Average Student Loan Debt — from educationdata.org by Melanie Hanson; last updated August 16, 2024

Report Highlights. 

  • The total average student loan debt (including private loan debt) may be as high as $40,681.
  • The average federal student loan debt is $37,853 per borrower.
  • Outstanding private student loan debt totals $128.8 billion.
  • The average student borrows over $30,000 to pursue a bachelor’s degree.
  • A total of 42.8 million borrowers have federal student loan debt.
  • It may take borrowers close to 20 years to pay off their student loans.

From DSC:
In other words, we are approaching the end of the line in terms of following the status quo within higher education. Institutions of traditional higher education can no longer increase their cost of tuition by significantly more than the rate of inflation. Increasingly, K-12 students (and families) are looking for other pathways and alternatives. Higher ed better stop trying to change around the edges…they need new, more cost-effective business models as well as being able to be much more responsive in terms of their curricula.