Incoming college freshmen will rack up an average of $43,000 in student loans by graduation, report finds

With National College Decision Day approaching, college affordability is a top concern for most students and their parents.

Around 46% of 2026 high school graduates will go on to a four-year college or university, according to a new report by NerdWallet. Many of them will take out student loans to help cover the tab.

By the time they graduate from college, these students could each borrow an average of $43,000 in federal and private aid to earn a bachelor’s degree, according to the NerdWallet analysis of National Center for Education Statistics data — up from $40,000 the year before.

Rising college costs are largely to blame for swelling student debt balances.

In recent decades, tuition has increased 5.6% a year, on average, outpacing inflation and other household expenses, according to a report by J.P. Morgan Asset Management — and it’s still rising about 5% a year.