Statistics · 2026 · Real Estate
Student Loan Debt Statistics (2026)
Americans owed $1.65 trillion in student loans at the end of June 2026, per the New York Fed, and 10.6% of that debt was 90 or more days past due. The federal portfolio alone held $1.72 trillion for 42.3 million borrowers on June 30, 2026, per the Education Department, and 9.3 million federally managed borrowers were in default, up from 5.3 million a year earlier.
Key takeaways
- Student loan balances on credit reports were $1.65 trillion in 2026 Q2, down 0.4% from Q1 and below the $1.66 trillion record of 2025 Q4.
- The federal portfolio held $1.72 trillion for 42.3 million borrowers on June 30, 2026, about $40,768 each.
- 10.6% of student debt was 90+ days delinquent in 2026 Q2, against 0.53% at the end of 2024.
- $234.1 billion of federally managed loans, held by 9.3 million borrowers, were in default, about 2.0 times the dollars of a year earlier.
How much student loan debt do Americans owe in 2026?
Americans owed $1.65 trillion in student loans at the end of June 2026, per the New York Fed. That was 0.4% less than in the first quarter and 0.8% more than a year earlier. Student loans made up 8.8% of the $18.8 trillion households owed, third after mortgages and auto loans.
1. Student loan balances: $1.65 trillion in 2026 Q2
The New York Fed Household Debt and Credit Report, 2026 Q2 puts student debt at $1.651 trillion at the end of June 2026. In the report’s words, “Student loan balances declined slightly (-0.4%)” from the first quarter.
2. The record is $1.66 trillion, set in 2025 Q4
Balances peaked at $1.664 trillion at the end of 2025 and have edged down for two quarters. They are still 0.8% above 2025 Q2 and 9.5% above the $1.508 trillion owed at the end of 2019 (WealthyBud arithmetic on the workbook levels).
3. About 6.4 times the 2004 level
The New York Fed series starts in 2004 Q1 at $0.260 trillion. Today’s balance is 6.4 times that, in nominal dollars.
| Quarter | Student loan balance | Share 90+ days delinquent | Note |
|---|---|---|---|
| 2004 Q1 | $0.260T | 6.34% | series start |
| 2012 Q4 | $0.966T | 11.73% | |
| 2019 Q4 | $1.508T | 11.06% | before the pandemic |
| 2024 Q4 | $1.615T | 0.53% | pre-reporting |
| 2025 Q1 | $1.631T | 7.74% | delinquencies reappear |
| 2025 Q4 | $1.664T | 9.57% | record balance |
| 2026 Q1 | $1.658T | 10.34% | |
| 2026 Q2 | $1.651T | 10.60% | latest |
How many Americans have federal student loans?
The Education Department counted 42.3 million federal student loan borrowers owing $1.72 trillion on June 30, 2026, including interest. That works out to about $40,768 per borrower, by WealthyBud arithmetic. Direct Loans made by the government hold 91% of the dollars, and older bank-made FFEL loans most of the rest.
4. 42.3 million federal borrowers owe $1.72 trillion
The FSA Portfolio Summary lists $1.72 trillion outstanding for 42.3 million unduplicated recipients at the end of federal fiscal 2026 Q3 (June 30, 2026), up from $1.67 trillion a year earlier. In 2007 the figure was $516.0 billion for 28.3 million.
5. About $40,768 per federal borrower
Dividing $1.72 trillion by 42.3 million recipients gives roughly $40,768 each (WealthyBud arithmetic). It is a mean, not a median; these FSA reports do not publish a median balance.
6. Direct Loans: $1.56 trillion for 38.3 million borrowers
Loans made directly by the Education Department hold 91% of the portfolio. Older bank-made FFEL loans total $157.0 billion for 6.4 million borrowers.
The two totals differ by design: the New York Fed samples credit reports, which include private loans, while Federal Student Aid counts federal loans only, with accrued interest. FSA’s fiscal 2026 Q3 ends June 30, 2026.
How many student loan borrowers are behind on payments?
10.6% of student loan balances were 90 or more days delinquent in 2026 Q2, per the New York Fed, up from 10.3% in Q1. The rate sat near 0.5% through 2024, when missed federal payments were not yet showing up, then jumped to 7.7% in 2025 Q1.
7. 10.6% of student debt is 90+ days delinquent
The 2026 Q2 report (PDF) says “The student loan delinquency rate increased to 10.6% of balances 90+ days past due, up from the 10.3% observed in 2026Q1.” That is the highest share among the loan types the report tracks except credit cards.
8. From 0.53% to 7.74% in one quarter
The share was 0.53% in 2024 Q4. The New York Fed 2025 Q1 report explains: “Missed federal student loan payments that were not previously reported to credit bureaus between 2020Q2 and 2024Q4 are now appearing in credit reports.” It reached 10.16% by 2025 Q2.
9. Close to the pre-pandemic high of 11.83%
Before 2020 the share peaked at 11.83% in 2013 Q3, and it was 11.06% at the end of 2019, per the workbook. The 2026 Q2 reading of 10.6% is within about a point and a quarter of that peak.
How many borrowers are in default?
9.3 million borrowers with $234.1 billion of federally managed loans were in default on June 30, 2026, per Federal Student Aid. A year earlier the figures were 5.3 million and $116.6 billion. Default means more than 360 days delinquent; it is 14.2% of the federally managed portfolio.
10. 9.3 million federally managed borrowers in default
The FSA Portfolio by Loan Status report shows $234.1 billion in “Cumulative in Default” on June 30, 2026, against $116.6 billion and 5.3 million borrowers on June 30, 2025. FSA defines default as loans “more than 360 days delinquent.”
11. The Education Department warned of almost 10 million defaults
The Education Department release of April 21, 2025 said “there could be almost 10 million borrowers in default in a few months” and that the Department “has not collected on defaulted loans since March 2020.” Collections restarted May 5, 2025. Fourteen months later, FSA counted 9.3 million.
12. Only 40% of federally managed dollars are in active repayment
Of $1.64 trillion in federally managed loans, $658.5 billion (40%) was in repayment status on June 30, 2026 and $459.2 billion (28%) in forbearance, by WealthyBud arithmetic on the FSA status table.
| Status | June 30, 2025 | June 30, 2026 | Borrowers, June 2026 |
|---|---|---|---|
| In school | $96.4 billion | $96.7 billion | 5.2 million |
| Grace | $33.6 billion | $36.0 billion | 1.5 million |
| Repayment | $598.2 billion | $658.5 billion | 17.4 million |
| Deferment | $144.9 billion | $149.7 billion | 3.3 million |
| Forbearance | $581.8 billion | $459.2 billion | 8.0 million |
| Default (360+ days delinquent) | $116.6 billion | $234.1 billion | 9.3 million |
Which repayment plans are borrowers on?
Of $1.27 trillion in federally managed loans in repayment, deferment or forbearance on June 30, 2026, 62% sat in income-driven plans. SAVE still listed 6.52 million borrowers and $354.3 billion, while the standard 10-year plan covered 11.99 million borrowers with smaller balances.
13. SAVE: 6.52 million borrowers, $354.3 billion
The FSA Portfolio by Repayment Plan report still lists $354.3 billion under SAVE on June 30, 2026, down from $432.9 billion a year earlier. FSA notes that “During FY24Q4, borrowers enrolled in the SAVE repayment plan were moved into a forbearance status due to an injunction.”
14. Income-Based Repayment grew to $244.9 billion
IBR balances rose from $152.6 billion for 3.00 million borrowers in June 2025 to $244.9 billion for 3.99 million in June 2026. Pay As You Earn rose from $102.9 billion to $136.8 billion.
15. 11.99 million on the standard 10-year plan
The level 10-year plan has the most borrowers but less debt: $273.3 billion, about $22,794 each, versus about $54,340 per SAVE borrower (WealthyBud arithmetic).
Which age groups owe the most student loan debt?
Borrowers aged 30 to 39 hold the most student debt, $523 billion in 2026 Q2, per the New York Fed, or 32% of the total. Federal data show older borrowers gaining: those 62 and older owed $143.7 billion in March 2026, 89% more than in 2019.
16. Ages 30 to 39 owe $523 billion
By New York Fed age group, borrowers in their 30s held $523 billion of student debt in 2026 Q2, followed by ages 40 to 49 at $383 billion and ages 18 to 29 at $306 billion. Borrowers 70 and older held $43 billion.
17. Federal borrowers 62 and older: $143.7 billion, up 89% since 2019
The FSA Portfolio by Borrower Age report shows 3.2 million borrowers 62 and older owing $143.7 billion on March 31, 2026, against 2.1 million and $75.9 billion in September 2019. Ages 35 to 49 owe the most federal debt, $685.1 billion.
| NY Fed age group | Balance | Share |
|---|---|---|
| 18-29 | $306 billion | 18.6% |
| 30-39 | $523 billion | 31.8% |
| 40-49 | $383 billion | 23.3% |
| 50-59 | $260 billion | 15.8% |
| 60-69 | $129 billion | 7.9% |
| 70+ | $43 billion | 2.6% |
Which states have the most student loan debt?
California and Texas each have about 3.9 million federal student loan borrowers, with $156.7 billion and $138.3 billion owed, per Federal Student Aid data for March 2026. The District of Columbia has the largest balance per borrower, about $55,846, by WealthyBud arithmetic.
18. California leads on dollars: $156.7 billion
The FSA Portfolio by Borrower Location report puts California at $156.7 billion for 3.92 million borrowers and Texas at $138.3 billion for 3.95 million. $52.2 billion has no reported state, because commercial FFEL and Perkins lenders need not report addresses.
19. New Jersey has the most student debt per person among large states
Per person with a credit report, the New York Fed puts student debt at $6,780 in New Jersey and $6,680 in Pennsylvania in 2026 Q2, against $5,580 nationally, across the 11 large states it publishes.
| State | Balance | Borrowers | Balance per borrower |
|---|---|---|---|
| California | $156.7 billion | 3.92 million | $39,980 |
| Texas | $138.3 billion | 3.95 million | $35,014 |
| Florida | $113.1 billion | 2.75 million | $41,162 |
| New York | $99.9 billion | 2.46 million | $40,666 |
| Georgia | $74.6 billion | 1.70 million | $43,813 |
| Pennsylvania | $69.6 billion | 1.85 million | $37,542 |
What this means for homebuyers and investors
A student loan payment counts in a mortgage applicant's debt-to-income ratio, and a 90-day delinquency or default lowers a credit score. With the 30-year mortgage rate at 7.40% in October 2026, a lower score can push a first-time buyer's rate and payment higher.
20. Mortgage rate context: 7.40%
The 30-year fixed rate averaged 7.40% in the week of October 8, 2026 (Freddie Mac 30-year rate (FRED MORTGAGE30US)). Student loan payments reduce the mortgage a buyer qualifies for at that rate, and a default on a credit report can block a loan.
- A lower required payment can raise the loan amount a buyer qualifies for.
- A delinquency or default on a credit report raises mortgage pricing.
For the full picture of what households owe, see household debt statistics. First-time buyers can compare first-time homebuyer statistics and check metro affordability on income needed to buy a home.
More Real Estate statistics
Household Debt Statistics (2026)
U.S. household debt statistics for 2026: total debt, mortgage and credit card balances, new borrowing, delinquency, debt by age and by state, from New York Fed credit-report data.
View ResearchFirst-Time Homebuyer Statistics (2026)
First-time homebuyer statistics for 2026: share of buyers, median age, down payments, FHA first-time share, and national homeownership, from NAR, Census HVS and FHA.
View ResearchMortgage Rate Statistics (2026)
Mortgage rate history since 1971 — record highs and lows, decade averages, the 15-year spread and what today's rate means for monthly payments.
View HubAll U.S. Housing Markets
950 metros scored, mapped and forecast from public data.
View