As of 2026, about 42 million Americans carry federal student loan debt, and when private loans are included, that number rises to roughly 43 million. That means about 1 in 8 people in the United States owes money for education. This article breaks down the latest figures, who owes the most, and what it means for borrowers.
Total Number of Student Loan Borrowers
The federal government is the largest lender for student loans. According to the U.S. Department of Education, approximately 42 million borrowers have federal student loans. Private lenders add another 1 to 2 million borrowers, though some people have both federal and private loans.
Overall, the total number of people with any type of student loan debt is close to 43 million. That includes undergraduate and graduate students, parents who took out PLUS loans, and borrowers who have returned to school.
How Much Debt Do Borrowers Owe?
Total outstanding student loan debt in the U.S. exceeds $1.7 trillion. That makes it one of the largest categories of consumer debt, behind only mortgages.
The average federal borrower owes about $37,000, but that number varies widely. Some borrowers owe less than $10,000, while others owe more than $100,000, especially those with graduate or professional degrees.
| Borrower Group | Approximate Number of Borrowers | Average Debt |
|---|---|---|
| Federal loan borrowers | 42 million | $37,000 |
| Private loan borrowers | 1-2 million | $20,000-$40,000 |
| Graduate school borrowers | ~8 million | $70,000+ |
| Parent PLUS borrowers | ~3.5 million | $30,000+ |
Who Holds Student Loan Debt?
Student loan debt affects people of all ages, but the largest group is borrowers under 35. Many are still in their first decade after graduation. However, a growing number of borrowers are over 60, often because they took loans for their children or grandchildren.
Borrowers from low-income families are more likely to take out loans, and they often owe more relative to their income. First-generation college students also carry a higher debt burden on average.
Age Distribution of Borrowers
- Under 25: about 9 million borrowers
- 25 to 34: about 14 million borrowers
- 35 to 49: about 10 million borrowers
- 50 to 61: about 6 million borrowers
- 62 and older: about 3 million borrowers
Why Do So Many People Have Student Loan Debt?
College costs have risen much faster than wages over the past few decades. As a result, more students need loans to cover tuition, fees, and living expenses. Federal loans are easy to get, and many students do not fully understand the long-term cost.
Also, the job market often requires a degree for entry-level positions, pushing more people into higher education. Even with grants and scholarships, many families cannot cover the full cost without borrowing.
What Does This Mean for Borrowers?
Carrying student loan debt can affect major life decisions. Some borrowers delay buying a home, starting a family, or saving for retirement. High monthly payments can also limit career choices, pushing graduates toward higher-paying jobs rather than their dream careers.
However, there are repayment options. Income-driven repayment plans cap monthly payments at a percentage of discretionary income, and after 20 or 25 years, any remaining balance is forgiven. Public Service Loan Forgiveness is available for those who work in qualifying public service jobs.
How to Manage Your Student Loan Debt
If you are one of the millions with student loans, you are not alone. Here are practical steps to take control:
- Know your loan balance and interest rates for each loan.
- Choose the right repayment plan—standard, graduated, or income-driven.
- Set up automatic payments to avoid late fees and sometimes get a rate discount.
- Consider extra payments toward the highest-interest loan first.
- Explore loan forgiveness programs if you work in public service or teaching.
Future Outlook for Student Loan Debt
As of 2026, federal student loan payments have resumed after a long pause during the pandemic. The U.S. Department of Education continues to work on improving the repayment system, but the total number of borrowers remains high.
Some policymakers are pushing for free community college or broader loan forgiveness, but no major changes are guaranteed. For now, students and families should borrow only what they need and research all options before signing.
In summary, nearly 43 million Americans have student loan debt, and the average balance is around $37,000. Understanding the numbers can help you make smarter decisions about college funding and repayment. If you already have loans, explore your repayment options and seek help from your loan servicer or a nonprofit counselor.
Frequently Asked Questions
How many people in the US have student loan debt?
As of 2026, about 43 million Americans have student loan debt, including federal and private loans.
What is the average student loan debt per person?
The average federal borrower owes about $37,000, but the amount varies by degree and school type.
What percentage of Americans have student loan debt?
Roughly 13% of the U.S. population has student loan debt, which equals about 1 in 8 people.
How many people have federal student loans?
Approximately 42 million people have federal student loans, which is the majority of all borrowers.
Are more people getting student loans now than before?
The number of borrowers has grown over the past two decades, but recent enrollment declines may slow that growth.
