Written by: Erica Sandberg
Edited by: Lillian Guevara-Castro
Reviewed by: Ashley Fricker
The amount of money students borrow to attend college has been increasing year over year. Tuition, room and board, books and materials as well miscellaneous expenses, such as travel, all add up. The price of college differs dramatically between these institutions, however, with some schools more affordable than others. Whether the student works during their college years or has financial assistance that they do not have to repay also drives down the amount of money they borrow for their education.
Here is the average student loan debt for each year from 2013 to 2023, as well as other information about student loans that puts the figures into perspective.
2013
- Average federal loan debt per borrower: $26,2701
- Average federal loan debt per borrower in 2023 dollars: $34,6901
- Federal loan debt in aggregate: $1.15 trillion2
- Number of student loan borrowers who were 90+ days delinquent: 2.61 million3
- Number of student loan borrowers who were in default: 4.46 million3
Cost of college in the 2013/2014 academic year4:
| Public two-year, in district | Public four-year, in-state | Public four-year, out of state | Private nonprofit, four year |
|---|---|---|---|
| $10,781 | $18,383 | $31,721 | $40,955 |
2014
- Average federal loan debt per borrower: $27,760
- Average federal loan debt per borrower in 2023 dollars: $36,390
- Federal loan debt in aggregate: $1.24 trillion
- Number of student loan borrowers who were 90+ days delinquent: 2.55 million
- Number of student loan borrowers who were in default: 4.67 million
Cost of college 2014/2015 academic year:
| 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: $29,140
- Average federal loan debt per borrower in 2023 dollars: $37,920
- Federal loan debt in aggregate: $1.32 trillion
- Number of student loan borrowers who were 90+ days delinquent: 2.49 million
- Number of student loan borrowers who were in default: 4.76 million
Cost of college 2015/2016 academic year:
| 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: $30,550
- Average federal loan debt per borrower in 2023 dollars: $38,940
- Federal loan debt in aggregate: $1.41 trillion
- Number of student loan borrowers who were 90+ days delinquent: 2.28 million
- Number of student loan borrowers who were in default: 4.83 million
Cost of college 2016/2017 academic year:
| 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: $32,090
- Average federal loan debt per borrower in 2023 dollars: $40,060
- Federal loan debt in aggregate: $1.49 trillion
- Number of student loan borrowers who were 90+ days delinquent: 2.06 million
- Number of student loan borrowers who were in default: 4.8 million
Cost of college 2017/2018 academic year:
| Public two-year, in district | 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: $33,550
- Average federal loan debt per borrower in 2023 dollars: $41,100
- Federal loan debt in aggregate: $1.57 trillion
- Number of student loan borrowers who were 90+ days delinquent: 2.24 million
- Number of student loan borrowers who were in default: 4.72 million
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: $35,210
- Average federal loan debt per borrower in 2023 dollars: $42,170
- Federal loan debt in aggregate: $1.64 trillion
- Number of student loan borrowers who were 90+ days delinquent: 2.04 million
- Number of student loan borrowers who were in default: 4.51 million
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: $36,510
- Average federal loan debt per borrower in 2023 dollars: $43,140
- Federal loan debt in aggregate: $1.69 trillion
- Number of student loan borrowers who were 90+ days delinquent: 0.26million
- Number of student loan borrowers who were in default: 3.87 million
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: $37,110
- Average federal loan debt per borrower in 2023 dollars: $40,970
- Federal loan debt in aggregate: $1.73 trillion
- Number of student loan borrowers who were 90+ days delinquent: 0.27million
- Number of student loan borrowers who were in default: 3 million
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: $37,570
Average federal loan debt per borrower in 2023 dollars: $38,970
Federal loan debt in aggregate: $1.75 trillion
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: $37,650
- Average federal loan debt per borrower in 2023 dollars: $37,650
- Federal loan debt in aggregate: $1.73 trillion5
- (Student loan delinquency and default data for 2023 not gathered.)
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 |
|---|---|---|---|
| $13,960 | $24,030 | $41,920 | $56,190 |
Student Loan Debt Fluctuates by Year for Several Reasons
The data that indicates a year over year increase in student loan debt is correlated to the cost of college, which has also steadily risen. When the price of higher education increases, borrowing to pay for the associated costs keeps pace. On an individual level, the decision to attend different types of colleges also has a major impact on the total amount of debt the student acquires.
Falling behind on payments and then eventually going into default is typically a result of broader financial problems. Inflation, unemployment, and rising interest rates, all have an impact on a borrower’s ability to manage debt.
There was a significant dip in defaults from 2020 through 2022 when the federal government gave borrowers a break on payments due to the pandemic. In 2023, the Biden administration began to process $39 billion in debt forgiveness for qualified borrowers, a measure that has lowered the aggregate student loan debt.
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:
1 https://educationdata.org/average-student-loan-debt-by-year
2 https://www.bestcolleges.com/research/student-loan-debt-by-year/
3 https://www.bestcolleges.com/research/student-loan-default-rate-facts-statistics/
4 https://www.statista.com/statistics/235651/us-university-attendance-cost/
5 https://educationdata.org/student-loan-debt-statistics
