US student loan debt reaches $1.7 trillion amid rising costs

Total federal student loan debt in the United States has reached $1.7 trillion, held by more than 42 million borrowers. This represents a significant increase from $516 billion and 28 million borrowers two decades ago.

Rising tuition costs have contributed to the debt surge. The average annual cost at private four-year colleges is projected to reach $45,000 for the 2025-2026 academic year, with total expenses including room and board averaging $60,920. Since 1983, tuition has increased by approximately 5.5% annually, outpacing both inflation and wage growth.

The average borrower now carries $40,768 in debt, while the number of individuals owing more than $100,000 has risen to 3.8 million. Additionally, nearly 10 million people over the age of 50 currently carry student debt. Recent legislative changes under the “one big beautiful bill” act have eliminated several affordable repayment plans and removed protections such as payment pauses during unemployment, while extending standard repayment timelines to 30 years.