Student Debt

Overview

For decades, higher education has been a key step to middle- and upper-class prosperity for millions of Americans. But the rising costs of a degree—tuition, fees, living costs, and more—have left many with significant debt burdens after leaving school. Americans' total amount of outstanding student loans now exceeds the country's credit card debt ($1.3T).

As of December 2025, roughly 43 million Americans held a cumulative $1.7T in federal student debt—a sum equal to the 12th largest economy in the world. Factor in private loans, and the total rises to $1.8T.

The average borrower with student debt owed around $39K, with estimated payments of $394 per month, as of March 2026. Average annual tuition now ranges from around $10K for an in-state public university to more than $70K for a private institution. Those figures have tripled since 1970, accounting for inflation.

Some economists argue the burden creates a net drag on the economy. Partial or total outstanding loan forgiveness has become a hotly debated policy issue, with advocates arguing it would have positive economic benefits and critics countering it disproportionately helps upper-income households.

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