Shreveport University To Use COVID Funds to Pay Off Student Debt Get our free mobile app When it comes to debt in America, the ones accrued by students seeking a higher education are massive. According to CFR.org, only the debt incurred by homeowners is larger than the incredible amount of money owed by those chasing a degree, and by extension, a better life. According to the official numbers, close to 43 million U.S. borrowers owed nearly $1.6 trillion altogether in federal student loans as of the end of 2020. When you add in personal loans used to close the gaps other financial aid doesn't cover, that number jumps to $1.7 trillion owed by students across the country.