging to repay what they borrowed.
More Student Loan Debt Statistics
Average Student Loan Debt Per Month
Average Student Loan Debt by Degree
Average Student Loan Debt by Age
Average Student Loan Debt by State
Average Student Loan Debt by Generation
Average Student Loan Debt by Race
Data Sources:
- https://ticas.org/affordability-2/house-republican-plan-would-spike-student-loan-payments/ ↩︎
- https://educationdata.org/average-student-loan-debt-by-year ↩︎
- https://www.bestcolleges.com/research/student-loan-debt-by-year/ ↩︎
- https://www.bestcolleges.com/research/student-loan-default-rate-facts-statistics/ ↩︎
- https://www.statista.com/statistics/235651/us-university-attendance-cost/ ↩︎
- https://www.cnbc.com/2025/01/13/biden-student-loan-debt-forgiven.html ↩︎
