Student loan debt statistics 2026
Student debt.
A little perspective.
Big numbers. Different stories. Explore who owes, where the debt lives, and what the headlines actually measure.
First, choose your lens.
- Federal
- Use for federal student-loan balances and recipients.
- G.19
- Broader series with a different universe than FSA's federal portfolio. Do not add it to the FSA number.
- NY Fed
- Use to compare student debt with other household debt like mortgages and credit cards.
Federal portfolio
Fiscal 2026 Q2 · March 31, 2026
Federal student loans administered or held through federal programs.
Source: Federal Student Aid Portfolio SummaryEach source has its own definition. These totals overlap; never add them together. FSA fiscal quarters end three months before matching calendar-quarter labels.
Source, exact figures & downloads
Federal Student Aid Portfolio Summary · FY2026 Q2 · Original review: August 22, 2026.
U.S. Department of Education, Federal Student Aid, Federal Student Aid Portfolio Summary: $1,723,900,000,000, FY2026-Q2, quarter ended March 31, 2026. Federal student loans administered or held through federal programs. Source: https://studentaid.gov/sites/default/files/fsawg/datacenter/library/PortfolioSummary.xls. Tate Law archived data review: August 22, 2026. https://www.tateesq.com/student-loan-debt-statistics
Downloaded graphics show the latest reviewed totals. The chart CSV contains all three full histories, regardless of the selected quarter. No export follows the time cursor.
Chart data with sources CSV ↓ Graphic with sources SVG ↓ Graphic with sources PNG ↓
| Reporting quarter | Quarter end | Exact balance (USD) |
|---|---|---|
| FY2019-Q1 | December 31, 2018 | $1,447,100,000,000 |
| FY2019-Q2 | March 31, 2019 | $1,476,600,000,000 |
| FY2019-Q3 | June 30, 2019 | $1,481,100,000,000 |
| FY2019-Q4 | September 30, 2019 | $1,510,300,000,000 |
| FY2020-Q1 | December 31, 2019 | $1,515,000,000,000 |
| FY2020-Q2 | March 31, 2020 | $1,542,700,000,000 |
| FY2020-Q3 | June 30, 2020 | $1,544,800,000,000 |
| FY2020-Q4 | September 30, 2020 | $1,566,300,000,000 |
| FY2021-Q1 | December 31, 2020 | $1,565,200,000,000 |
| FY2021-Q2 | March 31, 2021 | $1,591,800,000,000 |
| FY2021-Q3 | June 30, 2021 | $1,591,100,000,000 |
| FY2021-Q4 | September 30, 2021 | $1,610,700,000,000 |
| FY2022-Q1 | December 31, 2021 | $1,606,400,000,000 |
| FY2022-Q2 | March 31, 2022 | $1,619,700,000,000 |
| FY2022-Q3 | June 30, 2022 | $1,617,300,000,000 |
| FY2022-Q4 | September 30, 2022 | $1,634,500,000,000 |
| FY2023-Q1 | December 31, 2022 | $1,635,400,000,000 |
| FY2023-Q2 | March 31, 2023 | $1,644,500,000,000 |
| FY2023-Q3 | June 30, 2023 | $1,633,800,000,000 |
| FY2023-Q4 | September 30, 2023 | $1,602,200,000,000 |
| FY2024-Q1 | December 31, 2023 | $1,598,400,000,000 |
| FY2024-Q2 | March 31, 2024 | $1,620,100,000,000 |
| FY2024-Q3 | June 30, 2024 | $1,611,000,000,000 |
| FY2024-Q4 | September 30, 2024 | $1,638,600,000,000 |
| FY2025-Q1 | December 31, 2024 | $1,639,635,917,496 |
| FY2025-Q2 | March 31, 2025 | $1,660,700,000,000 |
| FY2025-Q3 | June 30, 2025 | $1,665,600,000,000 |
| FY2025-Q4 | September 30, 2025 | $1,692,600,000,000 |
| FY2026-Q1 | December 31, 2025 | $1,696,300,000,000 |
| FY2026-Q2 | March 31, 2026 | $1,723,900,000,000 |
Most borrowers.
A smaller slice of debt.
Borrowers owing under $20,000 make up 52.0% of reported borrowers, but hold 12.0% of the dollars. Flip the view to see the weight shift.
One mark = 1 percentage point.
Partially colored marks retain fractional shares.
The other end of the scale
8.5% of borrowers.
41.9% of the balance.
That’s the group owing $100,000 or more. This describes the distribution of balances—not why people borrowed or how hard repayment is.
Source, exact figures & downloads
Federal student loan portfolio by borrower debt size · FY2026 Q2 · Original review: August 22, 2026.
Denominators are the debt-size workbook totals: 44,800,000 reported borrowers and $1,696,300,000,000. This workbook differs from the headline portfolio summary. The middle group is the sum of the $20K–$100K buckets. These three groups are disjoint; percentages are rounded to one decimal.
FSA Portfolio by Debt Size, FY2026 Q2 (March 31, 2026): borrowers owing under $20,000 are 52.0% of reported borrowers and hold 12.0% of reported balance; borrowers owing $100,000 or more are 8.5% of borrowers and hold 41.9% of balance. Denominators: 44,800,000 borrowers and $1,696,300,000,000. https://studentaid.gov/sites/default/files/fsawg/datacenter/library/Portfolio-by-Debt-Size.xls. Original review August 22, 2026.
Chart data with sources CSV ↓ Graphic with sources SVG ↓ Graphic with sources PNG ↓
| Reported debt size | Borrowers | Balance (USD) |
|---|---|---|
| Less than 5K | 6,900,000 | $18,900,000,000 |
| 5K to 10K | 7,200,000 | $52,500,000,000 |
| 10K to 20K | 9,200,000 | $132,500,000,000 |
| 20K to 40K | 9,500,000 | $270,800,000,000 |
| 40K to 60K | 4,200,000 | $206,400,000,000 |
| 60K to 80K | 2,600,000 | $177,400,000,000 |
| 80K-100K | 1,400,000 | $127,700,000,000 |
| 100K to 200K | 2,600,000 | $354,300,000,000 |
| 200K+ | 1,200,000 | $355,800,000,000 |
Change the measure.
Change the map.
A large total and a large balance per borrower tell different stories. Pick a measure, then explore a state.
50 states, DC & Puerto Rico. Use arrow keys on the map or choose a location from the menu.
California
$156.7B
Federal balance
As of March 31, 2026
Location is reported by servicers. State totals are not adjusted for population; a larger total does not establish greater individual burden.
Where this measure is highest
Among 50 states, DC & Puerto Rico
Source, exact figures & downloads
Federal student loan portfolio by borrower location · Data as of March 31, 2026 · Original review: August 22, 2026.
Other and Not Reported remain separate accounting rows and are not ranked or mapped. Outstanding principal and interest by location can differ from portfolio-summary totals. Map boundaries: U.S. Census Bureau cartographic boundaries via us-atlas 3.0.1.
California: federal student-loan balance $156,700,000,000; 3,919,500 borrowers; $39,980 balance per borrower (calculated aggregate ratio from reported totals, not an individual's debt). FSA Portfolio by Location, March 31, 2026. https://studentaid.gov/sites/default/files/fsawg/datacenter/library/Portfolio-by-Location.xls. Original review August 22, 2026.
Map and comparison selections are preserved in the address. The downloadable state graphic shows the five largest total balances, while the CSV includes every location and accounting row. Neither changes with this selection.
Chart data with sources CSV ↓ Graphic with sources SVG ↓ Graphic with sources PNG ↓
| Location | Federal balance (USD) | Borrowers | Balance per borrower (USD) |
|---|---|---|---|
| Alabama | $26,000,000,000 | 664,000 | $39,157 |
| Alaska | $2,400,000,000 | 64,500 | $37,209 |
| Arizona | $34,000,000,000 | 916,100 | $37,114 |
| Arkansas | $14,500,000,000 | 408,400 | $35,504 |
| California | $156,700,000,000 | 3,919,500 | $39,980 |
| Colorado | $29,700,000,000 | 764,600 | $38,844 |
| Connecticut | $19,800,000,000 | 515,400 | $38,417 |
| Delaware | $5,600,000,000 | 137,800 | $40,639 |
| District of Columbia | $6,400,000,000 | 114,600 | $55,846 |
| Florida | $113,100,000,000 | 2,747,700 | $41,162 |
| Georgia | $74,600,000,000 | 1,702,700 | $43,813 |
| Hawaii | $4,900,000,000 | 121,000 | $40,496 |
| Idaho | $7,500,000,000 | 216,500 | $34,642 |
| Illinois | $65,300,000,000 | 1,601,500 | $40,774 |
| Indiana | $31,000,000,000 | 898,500 | $34,502 |
| Iowa | $13,500,000,000 | 423,400 | $31,885 |
| Kansas | $13,100,000,000 | 379,300 | $34,537 |
| Kentucky | $21,600,000,000 | 615,600 | $35,088 |
| Louisiana | $25,100,000,000 | 694,000 | $36,167 |
| Maine | $6,700,000,000 | 186,600 | $35,906 |
| Maryland | $38,400,000,000 | 842,300 | $45,589 |
| Massachusetts | $33,400,000,000 | 900,600 | $37,086 |
| Michigan | $53,200,000,000 | 1,377,300 | $38,626 |
| Minnesota | $27,500,000,000 | 772,600 | $35,594 |
| Mississippi | $17,800,000,000 | 456,300 | $39,009 |
| Missouri | $30,600,000,000 | 826,500 | $37,024 |
| Montana | $4,500,000,000 | 126,400 | $35,601 |
| Nebraska | $8,200,000,000 | 243,500 | $33,676 |
| Nevada | $13,200,000,000 | 367,900 | $35,879 |
| New Hampshire | $6,800,000,000 | 187,700 | $36,228 |
| New Jersey | $48,400,000,000 | 1,235,500 | $39,174 |
| New Mexico | $8,000,000,000 | 226,000 | $35,398 |
| New York | $99,900,000,000 | 2,456,600 | $40,666 |
| North Carolina | $55,800,000,000 | 1,379,300 | $40,455 |
| North Dakota | $2,700,000,000 | 88,400 | $30,543 |
| Ohio | $64,300,000,000 | 1,770,800 | $36,311 |
| Oklahoma | $17,100,000,000 | 510,700 | $33,483 |
| Oregon | $20,800,000,000 | 526,600 | $39,499 |
| Pennsylvania | $69,600,000,000 | 1,853,900 | $37,542 |
| Puerto Rico | $11,700,000,000 | 336,900 | $34,728 |
| Rhode Island | $5,100,000,000 | 149,700 | $34,068 |
| South Carolina | $31,400,000,000 | 782,300 | $40,138 |
| South Dakota | $3,700,000,000 | 116,700 | $31,705 |
| Tennessee | $34,600,000,000 | 894,900 | $38,664 |
| Texas | $138,300,000,000 | 3,949,800 | $35,014 |
| Utah | $11,100,000,000 | 313,300 | $35,429 |
| Vermont | $2,900,000,000 | 74,800 | $38,770 |
| Virginia | $45,500,000,000 | 1,085,500 | $41,916 |
| Washington | $29,600,000,000 | 776,100 | $38,139 |
| West Virginia | $7,700,000,000 | 228,300 | $33,728 |
| Wisconsin | $24,000,000,000 | 709,100 | $33,846 |
| Wyoming | $1,800,000,000 | 54,800 | $32,847 |
| Other | $5,000,000,000 | 96,500 | Not supplied |
| Not Reported | $52,200,000,000 | 1,953,300 | Not supplied |
There’s more
behind the balance.
Explore repayment, age, private lending and borrower experience. Each figure carries its own period, definition and source.
01 What kind of loans?
FSA's federal portfolio table is the cleanest administrative source for Direct Loans, FFEL, Perkins, and total federal recipients.
Total federal student loan portfolio
$1.724T; 42.6M unduplicated recipients
FY2026 Q2, quarter ended Mar. 31, 2026
FSA reports 42.6M unduplicated recipients, a student-benefited count that is not always the same as unique borrowers.
Federal Student Aid Data Center portfolio summaryDefinition & citation
FSA administrative NSLDS portfolio workbook; latest official quarter found during June 28, 2026 research pass.
U.S. Department of Education, Federal Student Aid, Federal Student Aid Data Center portfolio summary: total federal student loan portfolio, $1.724T; 42.6M unduplicated recipients. FY2026 Q2, quarter ended Mar. 31, 2026. FSA reports 42.6M unduplicated recipients, a student-benefited count that is not always the same as unique borrowers. Original review August 22, 2026.
Stafford combined
$943.2B; 35.1M unique recipients
FY2026 Q2
Recipient counts may duplicate across loan types.
Federal student loan portfolio by loan typeDefinition & citation
FSA administrative loan-type workbook; balances are outstanding principal plus interest.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by loan type: Stafford combined, $943.2B; 35.1M unique recipients. FY2026 Q2. Recipient counts may duplicate across loan types. Original review August 22, 2026.
Consolidation loans
$529.7B; 9.1M recipients
FY2026 Q2
Recipient counts may duplicate across loan types.
Federal student loan portfolio by loan typeDefinition & citation
FSA administrative loan-type workbook; balances are outstanding principal plus interest.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by loan type: Consolidation loans, $529.7B; 9.1M recipients. FY2026 Q2. Recipient counts may duplicate across loan types. Original review August 22, 2026.
Parent PLUS
$117.9B; 3.5M recipients
FY2026 Q2
Parent is borrower; child is recipient.
Federal student loan portfolio by loan typeDefinition & citation
FSA administrative loan-type workbook; Parent PLUS requires borrower-versus-recipient explanation.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by loan type: Parent PLUS, $117.9B; 3.5M recipients. FY2026 Q2. Parent is borrower; child is recipient. Original review August 22, 2026.
Complete topic figures (6)
| Measure | Reported value | Period | Source | Definition / caveat |
|---|---|---|---|---|
| Total federal student loan portfolio | $1.724T; 42.6M unduplicated recipients | FY2026 Q2, quarter ended Mar. 31, 2026 | Federal Student Aid Data Center portfolio summary | FSA reports 42.6M unduplicated recipients, a student-benefited count that is not always the same as unique borrowers. FSA administrative NSLDS portfolio workbook; latest official quarter found during June 28, 2026 research pass. |
| Stafford combined | $943.2B; 35.1M unique recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Recipient counts may duplicate across loan types. FSA administrative loan-type workbook; balances are outstanding principal plus interest. |
| Consolidation loans | $529.7B; 9.1M recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Recipient counts may duplicate across loan types. FSA administrative loan-type workbook; balances are outstanding principal plus interest. |
| Grad PLUS | $130.3B; 1.9M recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Implied average roughly $68,579 per recipient. FSA administrative loan-type workbook; recipients are loan recipients, not necessarily unique borrowers across all loan types. |
| Parent PLUS | $117.9B; 3.5M recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Parent is borrower; child is recipient. FSA administrative loan-type workbook; Parent PLUS requires borrower-versus-recipient explanation. |
| Perkins loans | $2.7B; 0.8M recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Recipient counts may duplicate across loan types. FSA administrative loan-type workbook; balances are outstanding principal plus interest. |
02 Being repaid, paused or in default?
The status tables show how much debt is actively being repaid versus paused, delinquent, or already in default.
Federally managed repayment
$632.8B; 17.2M recipients
FY2026 Q2
Federally managed means Direct plus ED-held FFEL.
Federal student loan portfolio by loan statusDefinition & citation
FSA administrative loan-status workbook; status categories are snapshots for the quarter.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by loan status: federally managed repayment, $632.8B; 17.2M recipients. FY2026 Q2. Federally managed means Direct plus ED-held FFEL. Original review August 22, 2026.
Federally managed forbearance
$484.6B; 8.4M recipients
FY2026 Q2
Major post-pause status bucket.
Federal student loan portfolio by loan statusDefinition & citation
FSA administrative loan-status workbook; interpret against CARES Act pause, on-ramp, and SAVE-related forbearance context.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by loan status: federally managed forbearance, $484.6B; 8.4M recipients. FY2026 Q2. Major post-pause status bucket. Original review August 22, 2026.
Federally managed cumulative default
$220.3B; 9.0M recipients
FY2026 Q2
Default defined in FSA notes as more than 360 days delinquent.
Federal student loan portfolio by loan statusDefinition & citation
FSA administrative loan-status workbook; cumulative default is separate from delinquency table.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by loan status: federally managed cumulative default, $220.3B; 9.0M recipients. FY2026 Q2. Default defined in FSA notes as more than 360 days delinquent. Original review August 22, 2026.
Federally managed loans 31+ days delinquent or moving to default collections
$98.0B; 3.54M recipients
FY2026 Q2
Only borrowers in repayment status; excludes deferment, forbearance, in-school, grace, already-defaulted loans.
Direct Loan portfolio by delinquency statusDefinition & citation
Derived sum from FSA delinquency workbook categories 31-90, 91-180, 181-270, 271-360, and transferring to DMCS.
U.S. Department of Education, Federal Student Aid, Direct Loan portfolio by delinquency status: federally managed loans 31+ days delinquent or moving to default collections, $98.0B; 3.54M recipients. FY2026 Q2. Only borrowers in repayment status; excludes deferment, forbearance, in-school, grace, already-defaulted loans. Original review August 22, 2026.
Complete topic figures (6)
| Measure | Reported value | Period | Source | Definition / caveat |
|---|---|---|---|---|
| Student-loan balance 90+ days delinquent | 10.6% | 2026 Q2 | Quarterly Report on Household Debt and Credit, 2026 Q2 | Re-reporting of defaulted student debt continues to affect this measure. Compare all debt 3.31%, auto 5.49%, credit card 12.92%, mortgage 0.99%. Credit-panel delinquency-by-balance measure from NY Fed workbook. |
| Federally managed repayment | $632.8B; 17.2M recipients | FY2026 Q2 | Federal student loan portfolio by loan status | Federally managed means Direct plus ED-held FFEL. FSA administrative loan-status workbook; status categories are snapshots for the quarter. |
| Federally managed forbearance | $484.6B; 8.4M recipients | FY2026 Q2 | Federal student loan portfolio by loan status | Major post-pause status bucket. FSA administrative loan-status workbook; interpret against CARES Act pause, on-ramp, and SAVE-related forbearance context. |
| Federally managed cumulative default | $220.3B; 9.0M recipients | FY2026 Q2 | Federal student loan portfolio by loan status | Default defined in FSA notes as more than 360 days delinquent. FSA administrative loan-status workbook; cumulative default is separate from delinquency table. |
| Federally managed loans 31+ days delinquent or moving to default collections | $98.0B; 3.54M recipients | FY2026 Q2 | Direct Loan portfolio by delinquency status | Only borrowers in repayment status; excludes deferment, forbearance, in-school, grace, already-defaulted loans. Derived sum from FSA delinquency workbook categories 31-90, 91-180, 181-270, 271-360, and transferring to DMCS. |
| Defaulted federal portfolio by location | $218.8B; 9.01M borrowers | March 2026 | Defaulted Direct and ED-held FFEL portfolio by location | Totals may differ from loan-status reports due to system and timing differences. FSA default-by-location workbook; state-level defaulted Direct and ED-held FFEL borrowers. |
03 Where does income-driven repayment fit?
These are historical portfolio classifications as of the stated date, not current repayment-plan availability or eligibility advice.
Direct Loan SAVE
$383.0B; 6.99M recipients
FY2026 Q2
Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance.
Direct Loan portfolio by repayment planDefinition & citation
FSA administrative repayment-plan workbook; SAVE is a plan category in the Direct Loan sheet.
U.S. Department of Education, Federal Student Aid, Direct Loan portfolio by repayment plan: Direct Loan SAVE, $383.0B; 6.99M recipients. FY2026 Q2. Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance. Original review August 22, 2026.
Direct Loan income-driven repayment categories
$763.8B; 12.74M recipients
FY2026 Q2
Sum of ICR, IBR, PAYE, SAVE on Direct Loan sheet.
Direct Loan portfolio by repayment planDefinition & citation
Derived sum from FSA Direct Loan repayment-plan workbook.
U.S. Department of Education, Federal Student Aid, Direct Loan portfolio by repayment plan: Direct Loan income-driven repayment categories, $763.8B; 12.74M recipients. FY2026 Q2. Sum of ICR, IBR, PAYE, SAVE on Direct Loan sheet. Original review August 22, 2026.
Complete topic figures (5)
| Measure | Reported value | Period | Source | Definition / caveat |
|---|---|---|---|---|
| Direct Loan SAVE | $383.0B; 6.99M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance. FSA administrative repayment-plan workbook; SAVE is a plan category in the Direct Loan sheet. |
| Direct Loan income-driven repayment categories | $763.8B; 12.74M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Sum of ICR, IBR, PAYE, SAVE on Direct Loan sheet. Derived sum from FSA Direct Loan repayment-plan workbook. |
| Direct Loan Income-Based Repayment | $197.0B; 2.92M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance. FSA administrative repayment-plan workbook; Income-Based Repayment is a Direct Loan plan category. |
| Direct Loan Pay As You Earn | $127.9B; 1.53M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance. FSA administrative repayment-plan workbook; Pay As You Earn is a Direct Loan plan category. |
| Direct Loan Income-Contingent Repayment | $55.9B; 1.30M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance. FSA administrative repayment-plan workbook; Income-Contingent Repayment is a Direct Loan plan category. |
04 How does debt vary by age and balance size?
The largest balance bucket is borrowers ages 35 to 49, and a relatively small group with balances of $100,000 or more holds a large share of federal dollars.
Borrowers 50 and older owe
$456.5B
FY2026 Q2
Sum of 50-61 and 62+ borrower-age buckets.
Federal student loan portfolio by borrower ageDefinition & citation
Derived sum from FSA borrower-age workbook.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by borrower age: borrowers 50 and older owe, $456.5B. FY2026 Q2. Sum of 50-61 and 62+ borrower-age buckets. Original review August 22, 2026.
Borrowers 62 and older
$143.7B; 3.2M borrowers
FY2026 Q2
Federal borrower-age table, open loan status.
Federal student loan portfolio by borrower ageDefinition & citation
FSA administrative borrower-age workbook.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by borrower age: borrowers 62 and older, $143.7B; 3.2M borrowers. FY2026 Q2. Federal borrower-age table, open loan status. Original review August 22, 2026.
Borrowers at $100K+
3.8M borrowers; $710.1B
FY2026 Q2
8.5% of borrowers but 41.9% of dollars.
Federal student loan portfolio by debt sizeDefinition & citation
Derived grouping from FSA debt-size workbook.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by debt size: borrowers at $100K+, 3.8M borrowers; $710.1B. FY2026 Q2. 8.5% of borrowers but 41.9% of dollars. Original review August 22, 2026.
Borrowers at $200K+
1.2M borrowers; $355.8B
FY2026 Q2
2.7% of borrowers but 21.0% of dollars.
Federal student loan portfolio by debt sizeDefinition & citation
FSA debt-size workbook.
U.S. Department of Education, Federal Student Aid, Federal student loan portfolio by debt size: borrowers at $200K+, 1.2M borrowers; $355.8B. FY2026 Q2. 2.7% of borrowers but 21.0% of dollars. Original review August 22, 2026.
Complete topic figures (6)
| Measure | Reported value | Period | Source | Definition / caveat |
|---|---|---|---|---|
| Borrowers 50 and older owe | $456.5B | FY2026 Q2 | Federal student loan portfolio by borrower age | Sum of 50-61 and 62+ borrower-age buckets. Derived sum from FSA borrower-age workbook. |
| Borrowers 62 and older | $143.7B; 3.2M borrowers | FY2026 Q2 | Federal student loan portfolio by borrower age | Federal borrower-age table, open loan status. FSA administrative borrower-age workbook. |
| Largest age balance bucket | 35-49: $685.1B; 15.0M borrowers | FY2026 Q2 | Federal student loan portfolio by borrower age | Largest balance bucket by age. FSA administrative borrower-age workbook. |
| Borrowers under $20K | 23.3M borrowers; $203.9B | FY2026 Q2 | Federal student loan portfolio by debt size | 52.0% of borrowers but 12.0% of dollars. Derived grouping from FSA debt-size workbook. |
| Borrowers at $100K+ | 3.8M borrowers; $710.1B | FY2026 Q2 | Federal student loan portfolio by debt size | 8.5% of borrowers but 41.9% of dollars. Derived grouping from FSA debt-size workbook. |
| Borrowers at $200K+ | 1.2M borrowers; $355.8B | FY2026 Q2 | Federal student loan portfolio by debt size | 2.7% of borrowers but 21.0% of dollars. FSA debt-size workbook. |
05 What about private loans and new borrowing?
Private student-loan estimates are not the same as federal administrative data, and annual borrowing numbers are flow data rather than outstanding debt.
Private student loans outstanding
$140.4B; 7.66% of total
2025 Q3
Trade/industry source, not government data.
Private Student Loan Semi-Annual Report, Q3 2025Definition & citation
Enterval private student-loan semiannual report; industry methodology, not FSA/Fed administrative series.
Enterval Analytics, Private Student Loan Semi-Annual Report, Q3 2025: private student loans outstanding, $140.4B; 7.66% of total. 2025 Q3. Trade/industry source, not government data. Original review August 22, 2026.
Private originations
$4.5B first quarter AY2025-26; $10.8B AY2024-25 total
2025 Q3 / AY2024-25
Origination/flow data, not outstanding balances.
Private Student Loan Semi-Annual Report, Q3 2025Definition & citation
Enterval private student-loan semiannual report; annual-flow metric.
Enterval Analytics, Private Student Loan Semi-Annual Report, Q3 2025: private originations, $4.5B first quarter AY2025-26; $10.8B AY2024-25 total. 2025 Q3 / AY2024-25. Origination/flow data, not outstanding balances. Original review August 22, 2026.
Total federal student-loan originations
$88.7B
2024-25 academic year
Annual borrowing/aid-flow data, not outstanding debt.
Trends in Student Aid 2025Definition & citation
College Board Trends in Student Aid Excel table SA-2; current dollars.
College Board, Trends in Student Aid 2025: total federal student-loan originations, $88.7B. 2024-25 academic year. Annual borrowing/aid-flow data, not outstanding debt. Original review August 22, 2026.
Total nonfederal loan originations
$13.9B
2024-25 academic year
Annual borrowing/aid-flow data, not outstanding debt.
Trends in Student Aid 2025Definition & citation
College Board Trends in Student Aid Excel table SA-2; current dollars.
College Board, Trends in Student Aid 2025: total nonfederal loan originations, $13.9B. 2024-25 academic year. Annual borrowing/aid-flow data, not outstanding debt. Original review August 22, 2026.
Complete topic figures (4)
| Measure | Reported value | Period | Source | Definition / caveat |
|---|---|---|---|---|
| Private student loans outstanding | $140.4B; 7.66% of total | 2025 Q3 | Private Student Loan Semi-Annual Report, Q3 2025 | Trade/industry source, not government data. Enterval private student-loan semiannual report; industry methodology, not FSA/Fed administrative series. |
| Private originations | $4.5B first quarter AY2025-26; $10.8B AY2024-25 total | 2025 Q3 / AY2024-25 | Private Student Loan Semi-Annual Report, Q3 2025 | Origination/flow data, not outstanding balances. Enterval private student-loan semiannual report; annual-flow metric. |
| Total federal student-loan originations | $88.7B | 2024-25 academic year | Trends in Student Aid 2025 | Annual borrowing/aid-flow data, not outstanding debt. College Board Trends in Student Aid Excel table SA-2; current dollars. |
| Total nonfederal loan originations | $13.9B | 2024-25 academic year | Trends in Student Aid 2025 | Annual borrowing/aid-flow data, not outstanding debt. College Board Trends in Student Aid Excel table SA-2; current dollars. |
06 What does the borrower experience look like?
Survey and household-debt sources are separate from portfolio totals, but they help explain how repayment status changes show up for borrowers.
Adults with outstanding student loans
16%
2025 survey
Among adults who attended at least some college, 21% had outstanding loans.
Economic Well-Being of U.S. Households in 2025Definition & citation
Federal Reserve SHED survey; adult survey statistic, not administrative borrower count.
Board of Governors of the Federal Reserve System, Economic Well-Being of U.S. Households in 2025: adults with outstanding student loans, 16%. 2025 survey. Among adults who attended at least some college, 21% had outstanding loans. Original review August 22, 2026.
Recent payment difficulty
41% of those required to pay; 23% of adults with student-loan debt
2025 survey
Includes payment difficulty in past 12 months.
Economic Well-Being of U.S. Households in 2025Definition & citation
Federal Reserve SHED survey; self-reported repayment difficulty.
Board of Governors of the Federal Reserve System, Economic Well-Being of U.S. Households in 2025: recent payment difficulty, 41% of those required to pay; 23% of adults with student-loan debt. 2025 survey. Includes payment difficulty in past 12 months. Original review August 22, 2026.
Newly delinquent high-score borrowers average score drop
177 points
2024 Q4 to 2025 Q1
Borrowers with scores above 720.
Student loan delinquencies and credit scoresDefinition & citation
NY Fed Liberty Street Economics analysis of Consumer Credit Panel/Equifax data.
Federal Reserve Bank of New York Liberty Street Economics, Student loan delinquencies and credit scores: newly delinquent high-score borrowers average score drop, 177 points. 2024 Q4 to 2025 Q1. Borrowers with scores above 720. Original review August 22, 2026.
Newly defaulted federal student-loan borrowers
3.6M
2025 Q4 / 2026 Q1
Average score fell 91 points, from 567 to 476.
Federal student loan defaults return after the pandemic pauseDefinition & citation
NY Fed Liberty Street Economics analysis of default reporting after pandemic pause.
Federal Reserve Bank of New York Liberty Street Economics, Federal student loan defaults return after the pandemic pause: newly defaulted federal student-loan borrowers, 3.6M. 2025 Q4 / 2026 Q1. Average score fell 91 points, from 567 to 476. Original review August 22, 2026.
Complete topic figures (7)
| Measure | Reported value | Period | Source | Definition / caveat |
|---|---|---|---|---|
| NY Fed household student-loan balance | $1.651T | 2026 Q2 | Quarterly Report on Household Debt and Credit, 2026 Q2 | Do not use as the federal total; this is student debt held by households in NY Fed household-debt data. Credit-panel household debt workbook; not the same universe as FSA administrative loan records. |
| Total household debt | $18.771T | 2026 Q2 | Quarterly Report on Household Debt and Credit, 2026 Q2 | Student loans were about 8.80% of total household debt. Credit-panel household debt workbook; supports share-of-household-debt calculations. |
| Adults with outstanding student loans | 16% | 2025 survey | Economic Well-Being of U.S. Households in 2025 | Among adults who attended at least some college, 21% had outstanding loans. Federal Reserve SHED survey; adult survey statistic, not administrative borrower count. |
| Borrowers not required to make payments | 45% | 2025 survey | Economic Well-Being of U.S. Households in 2025 | Survey response at time of survey. Federal Reserve SHED survey; payment-requirement self-report. |
| Recent payment difficulty | 41% of those required to pay; 23% of adults with student-loan debt | 2025 survey | Economic Well-Being of U.S. Households in 2025 | Includes payment difficulty in past 12 months. Federal Reserve SHED survey; self-reported repayment difficulty. |
| Newly delinquent high-score borrowers average score drop | 177 points | 2024 Q4 to 2025 Q1 | Student loan delinquencies and credit scores | Borrowers with scores above 720. NY Fed Liberty Street Economics analysis of Consumer Credit Panel/Equifax data. |
| Newly defaulted federal student-loan borrowers | 3.6M | 2025 Q4 / 2026 Q1 | Federal student loan defaults return after the pandemic pause | Average score fell 91 points, from 567 to 476. NY Fed Liberty Street Economics analysis of default reporting after pandemic pause. |
07 What has Public Service Loan Forgiveness discharged?
Cumulative PSLF discharges are a separate administrative measure. Read the total with its reporting period and borrower-count caveat.
Combined PSLF discharges
1,254,800 borrowers; $93.4B discharged
Cumulative as of Apr-end 2026
Includes PSLF, TEPSLF, and Limited Waiver discharges.
PSLF combined reportDefinition & citation
FSA PSLF combined report workbook; cumulative processed discharges.
U.S. Department of Education, Federal Student Aid, PSLF combined report: combined PSLF discharges, 1,254,800 borrowers; $93.4B discharged. Cumulative as of Apr-end 2026. Includes PSLF, TEPSLF, and Limited Waiver discharges. Original review August 22, 2026.
Complete topic figures (1)
| Measure | Reported value | Period | Source | Definition / caveat |
|---|---|---|---|---|
| Combined PSLF discharges | 1,254,800 borrowers; $93.4B discharged | Cumulative as of Apr-end 2026 | PSLF combined report | Includes PSLF, TEPSLF, and Limited Waiver discharges. FSA PSLF combined report workbook; cumulative processed discharges. |
Good stories
need good footnotes.
Take the numbers. Keep the context.
The full report includes all 41 public statistics. Chart CSVs include source URLs, period definitions and caveats. Source review remains August 22, 2026. They do not change with your selections above.
Chart data & graphics
All location observations CSV ↓ Complete visual dataset JSON ↓Graphics show the latest figures in the retained edition, with dates and source notes included. Source review remains August 22, 2026. Graphics do not follow the time cursor or selected-state comparison.
Three universes SVG ↓Three universes PNG ↓Debt concentration SVG ↓Debt concentration PNG ↓State explorer SVG ↓State explorer PNG ↓California vs Texas (fixed example) SVG ↓California vs Texas (fixed example) PNG ↓
All 41 statistics on this page
| Measure | Reported value | Period | Source | Caveat |
|---|---|---|---|---|
| Total federal student loan portfolio | $1.724T; 42.6M unduplicated recipients | FY2026 Q2, quarter ended Mar. 31, 2026 | Federal Student Aid Data Center portfolio summary | FSA reports 42.6M unduplicated recipients, a student-benefited count that is not always the same as unique borrowers. |
| Federal Reserve G.19 broad student-loan series | $1.858T | 2026 Q2 / June 2026 | Federal Reserve G.19 consumer credit release | Broader Federal Reserve series with a different universe than FSA's federal portfolio; do not add it to the FSA number. |
| NY Fed household student-loan balance | $1.651T | 2026 Q2 | Quarterly Report on Household Debt and Credit, 2026 Q2 | Do not use as the federal total; this is student debt held by households in NY Fed household-debt data. |
| Total household debt | $18.771T | 2026 Q2 | Quarterly Report on Household Debt and Credit, 2026 Q2 | Student loans were about 8.80% of total household debt. |
| Student-loan balance 90+ days delinquent | 10.6% | 2026 Q2 | Quarterly Report on Household Debt and Credit, 2026 Q2 | Re-reporting of defaulted student debt continues to affect this measure. Compare all debt 3.31%, auto 5.49%, credit card 12.92%, mortgage 0.99%. |
| Stafford combined | $943.2B; 35.1M unique recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Recipient counts may duplicate across loan types. |
| Consolidation loans | $529.7B; 9.1M recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Recipient counts may duplicate across loan types. |
| Grad PLUS | $130.3B; 1.9M recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Implied average roughly $68,579 per recipient. |
| Parent PLUS | $117.9B; 3.5M recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Parent is borrower; child is recipient. |
| Perkins loans | $2.7B; 0.8M recipients | FY2026 Q2 | Federal student loan portfolio by loan type | Recipient counts may duplicate across loan types. |
| Federally managed repayment | $632.8B; 17.2M recipients | FY2026 Q2 | Federal student loan portfolio by loan status | Federally managed means Direct plus ED-held FFEL. |
| Federally managed forbearance | $484.6B; 8.4M recipients | FY2026 Q2 | Federal student loan portfolio by loan status | Major post-pause status bucket. |
| Federally managed cumulative default | $220.3B; 9.0M recipients | FY2026 Q2 | Federal student loan portfolio by loan status | Default defined in FSA notes as more than 360 days delinquent. |
| Federally managed loans 31+ days delinquent or moving to default collections | $98.0B; 3.54M recipients | FY2026 Q2 | Direct Loan portfolio by delinquency status | Only borrowers in repayment status; excludes deferment, forbearance, in-school, grace, already-defaulted loans. |
| Direct Loan SAVE | $383.0B; 6.99M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance. |
| Direct Loan income-driven repayment categories | $763.8B; 12.74M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Sum of ICR, IBR, PAYE, SAVE on Direct Loan sheet. |
| Direct Loan Income-Based Repayment | $197.0B; 2.92M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance. |
| Direct Loan Pay As You Earn | $127.9B; 1.53M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance. |
| Direct Loan Income-Contingent Repayment | $55.9B; 1.30M recipients | FY2026 Q2 | Direct Loan portfolio by repayment plan | Plan data includes Direct Loan borrowers in repayment, deferment, and forbearance. |
| Borrowers 50 and older owe | $456.5B | FY2026 Q2 | Federal student loan portfolio by borrower age | Sum of 50-61 and 62+ borrower-age buckets. |
| Borrowers 62 and older | $143.7B; 3.2M borrowers | FY2026 Q2 | Federal student loan portfolio by borrower age | Federal borrower-age table, open loan status. |
| Largest age balance bucket | 35-49: $685.1B; 15.0M borrowers | FY2026 Q2 | Federal student loan portfolio by borrower age | Largest balance bucket by age. |
| Borrowers under $20K | 23.3M borrowers; $203.9B | FY2026 Q2 | Federal student loan portfolio by debt size | 52.0% of borrowers but 12.0% of dollars. |
| Borrowers at $100K+ | 3.8M borrowers; $710.1B | FY2026 Q2 | Federal student loan portfolio by debt size | 8.5% of borrowers but 41.9% of dollars. |
| Borrowers at $200K+ | 1.2M borrowers; $355.8B | FY2026 Q2 | Federal student loan portfolio by debt size | 2.7% of borrowers but 21.0% of dollars. |
| California federal student-loan balance | $156.7B; 3.92M borrowers | Data as of Mar. 31, 2026 | Federal student loan portfolio by borrower location | Borrower location reported by servicer. |
| Texas federal student-loan balance | $138.3B; 3.95M borrowers | Data as of Mar. 31, 2026 | Federal student loan portfolio by borrower location | Texas has slightly more borrowers than California but lower total balance. |
| Florida federal student-loan balance | $113.1B; 2.75M borrowers | Data as of Mar. 31, 2026 | Federal student loan portfolio by borrower location | Borrower location reported by servicer. |
| New York federal student-loan balance | $99.9B; 2.46M borrowers | Data as of Mar. 31, 2026 | Federal student loan portfolio by borrower location | Borrower location reported by servicer. |
| Georgia federal student-loan balance | $74.6B; 1.70M borrowers | Data as of Mar. 31, 2026 | Federal student loan portfolio by borrower location | Borrower location reported by servicer. |
| Defaulted federal portfolio by location | $218.8B; 9.01M borrowers | March 2026 | Defaulted Direct and ED-held FFEL portfolio by location | Totals may differ from loan-status reports due to system and timing differences. |
| Private student loans outstanding | $140.4B; 7.66% of total | 2025 Q3 | Private Student Loan Semi-Annual Report, Q3 2025 | Trade/industry source, not government data. |
| Private originations | $4.5B first quarter AY2025-26; $10.8B AY2024-25 total | 2025 Q3 / AY2024-25 | Private Student Loan Semi-Annual Report, Q3 2025 | Origination/flow data, not outstanding balances. |
| Total federal student-loan originations | $88.7B | 2024-25 academic year | Trends in Student Aid 2025 | Annual borrowing/aid-flow data, not outstanding debt. |
| Total nonfederal loan originations | $13.9B | 2024-25 academic year | Trends in Student Aid 2025 | Annual borrowing/aid-flow data, not outstanding debt. |
| Adults with outstanding student loans | 16% | 2025 survey | Economic Well-Being of U.S. Households in 2025 | Among adults who attended at least some college, 21% had outstanding loans. |
| Borrowers not required to make payments | 45% | 2025 survey | Economic Well-Being of U.S. Households in 2025 | Survey response at time of survey. |
| Recent payment difficulty | 41% of those required to pay; 23% of adults with student-loan debt | 2025 survey | Economic Well-Being of U.S. Households in 2025 | Includes payment difficulty in past 12 months. |
| Newly delinquent high-score borrowers average score drop | 177 points | 2024 Q4 to 2025 Q1 | Student loan delinquencies and credit scores | Borrowers with scores above 720. |
| Newly defaulted federal student-loan borrowers | 3.6M | 2025 Q4 / 2026 Q1 | Federal student loan defaults return after the pandemic pause | Average score fell 91 points, from 567 to 476. |
| Combined PSLF discharges | 1,254,800 borrowers; $93.4B discharged | Cumulative as of Apr-end 2026 | PSLF combined report | Includes PSLF, TEPSLF, and Limited Waiver discharges. |
Sources & methodology
This page preserves the August 22, 2026 data review. A bounded check against archived originals verified selected FSA and NY Fed figures. Provisional: the June 2026 G.19 figure comes from a retained data file that has not yet been matched to an official Federal Reserve release. Earlier G.19 quarters have not been independently checked. Other topical facts, full histories and current source freshness also remain unverified.
This page separates source-of-record datasets instead of blending them into one headline. FSA administrative tables, the Federal Reserve G.19 release, and the NY Fed household-debt series use different universes and should be cited for different questions.
The CSV and JSON files are generated from the same local data module that renders this page. They include the current 2026 figures plus clearly labeled context rows; source-only rows retained for audit traceability are excluded from the public page sections and downloads.
Rows marked contextual are useful background, but they are not interchangeable with FSA administrative portfolio totals. Source, period, and caveat fields should travel with each number.
LoanBrain and client data were not used. This is a public-source statistics page, not a client-data analysis.
FSA quarters are fiscal. FY2026 Q2 ends March 31, 2026; G.19 and NY Fed calendar 2026 Q2 end June 30, 2026. Different universes, periods and counting methods explain why the series must remain distinct; no arithmetic bridge is asserted.
The retained G.19 source URL points to a changing “current” release. Consult the archived data edition before citing a different release. A live source page may have changed since this dataset’s review.
Sources
Federal Student Aid Data Center portfolio summary
U.S. Department of Education, Federal Student Aid
Federal Reserve G.19 consumer credit release
Board of Governors of the Federal Reserve System
Quarterly Report on Household Debt and Credit, 2026 Q2
Federal Reserve Bank of New York
Federal student loan portfolio by loan type
U.S. Department of Education, Federal Student Aid
Federal student loan portfolio by loan status
U.S. Department of Education, Federal Student Aid
Direct Loan portfolio by delinquency status
U.S. Department of Education, Federal Student Aid
Direct Loan portfolio by repayment plan
U.S. Department of Education, Federal Student Aid
IDR portfolio by scheduled monthly payment amount
U.S. Department of Education, Federal Student Aid
Federal student loan portfolio by borrower age
U.S. Department of Education, Federal Student Aid
Federal student loan portfolio by debt size
U.S. Department of Education, Federal Student Aid
Federal student loan portfolio by borrower location
U.S. Department of Education, Federal Student Aid
Defaulted Direct and ED-held FFEL portfolio by location
U.S. Department of Education, Federal Student Aid
Private Student Loan Semi-Annual Report, Q3 2025
Enterval Analytics
Trends in Student Aid 2025
College Board
Economic Well-Being of U.S. Households in 2025
Board of Governors of the Federal Reserve System
Student loan delinquencies and credit scores
Federal Reserve Bank of New York Liberty Street Economics
Federal student loan defaults return after the pandemic pause
Federal Reserve Bank of New York Liberty Street Economics
PSLF combined report
U.S. Department of Education, Federal Student Aid
Digest of Education Statistics table 331.95
National Center for Education Statistics
Digest of Education Statistics table 332.45
National Center for Education Statistics
Revision ledger
2026-08-22 — Updated the Federal Reserve G.19 and NY Fed household-credit series through June 2026; retained FSA administrative data through March 31, 2026.
2026-06-30 — Published the initial source-separated 2026 dataset, methodology, and CSV/JSON downloads.