Student loan debt
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Student loan debt totaled $1.727 trillion as of 2023.
Included in this amount is:[1]
- an outstanding federal loan balance of $1.602 trillion among 43.2 million borrowers
- an average federal student loan debt balance of $37,088
- a total average balance, which includes private loan debt, of as much as $39,981
- a low default rate in the small fraction of private loan debt (less than 2% of private student loans)
- an average borrowing of $32,637 by students to attain a bachelor’s degree at public universities