The average student loan debt for a graduate with a bachelor’s degree is $29,300, according to the latest data from the College Board.
The specific amount of student loan debt a borrower has depends on factors like the type of school they attended, whether or not they pursued an advanced degree, and any scholarships they may have received.
Read on for more details about the average student loan debt after graduation and information about repaying student loans.
Key Points
• The average student loan debt for a bachelor’s degree graduate is $29,300.
• Graduates of public four-year colleges owe $35,530; those who attend private nonprofit colleges owe $39,510; and grads of private for-profit schools owe $47,730.
• Graduate students borrow more, averaging $17,240 a year in federal loans, compared to undergraduates, who averaged $3,900.
• Average monthly student loan payments range from $200 to $299, but can vary by loan amount, interest rate, and repayment plan.
• Student loan repayment plans include Standard, Graduated, Extended, and Income-Driven Plans, each with different terms and payment structures.
Average Student Loan Debt After College
As noted, the College Board found that the average student debt after four years of college was $29,300 per borrower for those graduating in 2023 (the latest statistics available). Forty-four percent of borrowers with undergraduate and graduate degrees have student loan debt, according to the most recent data from the Education Data Initiative (EDI).
As of February 2025, the total amount of student loan debt in the U.S. was approximately $1.77 trillion. According to EDI, 42.7 million borrowers have student loan debt.
How Student Loan Debt Has Changed Over the Last Decade
It’s no secret that college is expensive and has only gotten more costly in the last decade or so. According to data compiled by U.S. News & World Report, the cost of attending in-state public universities increased by nearly 133% from 2005 to 2025.
Student loan debt statistics are just as eye-opening. From 2014 to 2024, total outstanding student loan debt grew from $1.24 trillion to $1.77 trillion in order to cover those costs. This student loan debt is taking a financial toll on graduating students, potentially affecting their credit and home-buying prospects, among other things.
Student Loan Debt at Public vs. Private Colleges
According to the latest information from the Education Data Initiative, graduates of public four-year institutions had an average college debt of $35,530, compared to private, nonprofit school borrowers, who graduated with an average debt of $39,510.
Those who attended four-year private for-profit colleges had an average debt of $47,730. Students at for-profit schools tend to take out more in student loans.
Undergraduate vs. Graduate Student Loan Debt
There are also some significant differences in the student loan debt of undergraduate and graduate students. The College Board’s annual survey of student aid trends found that, on average, undergraduates took out $3,900 in federal student loans in the 2023-2024 school year. That same year, graduate students took out $17,240 in federal loans.
The Average Student Loan Debt for Borrowers Under 25
There are about 7.1 million people under the age of 24 with student loan debt. As a group, they owe just over $7.5 billion, according to Federal Student Aid, an office of the U.S. Department of Education.
Student Loan Debt by State: How Does It Compare?
Federal student loan debt totals average approximately $29.9 billion per state (including the District of Columbia and Puerto Rico), according to the Education Data Initiative.
The latest data from EDI show that the District of Columbia has the highest student loan debt, and North Dakota has the lowest — as well as the distinction of being the only state in which the average student debt ($29,647 per borrower) is less than $30,000.
These are the 10 states with the highest average student loan debt per borrower:
• District of Columbia: $54,795
• Maryland: $43,692
• Georgia: $42,026
• Virginia: $40,137
• Florida: $39,262
• Illinois: $39,055
• South Carolina: $38,770
• North Carolina: $38,695
• New York: $38,690
• Delaware: $38,683
The states with the lowest average student loan debt per borrower are:
• Kansas: $33,119
• Wisconsin: $32,628
• Nebraska: $32,377
• West Virginia: $32,358
• Oklahoma: $32,103
• Wyoming: $31,503
• Puerto Rico: $32,022
• South Dakota: $30,928
• Iowa: $30,925
• North Dakota: $29,647
What’s the Average Monthly Student Loan Payment?
Borrowers’ monthly student loan payment can vary depending on the amount of debt they carry and the type of repayment plan they choose. According to the latest data from the Federal Reserve, typical monthly payments for student loans can range from $200 to $299.
How Long It Takes to Pay Off Student Loans
The standard amount of time it takes to pay off federal student loans is 10 years, but repayment terms can range as long as 20 or 25 years, depending on the repayment plan a borrower opts for.
Options for student loan repayment plans include:
• Standard Repayment Plan: This gives you 10 years to pay off your loans, and you pay a fixed amount each month. You may pay less overall under this plan because of the relatively short repayment term.
• Graduated Repayment Plan: Borrowers who choose this plan pay lower monthly payments at the beginning, and the payments gradually increase at two-year intervals. The repayment term is 10 years (30 years for those with a Direct Consolidation Loan).
• Extended Repayment Plan: Borrowers who owe more than $30,000 in federal student loans may be eligible for this plan. If you qualify, you can extend your loan term up to 25 years, which could make your monthly payments smaller. However, you may pay more in interest overall.
• Income-driven Repayment (IDR) Plans: These plans base borrowers’ monthly loan payments on their discretionary income and family size. For many borrowers, this means their payments will be lower. The repayment terms for those on income-driven plans is 20 to 25 years. At the end of that time, any remaining balance you owe on your loans may be forgiven.
In general, the sooner a borrower pays off their student loans, the more they may save in the long run because they won’t be accruing interest for as long.
The interest rate on student loans also affects a borrower’s payments. If your student loan interest rate is higher than you’d like, you might want to consider student loan refinancing to see if you can qualify for a lower interest rate or more favorable terms.
Another option is loan consolidation. If you have federal student loans, a Direct Consolidation Loan allows you to combine them into one single loan. Although this may not save you money, it could simplify your payments since you’ll have just one bill to pay.
You can consider the pros and cons of student loan consolidation vs refinancing to determine if either option is right for you.
Refinancing Student Loans With SoFi
Those looking for options to manage student loan payments might consider student loan refinancing. This process involves replacing your current student loans with a new loan from a private lender. Ideally, you may qualify for a lower interest rate.
Borrowers who refinance may also be able to adjust their repayment term. Extending the term could lower your monthly payments, but you might also end up paying more over the life of the loan.
It’s possible to refinance both private and federal student loans. Just be aware that refinancing federal loans with a private lender means losing access to federal benefits like income-based repayment.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
FAQ
Is $50,000 a lot of student debt?
Yes, $50,000 is a significant amount of student loan debt. According to data from the College Board, the average student loan debt in the U.S. for an undergraduate is $29,300.
How many people have student loan debt in the US?
In the U.S., 42.7 million borrowers have student loan debt, according to the Education Data Initiative.
What is the average someone pays a month for student loans?
The average monthly student loan payment is approximately $200 to $299, according to the latest date from the Federal Reserve. However, the amount a borrower pays per month will vary based on factors like their total loan amount, their interest rate, and the repayment plan they selected.
What is the total student loan debt in the U.S. in 2025?
The total amount of student loan debt in the U.S. is approximately $1.77 trillion, as of February 2025, according to the College Board.
How long does it take most borrowers to pay off student loans in 2025?
The time it takes borrowers to pay off their federal student loans typically ranges from 10 to 25 years, depending on their financial situation and the payment plan they’re on. The repayment terms for private student loans vary.
SoFi Student Loan Refinance
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