Student Loan Debt Over the Years: 2000s to 2024
Credit: Image Credit: triloks / E+ / Getty ImagesData Summary
In the past 15 years, the total U.S. student loan debt balance has more than doubled, from $772 billion in 2009 to $1.75 trillion in 2024.Note Reference [1]- Over the past 10 years, the debt balance has increased 42%.Note Reference [1]
- Federal student loan debt has increased by about 2.5 times in the past 15 years, or 147%.Note Reference [2]
- Private student loan debt has increased by about 14%.Note Reference [1], Note Reference [2]
- In 2000, the average student loan debt for a bachelor’s completer at graduation was $17,480. In 2020, it was $30,500.Note Reference [3]
- While total student debt continues to grow each year, its growth rate has slowed significantly in the recent past.
Student loan debt is at an all-time high. Federal student debt alone has grown roughly 836% since 1995.Note Reference [2], Note Reference [4] Over the past 15 years, the total student loan debt balance has even outpaced the rising cost of college.
Several factors have influenced the student debt balance over time.
Keep reading to find statistics about student loan debt over the years plus historical average student loan amounts.
Total Student Loan Debt by Year: 2006-2004
- In 2006, Americans owed about $521 billion in student loan debt.
- As of March 2024, the total student debt balance is roughly $1.75 trillion.
The chart below includes student loan debt for federal and private student loans.
When Did Student Loan Debt Get So High?
Student loan borrowing increased the most in the 2007-09 recession. This period saw the highest number of new borrowers and the fastest increase in the average amount borrowed. However, differences exist between federal and private student loan borrowing over time.
Since 2010, the federal student loan balance growth rate has generally slowed, perhaps aided by the fact that fewer people are enrolling in college. The federal student debt balance shrunk for the first time in 2023, after the federal government instituted 0% interest and paused student loan repayment from March 2020 through September 2023.
In contrast, private student loan debt has fluctuated. In March 2022, the private student loan balance was up 15% from the end of 2021 — the highest year-over-year growth since 2009. It’s possible that the pandemic-related economic downturn kept people from paying private lenders, causing debt to mount.
The private student loan debt balance jumped again in March 2024 — up $6 billion from December 2023. However, generally, the private student loan debt balance has not increased as fast as the federal student loan debt balance.
Did You Know…
What Happens to Student Loan Borrowing During a Recession?
During a recession, more people may return to school instead of entering the workforce, which can increase student loan borrowing. However, in the long-term, recessions can influence the birth rate. Lower birth rates in turn translate into lower college enrollment 18-20 years later, which can decrease student loan borrowing overall.
Average Student Loan Debt by Year
Average Amount Borrowed Over Time
2007-09 saw the highest increase in the average amount of federal student loan dollars loaned to borrowers, including undergraduates, graduate students, and parents.
Average Debt at Graduation Over Time
According to the National Center for Education Statistics (NCES), bachelor’s completers in the class of 2020 graduated with an average of $25,360 in federal student loan debt, a decrease from 2016, when the average balance was $27,050.Note Reference [3]
Between 2012-2020, the average non-federal student debt balance nearly doubled, and the average parent PLUS loan amount nearly tripled.Note Reference [3]
| Graduation Year | Average Federal Debt | Average Non-Federal Debt | Average Parent PLUS Loan |
|---|---|---|---|
| 2000 | $16,530 | No Data | $14,350 |
| 2012 | $24,400 | $13,760 | $27,350 |
| 2016 | $27,050 | $18,700 | $32,600 |
| 2020 | $25,360 | $24,640 | $40,360 |
Graduate vs. Undergraduate Federal Student Loan Debt
- Every year from 1995-2017, federal student debt taken out by graduate students grew faster than student debt taken out by undergraduates.Note Reference [4]
- In that period, graduate student federal loan debt increased over 11% per year on average. Undergraduate debt increased about 8% per year on average.
- Graduate and undergraduate student loan debt grew the most in 2009.
Number of Borrowers by Year
The highest number of federal student loan borrowers was 43.5 million in 2022. Currently, 42.8 million people have federal student loan debt.Note Reference [2]
New Borrowers Each Year
The number of new undergraduate students taking out federal loans grew the fastest between 2007-09. It peaked in 2011. The number of new graduate students and parent PLUS loan borrowers has generally increased over time.
Income-Driven Loan Balance Over Time
Income-driven repayment (IDR) plans can help lower-income borrowers afford student loans. Typically, payments for these plans are based on a percentage of the borrower’s income. After 20-25 years of making payments, borrowers are eligible for loan forgiveness.
The chart below includes loans being repaid through four income-driven repayment plans: Income-Based Repayment, Income-Contingent Repayment, the PAYE plan, and the SAVE plan.
Frequently Asked Questions About Student Loan Debt by Year
References
- Data Download: Consumer Credit Outstanding – All, The Federal Reserve. May 2024. Note: Figures listed are from December of that year except for 2024, which is from the end of March 2024. (back to footnote 1 in content ⤶)
- Federal Student Loan Portfolio: Summary, Federal Student Aid, an Office of the U.S. Department of Education. Accessed June 2024. Note: Figures listed are from December of that year except for 2024, which is from the end of March 2024. (back to footnote 2 in content ⤶)
- Table 331.95 Percentage of undergraduate degree/certificate completers who ever received federal loans and parent PLUS loans and average cumulative loan amount, by degree level, selected student characteristics, and institution control: 2019-20. NCES. December 2023. (back to footnote 3 in content ⤶)
- The Volume and Repayment of Federal Student Loans: 1995 to 2017. Congressional Budget Office. November 2020. (back to footnote 4 in content ⤶)