Americans owed $1.65 trillion in student loan debt at the end of the second quarter of 2026, according to the New York Fed. Of that total, 10.6% of balances were 90+ days past due, up from 10.3% a quarter earlier. The latest student loan statistics from Federal Student Aid put the federal portfolio at $1,724.5 billion across 42.3 million recipients at the end of June 2026.
The pressure shows up in default data. Direct Loan balances in default reached $187.8 billion at the end of June 2026, up from $83.1 billion nine months earlier. The figures below track total debt, delinquency, default, balances by age and size, who holds the loans, debt for bachelor’s graduates, and the repayment plans that started on July 1, 2026.
Key Takeaways
- Direct Loan balances in default grew about 2.26 times between September 2025 and June 2026.
- The Fed’s consumer credit series sits about $210 billion above the New York Fed’s credit-report total. The two series draw on different data and definitions, so the gap reflects how each one measures balances.
- About 3.8 million federal borrowers owe $100,000 or more, and they hold about 41.9% of the balances in the FSA debt-size data.
- The Federal Reserve found that 16% of all adults had outstanding student loans in 2025, and having student loans did not vary by income.
- Repayment does vary: less than half of low-income borrowers with an income under $50,000 per year paid the required amount, compared with 92% of borrowers with an income of $100,000 or more.
- Bachelor’s degree recipients who borrowed averaged $29,560 in 2023-24, down from $35,310 in 2018-19, adjusted for inflation to 2023.
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- Student loan debt on credit reports: $1.65 trillion in the second quarter of 2026.
- Federal portfolio: $1,724.5 billion owed by 42.3 million recipients.
- Student loans, including private loans: $1,861.8 billion in the second quarter of 2026.
- Serious delinquency: 10.6% of balances 90+ days past due.
- Direct Loans in default: $187.8 billion in Direct Loan balances owed by 7.6 million recipients.
- Borrowers in forbearance: 8.0 million Direct Loan recipients holding $449.7 billion.
Total Student Loan Debt in the US
Figures are compiled from 15 sources: 14 publications from the New York Fed, the Federal Reserve Board, Federal Student Aid, the National Center for Education Statistics and the Department of Education, plus one College Board report. Source dates run from May 2023 to October 2026. Only government, central bank, and research body data qualify. Figures are reviewed on a rolling basis and updated when sources publish new editions.
- The New York Fed household debt report counted outstanding student loan debt at $1.65 trillion in the second quarter of 2026, as student loan balances declined slightly (-0.4%).
- Balances stood at $1.66 trillion in Q1 2026 after decreasing by $6 billion.
- Total household debt balances stood at $18.8 trillion, and the wider household debt statistics put student loans alongside mortgages, auto loans, and credit cards.
- Federal Student Aid portfolio data show Direct Loans at $1,564.8 billion, Federal Family Education Loans at $157.0 billion, and Perkins Loans at $2.7 billion at the end of June 2026.
- That works out to about $40,768 per federal loan recipient.
- The Federal Reserve’s G.19 series sits above the Federal Student Aid portfolio at $1,861.8 billion because it also includes private student loans without government guarantees.
| Measure | Scope | Period | Balance |
|---|---|---|---|
| New York Fed household debt report | Student loan balances on consumer credit reports | Q2 2026 | $1.65 trillion |
| Federal Student Aid portfolio | Direct, FFEL and Perkins loans | June 30, 2026 | $1,724.5 billion |
| Federal Reserve G.19 memo item | Federal and private student loans | Q2 2026 | $1,861.8 billion |
Source: Federal Reserve Bank of New York, Federal Student Aid, Federal Reserve Board, 2026
The three totals do not conflict. Each draws on different data and definitions, so the gaps between them reflect differences in coverage and method, and we report all three side by side.
Federal Student Loan Portfolio by Year
- The federal portfolio stood at $1,510.3 billion at the end of fiscal 2019 and $1,692.6 billion at the end of fiscal 2025.
- Balances grew about $214.2 billion between September 2019 and June 2026.
- Unduplicated recipients edged from 42.9 million in fiscal 2019 to 42.3 million in the latest quarter.
- The portfolio dipped to $1,602.2 billion at the end of fiscal 2023 from $1,634.5 billion a year earlier.
- FFEL balances fell to $157.0 billion from $261.6 billion at the end of fiscal 2019 as the older program runs off.
View the data
Recent Developments
- October 7, 2026: The Federal Reserve’s G.19 release put student loans outstanding at $1,861.8 billion for the second quarter of 2026, against $1,862.7 billion in the first quarter.
- September 30, 2026: The US Department of Education and the US Department of the Treasury launched the Defaulted Loans Support Center, a new online portal for borrowers to address defaulted loans.
- September 29, 2026: The US Department of Education extended enrollment for the 1% auto pay interest rate reduction to December 31, 2026, after nearly 2 million borrowers enrolled.
- August 2026: The New York Fed reported the student loan delinquency rate rose to 10.6% of balances 90+ days past due.
- July 1, 2026: Borrowers could begin enrolling in the Tiered Standard plan and the income-driven Repayment Assistance Plan (RAP).
Student Loan Delinquency Rate
- The student loan delinquency rate increased to 10.6% of balances 90+ days past due in the second quarter.
- The transition rate into serious delinquency declined from 16.2% in Q4 2025 to 10.9% in the first quarter, a slower pace of new delinquencies.
- Approximately 2.6 million borrowers more than 120 days past due had their loans transferred to the Department of Education’s Default Resolution Group.
View the data
Why it matters: The New York Fed measured 10.6% of student loan balances 90+ days past due in the second quarter of 2026. Serious delinquency is the pipeline into default, which is why we track it next to the federal default balances further down the page.
Federal and Private Student Loans Outstanding
- The Federal Reserve counted $1,733.4 billion in student loans at the end of 2021 and $1,834.7 billion at the end of 2025.
- The series dipped to $1,729.1 billion in 2023 before rising to $1,778.4 billion in 2024.
- Balances reached $1,862.7 billion in the first quarter of 2026, and the same release feeds the wider consumer debt statistics.
- The memo item includes Federal Family Education Loan Program and Direct Loan Program loans, Perkins loans, and private student loans without government guarantees.
View the data
Student Loan Default Statistics
- Direct Loan balances in cumulative default stood at $83.1 billion owed by 3.7 million recipients at the end of September 2025.
- The balance reached $187.8 billion owed by 7.6 million recipients at the end of June 2026.
- The Education Department said more than 5 million borrowers had been in default for more than six years and an additional 5 million went into default in less than a year.
- Approved applications for loan rehabilitation increased 69%, and consolidations out of default rose 95%, per the department, a pattern that also shows in broader loan default statistics.
View the data
By the numbers: Federal Student Aid data show Direct Loan balances in default at $187.8 billion across 7.6 million recipients at the end of June 2026. We read the default line as the clearest early signal of how the return to repayment is going, and it points to strain well beyond the credit-report delinquency rate.
Federal Student Loans by Repayment Status
- Direct Loan balances in repayment totaled $638.7 billion across 17.0 million recipients at the end of June 2026.
- Forbearance balances fell to $449.7 billion from $570.6 billion a year earlier.
- In-school balances stood at $96.7 billion and deferment balances at $147.5 billion.
| Direct Loan status | Balance ($ billions) | Recipients (millions) |
|---|---|---|
| In school | 96.7 | 5.2 |
| Grace | 36.0 | 1.5 |
| Repayment | 638.7 | 17.0 |
| Deferment | 147.5 | 3.3 |
| Forbearance | 449.7 | 8.0 |
| Cumulative in default | 187.8 | 7.6 |
| Other | 8.4 | 0.2 |
Source: Federal Student Aid Portfolio by Loan Status, June 30, 2026
Student Loan Debt by Balance Size
- The largest group by headcount owes $20,000 to $40,000: 9.5 million borrowers holding $270.8 billion.
- Borrowers owing $200,000 or more numbered 1.2 million and held $355.8 billion, while those owing $100,000 or more and less than $200,000 held $354.3 billion.
- About 6.9 million borrowers owed less than $5,000, holding $18.9 billion in total, while the degrees with the most expensive student loans sit at the other end of the range.
- College Board data show 32% of borrowers owed less than $10,000 as of June 2025, and these borrowers held 4% of outstanding federal debt.
| Balance owed | Borrowers (millions) | Balance ($ billions) |
|---|---|---|
| Less than $5,000 | 6.9 | 18.9 |
| $5,000 to $10,000 | 7.2 | 52.5 |
| $10,000 to $20,000 | 9.2 | 132.5 |
| $20,000 to $40,000 | 9.5 | 270.8 |
| $40,000 to $60,000 | 4.2 | 206.4 |
| $60,000 to $80,000 | 2.6 | 177.4 |
| $80,000 to $100,000 | 1.4 | 127.7 |
| $100,000 to $200,000 | 2.6 | 354.3 |
| $200,000 or more | 1.2 | 355.8 |
Source: Federal Student Aid Portfolio by Borrower Debt Size, March 31, 2026
How many people have $100,000 in student loans?
About 3.8 million federal borrowers owed $100,000 or more as of March 31, 2026. 2.6 million owed $100,000 or more and less than $200,000, and 1.2 million owed $200,000 or more, based on Federal Student Aid’s debt-size data for open loans.
Student Loan Statistics by Age
- Borrowers aged 35 to 49 held $685.1 billion across 15.0 million people, the largest balance in the table below.
- Borrowers aged 25 to 34 owed $465.8 billion across 14.0 million people.
- Borrowers 62 and older held $143.7 billion across 3.2 million people.
View the data
Share of Adults With Student Loans
- The Federal Reserve’s household survey found 16% of all adults had outstanding student loans in 2025.
- Among those who attended at least some college, 21% had outstanding loans.
- Younger adults, Black adults, and women were more likely to have student loans, per the survey, with 25% of adults aged 18 to 29 holding them against 5% of those 60 and older.
- Delinquent student loans began to be reported to credit bureaus in late 2024, so missed payments now reach the credit files behind FICO scores.
View the data
Student Loan Repayment by Income
- Slightly less than three-fourths of adults who were required to make a payment on their student loans paid the full amount in the month prior to the survey.
- Less than half of low-income borrowers with an income under $50,000 per year paid the required amount, compared with 92% of borrowers with an income of $100,000 or more.
- Black borrowers and female borrowers were also less likely to have made the full payment.
- Slightly more than three-quarters of those experiencing payment difficulty said it was due to reasons related to affordability, one strand of wider household financial stress.
View the data
Key finding: The Federal Reserve’s 2025 survey found that falling behind on payments was closely tied to income, and 92% of borrowers with an income of $100,000 or more paid the required amount. Holding a loan barely tracks income, so repayment stress lands hardest on the lowest earners, the group least able to absorb a missed bill.
Average Student Loan Debt for Bachelor’s Graduates
- College Board reports $29,560 as the average amount borrowed by 2023-24 bachelor’s degree recipients who took out loans.
- The 2023-24 average sits $5,750 below the 2018-19 level, with both figures adjusted for inflation to 2023 prices.
View the data
How Much Students Borrow Each Year
- Parents and students borrowed $102.6 billion in federal and nonfederal loans in 2024-25.
- After declining by 38% over 13 years, total annual borrowing increased in 2024-25, a 1.2% year-over-year increase, with the decline measured after inflation in 2024 prices.
| Academic year | Total borrowed ($ billions, 2024 prices) |
|---|---|
| 2010-11 | 163.9 |
| 2023-24 | 101.4 |
| 2024-25 | 102.6 |
Source: College Board, Trends in Student Aid 2025, inflation-adjusted to 2024 prices
New Student Loan Repayment Plans in 2026
- RAP sets monthly payments between 1 and 10% of a borrower’s income, depending on how much they earn.
- Monthly payments under RAP can be as low as $10.
- If an on-time payment reduces principal by less than $50, the federal government will contribute up to $50 each month.
- The Education Department says 3 out of 4 borrowers in income-driven repayment plans owe more than they originally borrowed 6 years after entering repayment.
- Certain borrowers in phased-out plans with loans made before July 1, 2026, have until July 1, 2028, to choose RAP, Tiered Standard, or Income-Based Repayment.
| Education Department example | Old plan monthly payment ($) | New plan monthly payment ($) |
|---|---|---|
| $30,000 balance: 10-year Standard vs Tiered Standard | 341 | 262 |
| Unmarried, no dependents, $35,000 debt, $45,000 income: prior IDR vs RAP | 176 | 150 |
Source: Department of Education fact sheets, 2026
Do student loans get wiped after 25 years?
Like other income-based repayment plans, the Repayment Assistance Plan provides loan discharges in limited scenarios where borrowers still have a remaining balance after making 360 monthly, on-time payments. The Tiered Standard plan sets fixed terms of 10, 15, 20, or 25 years based on the amount borrowed. Neither plan wipes a balance at the 25-year mark.
What is the average college debt for graduates after 4 years?
NCES data put the average amount borrowed by 2015-16 bachelor’s degree completers who had ever received federal student loans at $45,300 as of 2020, four years after graduation. The average was $47,100 for completers who had received a Pell Grant and $42,200 for those who had not. Those figures are several years old, so they predate the newest graduating classes.
What percentage of college students take out student loans?
NCES reports that in 2020-21, 38% of first-time, full-time degree/certificate-seeking undergraduate students were awarded loan aid, a 12 percentage point decrease from 50% in 2010-11. Their average annual loan amount decreased by 8%, from $8,400 to $7,700 adjusted for inflation to 2021-22. The NCES indicator was last updated in May 2023.
Conclusion
US student debt stood at $1.65 trillion on credit reports in the second quarter of 2026, with 10.6% of balances 90+ days past due, while federal Direct Loan balances in default climbed to $187.8 billion. The balance is flat, but the share going unpaid is rising, and the burden sits with borrowers in their thirties and forties, six-figure balances and low-income households.
The next test is whether the new repayment plans, the default portal and the auto pay discount pull defaulted borrowers back into repayment before collections widen. We will update these figures as the New York Fed and Federal Student Aid publish new quarters.
