As of 2026, about 13% of Americans hold student loan debt. That means roughly 43 million people across the United States are currently paying back money they borrowed for education. While that number might sound large, it actually reflects a gradual decline from a peak in the early 2020s.
Student loans touch nearly every community and age group, from recent graduates to older workers. Understanding the real percentage of Americans with student loans helps you see how widespread this debt is and what it means for your own financial planning.
How Many Americans Have Student Loans?
According to the Federal Reserve and Department of Education data, about 42.8 million borrowers owe money on federal student loans. When you add private loans, the total number of people with any student debt is around 43 million. That works out to roughly 13% of the total U.S. population.
Among adults aged 18 to 29, the percentage is much higher — about 30% carry student debt. For those aged 30 to 44, the rate is around 18%. Older Americans are less likely to have student loans, but about 5% of people over 60 still owe money, often for their own education or for loans they took out for children.
| Age Group | Percentage with Student Loans | Average Balance (Approx.) |
|---|---|---|
| 18–29 | 30% | $23,000 |
| 30–44 | 18% | $35,000 |
| 45–59 | 10% | $42,000 |
| 60 and older | 5% | $30,000 |
These numbers shift slightly each year due to new borrowing, repayments, and loan forgiveness programs. However, the overall share of Americans with student loans has stayed fairly stable over the past five years.
Why the Percentage Matters
Knowing what percentage of Americans have student loans helps you compare your situation to others. If you have debt, you are not alone — one in eight people in the U.S. is in the same boat. That can reduce the stigma and help you make informed choices.
For parents, the percentage helps you decide how much to save for college. For students, it clarifies how common borrowing is and why it is important to limit debt. For policymakers, the number drives decisions about forgiveness and repayment plans.
Federal vs. Private Loans
The vast majority of student loans — about 92% — are federal loans. These come from the government and offer benefits like income-driven repayment and loan forgiveness. Private loans, from banks or credit unions, make up the remaining 8%.
Most borrowers have only federal loans, but about 15% of borrowers have both federal and private debt. Private loans often have higher interest rates and fewer flexible repayment options, so they can be riskier.
Trends in Student Loan Borrowing
The percentage of Americans with student loans has actually decreased slightly since 2020. In 2020, about 15% of the population had student debt. By 2026, that number fell to roughly 13%. This decline is due to several factors:
- Fewer people enrolling in college since the pandemic
- More students receiving grants and scholarships instead of loans
- Loan forgiveness programs that have canceled debt for some borrowers
- Higher wages that allow some borrowers to pay off loans faster
Still, the total outstanding student loan debt in the U.S. is about $1.7 trillion. That makes it one of the largest categories of consumer debt, second only to mortgages.
Who Is Most Affected?
Student loan debt is not spread evenly across the population. Certain groups carry a heavier burden:
- Women hold about two-thirds of all student debt, and they take longer to pay it off.
- Black borrowers owe more on average than white borrowers, even after graduation.
- Graduate degree holders owe significantly more than those with only a bachelor’s degree.
- Residents of the South and West have higher average balances than those in the Northeast.
These disparities matter because they affect wealth building, homeownership, and retirement savings. If you belong to one of these groups, you may need to plan extra carefully.
What About Parent Borrowers?
Parent PLUS loans are federal loans that parents take out to help pay for their child’s education. About 3.5 million parents currently owe on these loans. That’s roughly 8% of all student loan borrowers.
Parent borrowers tend to be older and closer to retirement, which makes repayment more challenging. If you’re a parent considering a PLUS loan, think about how it will affect your long-term finances.
How to Find Out If You’re Part of the Percentage
If you’re not sure whether you have student loans, check your credit report. You can get a free copy from each of the three major credit bureaus once a year. Your loans will show up there.
For federal loans, log in to the Federal Student Aid website using your FSA ID. You’ll see a list of all your federal loans, including the current balance and servicer. Private loans may appear on your credit report or be listed in your bank statements.
Once you know what you owe, you can explore repayment options. Income-driven repayment plans cap your monthly payment at a percentage of your discretionary income. If you work in public service, you might qualify for forgiveness after 10 years of qualifying payments.
What This Means for You
If you have student loans, you are part of a large group — 13% of Americans. That means you have many options and resources. You can refinance, apply for deferment, or switch to an income-driven plan. You don’t have to struggle alone.
If you don’t have student loans, you’re in the majority. But you may still want to save for future education costs, either for yourself or your children. Starting a 529 college savings plan early can reduce the need for loans later.
In summary, the percentage of Americans with student loans is about 13%, and that number is slowly decreasing. Understanding where you stand helps you make better financial decisions. Always check your own loan details, explore repayment options, and seek free advice from your school’s financial aid office or a nonprofit credit counselor.
Frequently Asked Questions
What percentage of Americans have student loans right now?
About 13% of Americans, or roughly 43 million people, currently have student loan debt.
How many people in the US have student loan debt?
As of 2026, about 42.8 million people have federal student loans, and the total including private loans is around 43 million.
Is the percentage of Americans with student loans going up or down?
The percentage is going down slightly, from about 15% in 2020 to about 13% today.
What age group has the most student loan debt?
Adults aged 30 to 44 have the highest total debt, while those aged 18 to 29 have the highest percentage of borrowers at about 30%.
Do most Americans have student loans?
No, most Americans do not have student loans. Only about 13% of the total population carries this type of debt.
