As of 2026, approximately 43 million Americans carry federal student loan debt, and when private loans are included, the total number of borrowers is closer to 45 million. This means about 1 in 8 people in the United States owes money for education. The total outstanding student loan debt in the country now exceeds $1.7 trillion, making it one of the largest forms of consumer debt.
How Many People Have Federal vs. Private Student Loans?
The vast majority of student loan borrowers have federal loans, which are funded by the U.S. Department of Education. Private loans, offered by banks and credit unions, make up a smaller share but still affect millions.
- Federal loan borrowers: About 43 million people have federal student loans.
- Private loan borrowers: Roughly 8 million people have private student loans.
- Both types: Many borrowers have both federal and private loans at the same time.
- Total unique borrowers: When you count people with any type of student debt, the number is around 45 million.
What Is the Average Student Loan Debt per Borrower?
The average federal student loan debt per borrower is about $37,000. For all borrowers, including those with private loans, the average balance is slightly higher, around $38,000. However, this number varies widely by age and degree level.
For example, borrowers under 25 typically owe less, while those in their 30s and 40s often have higher balances. Graduate school borrowers carry much larger debts, with average balances often exceeding $70,000.
Average Debt by Age Group
| Age Group | Average Federal Debt | Percentage of Borrowers |
|---|---|---|
| Under 25 | $14,000 | 12% |
| 25–34 | $33,000 | 35% |
| 35–49 | $42,000 | 32% |
| 50 and older | $38,000 | 21% |
Why Does the Number of Borrowers Matter?
Knowing how many Americans have student loan debt helps policymakers, families, and students understand the scale of the issue. It also shows how common borrowing has become for college education.
For individual borrowers, this information can help set realistic expectations. If you are considering taking out a loan, you can compare your planned debt to the national average to see where you stand.
How to Manage Your Student Loans
If you are one of the millions with student loan debt, here are some practical steps:
- Check your loan balance and interest rate on the federal student aid website.
- Enroll in an income-driven repayment plan if your payments are too high.
- Set up automatic payments to avoid late fees and possibly get a small interest rate reduction.
- Consider loan forgiveness programs if you work in public service or teaching.
How Does Student Loan Debt Affect the Economy?
Student loan debt affects more than just individual borrowers. It can delay home buying, reduce retirement savings, and limit spending on goods and services. Many experts believe this debt is a major reason why younger Americans are less wealthy than previous generations.
However, the impact is not uniform. Borrowers who complete their degrees generally see higher earnings, which can offset the cost of loans. Those who do not finish college are more likely to struggle with repayment.
Current Repayment Status in 2026
As of August 2026, federal student loan payments have resumed after the pandemic pause ended in late 2023. Most borrowers are back in repayment, and the government has implemented several changes to make payments more affordable.
For example, the new income-driven repayment plan caps monthly payments at a percentage of discretionary income. Borrowers with low incomes may qualify for $0 payments, and any remaining balance is forgiven after 20 or 25 years.
What Are the Trends in Student Loan Borrowing?
Borrowing rates have changed over the past decade. The number of new borrowers has declined slightly since 2020, partly due to lower college enrollment. However, the total debt continues to grow because existing borrowers are paying off loans slowly.
Another trend is the rising number of older Americans with student loan debt, including parents who took out loans for their children. This group now accounts for a significant share of the total debt.
Future Projections
Experts predict that student loan debt will remain a major issue for years to come. The cost of college tuition continues to rise, and more students rely on loans to cover expenses. Unless tuition prices drop or financial aid increases, the number of borrowers is unlikely to fall significantly.
Summary
In 2026, about 45 million Americans have student loan debt, with the average borrower owing around $38,000. This debt affects individuals and the broader economy, but there are options to manage it. If you have student loans, stay informed about repayment plans and forgiveness programs to reduce your financial burden.
Frequently Asked Questions
What percentage of Americans have student loan debt?
About 13% of the U.S. population has student loan debt, which is roughly 45 million people out of 330 million.
How much student loan debt does the average American have?
The average borrower owes about $38,000 in student loans, but the amount varies by age and education level.
Do more women or men have student loan debt?
Women hold about two-thirds of all student loan debt in the U.S., and they are more likely to take out loans than men.
Can student loan debt be forgiven?
Yes, federal student loans can be forgiven through programs like income-driven repayment after 20 or 25 years, or through Public Service Loan Forgiveness after 10 years of qualifying payments.
Is student loan debt going to increase in the future?
Yes, the total amount of student loan debt is expected to grow as college costs rise and more students borrow, though the number of new borrowers may not increase as quickly.
