Key takeaways
- Student loan debt has ballooned to $1.766 trillion owed by over 43.6 million Americans, a 66% increase over the last decade
- Government relief programs have helped ~3.9 million borrowers cancel $138B+ in student loan debt
Mounting student loan debt has become a major concern for millions of Americans.
More than 43.6M have some form of student loan debt, totaling a massive $1.766T.
This number has ballooned by 66% in the last decade.
Here’s a look at how much student loan debt Americans carry by state in 2024.
US student loan debt heat map
Data sources: Federal Reserve US Census Bureau
Note: Washington DC is not included on the map for comparison purposes. However, it ranks highest in student loan debt ($55,945).
US student loan debt overview
The stats below reflect the status of student loan borrowers in the US up to the second quarter of 2023.
- Total borrowers: 43.6M
- Average student loan balance: $35,328
- Borrowers with delinquent or defaulted loans: ~3M (7.5% of total)
While total household debt levels keep climbing, a good chunk of student loan borrowers are actually reducing their balances thanks in part to government relief programs.
Top and bottom of the list
Although the national debt stats are worrisome, the actual debt amounts differ greatly from state to state, averaging around $35,000.
While it’s no surprise that state population size directly correlates to the total number of borrowers, interestingly, the highest and lowest average loan balances to median incomes were quite skewed.
- Most borrowers: California 3.8M – (~9.7% of population)
- Least borrowers: Wyoming – 54,400 (~9.3% of population)
- Highest avg. balance: Washington DC – $54,945 (54% of median household income)
- Lowest avg. balance: North Dakota – $28,604 (~36% of median household income)
Data sources: Statista Federal Reserve US Census Bureau
Recent government actions are lowering total student loan debt
The Biden-Harris Administration has worked diligently to ease the financial burden affecting so many citizens by passing more than two dozen executive actions.
The latest approval happened on February 21, 2024, when President Biden announced that nearly 153,000 borrowers in the SAVE Plan would have roughly $1.2B of their student loan debt canceled. This latest relief package brings the total student debt canceled to about $138B for nearly 3.9M borrowers.
The rising cost of tuition has more high school grads seeking paths outside of traditional four-year degrees.
Check out these 5 alternatives to a traditional four-year college
Final word
The student loan debt crisis is a complex issue that is frequently changing. It requires ongoing attention to stay on top of the latest government actions. Borrowers should carefully consider their options by determining the total cost of attendance (COA), seeking financial aid when needed, and always creating a repayment plan.
