Student Loan Debt at Graduation Price History
1993–2025 · Federal Reserve / College Board
Average cumulative student loan debt for bachelor's degree recipients at graduation, tracked from 1993 through 2025. Here's the thing people miss about the student debt story: the explosive growth phase is actually over. Debt tripled between 1993 and 2010, rocketing from $9,320 to over $25,000. But it's been hovering in the $28,000-$30,000 range for a decade now. That plateau doesn't mean the crisis is solved — it mostly reflects that borrowers hit a ceiling on what federal loans allow, not that college got cheaper.
Price in 1993
$9,320.00
Price in 2025
$29,800.00
Total Change
+219.7%
Years Tracked
32
Student Loan Debt at Graduation Over Time
Compare to inflation: The chart above shows nominal (not inflation-adjusted) prices. Use the toggle to switch to inflation-adjusted values when available, or try the inflation calculator to convert any amount between years.
Key Insights
- Average debt at graduation roughly tripled in just 17 years, climbing from $9,320 in 1993 to $25,250 in 2010 — a pace that far outstripped wage growth for new grads.
- Debt peaked around $30,100 in 2015, then actually dipped. The 2025 figure of $29,800 is still below that high-water mark, suggesting we've hit a structural ceiling tied to federal loan limits.
- The fastest single-year jump came between 1999 and 2000, when average debt leapt from $14,700 to $16,928 — a $2,228 increase that coincided with rising tuition and expanded borrowing options.
- Between 2016 and 2020, average debt at graduation actually fell from $29,650 to $28,400, one of the few sustained declines in the dataset's history.
Year-by-Year Data
| Year | Price (USD) | YoY Change |
|---|---|---|
| 1993 | $9,320.00 | — |
| 1994 | $10,100.00 | +8.4% |
| 1995 | $10,870.00 | +7.6% |
| 1996 | $11,650.00 | +7.2% |
| 1997 | $12,580.00 | +8.0% |
| 1998 | $13,580.00 | +7.9% |
| 1999 | $14,700.00 | +8.2% |
| 2000 | $16,928.00 | +15.2% |
| 2001 | $18,200.00 | +7.5% |
| 2002 | $18,900.00 | +3.8% |
| 2003 | $19,300.00 | +2.1% |
| 2004 | $19,800.00 | +2.6% |
| 2005 | $20,000.00 | +1.0% |
| 2006 | $21,100.00 | +5.5% |
| 2007 | $22,700.00 | +7.6% |
| 2008 | $23,200.00 | +2.2% |
| 2009 | $24,000.00 | +3.4% |
| 2010 | $25,250.00 | +5.2% |
| 2011 | $26,600.00 | +5.3% |
| 2012 | $27,850.00 | +4.7% |
| 2013 | $28,400.00 | +2.0% |
| 2014 | $28,950.00 | +1.9% |
| 2015 | $30,100.00 | +4.0% |
| 2016 | $29,650.00 | -1.5% |
| 2017 | $28,350.00 | -4.4% |
| 2018 | $29,200.00 | +3.0% |
| 2019 | $28,950.00 | -0.9% |
| 2020 | $28,400.00 | -1.9% |
| 2021 | $28,950.00 | +1.9% |
| 2022 | $29,400.00 | +1.6% |
| 2023 | $29,400.00 | +0.0% |
| 2024 | $29,500.00 | +0.3% |
| 2025 | $29,800.00 | +1.0% |
Sources & Methodology
Combination of College Board Student Aid survey data and Federal Reserve reports. Average cumulative debt for bachelor's degree recipients at graduation.
Primary source: Federal Reserve / College Board
For a full explanation of how we collect and adjust data, see our methodology page.