Average federal student loan debt was about $40,467 per unduplicated federal loan recipient as of March 31, 2026. Federal Student Aid reported $1.7239 trillion in outstanding principal and interest across 42.6 million recipients. Dividing the portfolio balance by the recipient count produces the $40,467 figure as a DebtData calculation.
That number measures an outstanding federal loan balance. It is different from debt at graduation. Among 2023–24 bachelor’s degree recipients at public and private nonprofit four-year institutions who borrowed, average cumulative student debt was $29,560.
$40,467
$1.7239 trillion
42.6 million
$29,560
Which Average Student Loan Debt Figure Is Correct?
Several statistics can correctly be described as average student loan debt, but they answer different questions. The population and measurement point determine which figure belongs in a comparison.
National Student Loan Debt Benchmarks
The measures below use different populations and should not be combined into one average.
| Measure | Value | Population | Period |
|---|---|---|---|
| Average outstanding federal balance per recipient | $40,467 | Unduplicated federal loan recipients | March 31, 2026 |
| Total outstanding federal loan balance | $1.7239 trillion | Federal student loan portfolio | March 31, 2026 |
| Federal loan recipients | 42.6 million | Unduplicated federal loan recipients | March 31, 2026 |
| Average cumulative debt among bachelor’s borrowers | $29,560 | 2023–24 bachelor’s recipients who borrowed at public and private nonprofit four-year institutions | 2023–24 |
| Average federal debt among bachelor’s federal-loan borrowers | $20,460 | 46% of covered 2023–24 bachelor’s recipients who graduated with federal loans | 2023–24 |
| Average private debt among bachelor’s private-loan borrowers | $42,170 | 10% of covered 2023–24 bachelor’s recipients who graduated with private loans | 2023–24 |
The $40,467 federal portfolio average is not the amount a typical student borrows for one degree. The Federal Student Aid portfolio includes people at many stages of repayment and can include undergraduate, graduate, consolidation, and Parent PLUS debt. Federal Student Aid also reports its portfolio total using unduplicated recipients; for Parent PLUS loans, the parent is the borrower while the student is the recipient.
How the $40,467 Federal Average Is Calculated
Federal Student Aid’s fiscal-year 2026 second-quarter portfolio shows $1,723.9 billion outstanding and 42.6 million unduplicated recipients as of March 31, 2026.
Federal Portfolio Average Calculation
Outstanding principal and interest divided by unduplicated recipients.
| Calculation Component | Value |
|---|---|
| Federal student loan balance | $1,723,900,000,000 |
| Unduplicated recipients | 42,600,000 |
| Balance divided by recipients | Approximately $40,467 |
The source portfolio values are published in rounded units, so the calculated average should also be treated as approximate rather than as an exact account-level mean.
Average Student Loan Debt at Graduation
College Board reports a narrower measure for students completing bachelor’s degrees. Among 2023–24 bachelor’s degree recipients who started and completed at the same public or private nonprofit four-year institution, 47% borrowed for their undergraduate education. Those borrowers finished with an average of $29,560 in federal and nonfederal student loans combined.
The average differed by institution sector. Borrowers graduating from public four-year institutions averaged $27,420, compared with $34,420 among borrowers graduating from private nonprofit four-year institutions—a $7,000 difference.
Average Cumulative Debt per Bachelor’s Borrower
Debt is shown in 2024 dollars. Percentages are the share of bachelor’s recipients who borrowed. Parent PLUS loans are excluded.
| Academic Year | Public Four-Year | Public Borrowed | Private Nonprofit Four-Year | Private Nonprofit Borrowed | Combined | Combined Borrowed |
|---|---|---|---|---|---|---|
| 2008–09 | $29,630 | 55% | $38,960 | 65% | $32,660 | 58% |
| 2013–14 | $33,730 | 60% | $40,060 | 64% | $35,600 | 61% |
| 2018–19 | $33,140 | 55% | $41,400 | 58% | $35,310 | 56% |
| 2023–24 | $27,420 | 47% | $34,420 | 49% | $29,560 | 47% |
Average Bachelor’s Debt Among Borrowers
Public and private nonprofit four-year institutions, selected academic years, in 2024 dollars.
Trends in College Pricing and Student Aid 2025, Figure SA-14A.
Debt among bachelor’s borrowers declined after 2018–19
- Combined average debt fell from $35,310 in 2018–19 to $29,560 in 2023–24 in inflation-adjusted 2024 dollars, a decline of about 16%.
- The share of covered bachelor’s recipients who borrowed also fell from 56% to 47% over the same comparison.
- Private nonprofit borrowers averaged $34,420 in 2023–24, $7,000 more than the $27,420 average for public four-year borrowers.
Federal and Private Debt at Graduation
The combined $29,560 graduation figure includes federal and nonfederal student loans, but the loan-type averages describe different groups of borrowers. They cannot be added together.
2023–24 Bachelor’s Debt by Loan Type
Public and private nonprofit four-year institutions combined; borrowers only.
| Loan Measure | Average Debt | Share of Graduates With That Debt |
|---|---|---|
| Federal loans | $20,460 | 46% |
| Private loans | $42,170 | 10% |
| All student loans | $29,560 | 47% |
A graduate can have both federal and private loans. The $20,460 federal average applies only to graduates with federal debt, while the $42,170 private average applies only to graduates with private debt. The $29,560 all-loan average covers graduates with any student debt in the College Board cohort.
Outstanding Balance Versus Debt at Graduation
The federal portfolio average is higher than the bachelor’s graduation average largely because the measurements cover different populations and different points in time. The federal portfolio follows outstanding loans after they enter the federal system. It is not restricted to recent undergraduates or to debt accumulated while earning one bachelor’s degree.
- $40,467: current outstanding federal principal and interest per unduplicated recipient using the March 31, 2026 FSA portfolio.
- $29,560: cumulative undergraduate student debt among 2023–24 bachelor’s recipients who borrowed at covered public and private nonprofit institutions.
- $20,460: federal undergraduate debt among the 46% of covered bachelor’s recipients who graduated with federal loans.
- $42,170: private undergraduate debt among the 10% of covered bachelor’s recipients who graduated with private loans.
The FSA portfolio can include debt associated with graduate and professional education, consolidation loans, accrued interest, and Parent PLUS borrowing. The College Board graduation measure excludes Parent PLUS debt and is limited to the undergraduate borrowing of its defined bachelor’s cohort.
Why the U.S. Student Loan Total Is Higher Than the Federal Portfolio
The Federal Reserve’s Financial Accounts reported $1.8658 trillion in U.S. student loan liabilities for the first quarter of 2026. This is broader than Federal Student Aid’s $1.7239 trillion federal portfolio.
The Federal Reserve series includes student loans held across the federal government, depository institutions, finance companies, and nonprofit organizations. Federal Student Aid measures the federal loan portfolio under federal student aid programs. Because the two systems use different coverage, the Federal Reserve total should not be divided by FSA’s 42.6 million recipient count to create an “average U.S. student loan debt” figure.
Federal Portfolio and Broader U.S. Student Loan Balance
Both observations cover the end of March 2026, but their coverage differs.
| Series | Balance | Coverage |
|---|---|---|
| Federal Student Aid portfolio | $1.7239 trillion | Federal student loans |
| Federal Reserve Financial Accounts | $1.8658 trillion | Broader U.S. student loan liabilities across multiple holder sectors |
Data Notes
- The $40,467 federal average is a DebtData calculation: $1.7239 trillion divided by 42.6 million unduplicated recipients. Because the published inputs are rounded, the resulting average is approximate.
- Federal Student Aid portfolio balances include outstanding principal and interest.
- FSA uses recipient counts in its portfolio reporting. A recipient is not always identical to the legal borrower because Parent PLUS loans are borrowed by parents for the benefit of students.
- College Board’s bachelor’s debt figures include federal and nonfederal loans taken by students who began and completed their studies at the same public or private nonprofit four-year institution. Parent PLUS loans are excluded.
- The College Board historical values shown above are inflation-adjusted to 2024 dollars.
- College Board states that available data do not support comparable calculations for for-profit institutions in this series.
Sources
- Federal Student Aid Posts Updated Reports to FSA Data Center — Federal Student Aid, quarterly portfolio release covering data through March 31, 2026.
- Federal Student Loan Portfolio — Federal Student Aid Data Center, source for outstanding federal portfolio balances and recipient counts.
- Trends in College Pricing and Student Aid 2025 — College Board, Figures SA-14A and SA-14B for cumulative bachelor’s debt and borrowing rates.
- Financial Accounts of the United States, Student Loans — Board of Governors of the Federal Reserve System, first-quarter 2026 student loan liability balance.
Cite This Page
DebtData.org. (2026). Average Student Loan Debt. https://debtdata.org/average-student-loan-debt/“Average Student Loan Debt.” DebtData.org, August 30, 2026, https://debtdata.org/average-student-loan-debt/.DebtData.org. “Average Student Loan Debt.” Last modified August 30, 2026. https://debtdata.org/average-student-loan-debt/.