Report: Student Loan Debt Reaches $1.4 Trillion

Student loan debt in the United States has grown 149 percent over the last decade to reach $1.4 trillion, according to a new report from Experian. Over the same period, the average student loan debt per person went up 62 percent.

Held by 13.4 percent of Americans, student loan debt is the fastest growing debt segment and the largest non-household debt. But, counter-intuitively, fewer people make late payments on this type of debt than on other loans. In fact, the percentage of late payments on student debt has decreased 10.1 percent since 2009.

Other key findings of the report include:

  • The average balance on student loans is $34,144;
  • Those with student loans have an average VantageScore 25 points below the average of the general public, at 650 compared to 675;
  • Among those who have student debt, the average number of loans is 3.7 per person, up from 2.4 a decade ago;
  • Members of Generation Y held the most loans on average, at 4.4 per person;
  • Members of Generation X tended to have the largest student loan balance, at an average of $39,802;
  • Members of Generation Z had 77 percent of their loans in deferment, more than any other generation;
  • People who live on the East Coast tended to owe the most on their student loans; and
  • Gainesville, FL was the city with the highest average balance, at $42,400, and Glendive, MT had the lowest average balance, at $20,200.

"Student loan balances are on the rise, which is a result of the increasing cost of higher education. Even with this number moving upward, the data is showing a decrease of delinquencies, which means that consumers are managing their loan payments better than they have in the past," said Michele Raneri, vice president of analytics at Experian, in a prepared statement.

About the Author

Joshua Bolkan is contributing editor for Campus Technology, THE Journal and STEAM Universe. He can be reached at [email protected].

Featured

  • soft-edged digital blocks and AI imagery on a muted background

    OpenAI Launches GPT-4.1 with Upgrades in Coding, Context Processing, Efficiency

    OpenAI has announced GPT-4.1, offering stronger performance across software development, instruction following, and long-context comprehension.

  •  laptop on a clean desk with digital padlock icon on the screen

    Study: Data Privacy a Top Concern as Orgs Scale Up AI Agents

    As organizations race to integrate AI agents into their cloud operations and business workflows, they face a crucial reality: while enthusiasm is high, major adoption barriers remain, according to a new Cloudera report. Chief among them is the challenge of safeguarding sensitive data.

  • glowing digital brain made of blue circuitry hovers above multiple stylized clouds of interconnected network nodes against a dark, futuristic background

    Report: 85% of Organizations Are Using Some Form of AI

    Eighty-five percent of organizations today are leveraging some form of AI, according to the latest State of AI in the Cloud 2025 report from Wiz. While AI's role in innovation and disruption continues to expand, security vulnerabilities and governance challenges remain pressing concerns.

  • abstract geometric pattern of glowing interconnected triangles, hexagons, and circles in blue, gold, and white, spread across a dark navy-to-black gradient background

    OpenAI Unveils 'Operator' AI for Performing Web Tasks

    OpenAI has launched "Operator," an AI agent designed to perform web-based tasks autonomously using its own browser. Currently available as a research preview for Pro users in the United States, the tool aims to automate everyday activities such as filling out forms, ordering groceries, and even creating memes.