US student loan debt approaches $1.8T, with $103B in Florida

TAMPA, Fla. (WFLA) – The Federal Reserve reports that as of November 2022, there is nearly $1.8 trillion in student debt across the United States. Federal data from the Department of Education shows that Florida, California, and Texas are the three states with the highest outstanding balances.

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In Florida alone, $102.8 billion in student debt belongs to borrowers who live in the state, about 2.64 million people, according to June USDOE data, the most recent data available. Compared to California and Texas, Florida has the lowest number of borrowers among the three, and the least amount of student debt.

However, three of those states, among the most populous in the country, are the only ones with more than $100 billion in student debt. The next lowest state is New York, which had $93.6 billion in student debt for its 2.4 million borrowers, as of June.

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Nationally, the Federal Reserve says there is $1.76 trillion in student debt nationally.

Quarter Amount Due Change by Quarter
Q3 2022 $1,768,809,060,000 +$23,439,750,000
Q2 2022 $1,745,369,310,000 -$2,086,200,000
Q1 2022 $1,747,455,510,000 +$14,040,330,000
Q4 2021 $1,733,415,180,000 -$6,028,650,000
Q3 2021 $1,739,443,830,000 +$20,376,330,000
Q2 2021 $1,719,067,500,000 +$360,950,000
Q1 2021 $1,718,706,550,000
(Source: Federal Reserve)

In the third quarter of 2021, there was $1.74 trillion in student debt, which means that about $29.4 billion was added over the past year. Just quarter to quarter, student borrowers earned an additional $23.4 billion, according to federal data. The data shows that some quarters have billion-dollar reductions in overall student debt.

Total student debt and the number of borrowers and debt by state are published in quarterly reports by the federal government. The next data will be released in 2023, which will cover data from the fourth quarter of 2022.

Still, the annual debt continues to grow, as tuition costs rise across the country. While President Joe Biden has pushed for new relief strategies and amnesty plans, they are still tied up in court. Previous plans to unfreeze refunds in January have been pushed back to June 2023 as the relief scheme is being fought in court.

An analysis of recent student loan data by showed that, on average, student borrowers have about $40,000 in loan debt after graduation. According to their data study, average monthly payments are $460. The report said it expected tuition to continue to rise, by as much as 8% each year.

MyCreditSummit describes student debt as the “fastest growing debt in the US,” and the second largest share of household debt, second only to mortgage debt.

Overall, household debt across the United States remains on an upward trend amid inflationary pressures and other economic headwinds.

“Total household debt balances continued their increase in the third quarter of 2022 with an increase of $351 billion, the largest nominal quarterly increase since 2007,” the Federal Reserve reported. “There was $633 billion in new mortgage debt in Q3 2022. After two years of historically high volumes of mortgage originations, Q3 volume is more like pre-pandemic volumes.”

An accompanying federal debt report showed that all debt types had an increase in delinquent payments on outstanding debt, after “two years of historically low delinquent conversions.” While student debt has increased, the report said delinquency levels are lower for student debt, reflecting a “continued repayment hiatus” on the loans.

Separately, EducationData, which tracks and analyzes student debt levels, said, “Total national student loan debt increased 1.53% YoY in the second quarter of fiscal 2022, the lowest rate of increase in the 21st century.” Their data showed that nearly 32% of all students took out federal loans for their degrees.


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