Student loans are a reality for millions of Americans. At Credit Union of Denver, we know how complex and overwhelming student loan debt can feel. That's why we're providing updates on the current student loan landscape and how refinancing through our Student Loan Marketplace, could help bring some financial relief.
The Rising Cost of Education
Tuition costs for the 2024-25 academic year continues to trend up. Here's the average cost of attendance (per year) one can expect according to Education Data Initiative:
- Public four-year (in-state): $27,146
- Public four-year (out-of-state): $45,708
- Private nonprofit four-year: $56,628
- Public two-year (in-district): $17,439
- Private nonprofit two-year: $36,026
These steep figures explain why borrowing has become a necessity for many.
Student Loan Debt by the Numbers:
- Total federal student loan debt: $1.693 trillion
- Number of federal borrowers: 42.7 million
- Average federal loan balance: $38,375
- Average total balance (federal + private): $41,618
About half of all undergraduates rely on federal loans to fund their education. The average public university student borrows $31,960 to earn a bachelor’s degree.

Who's Carrying the Burden?
- 25% of adults aged 18–29 have student loan debt
- 14% of adults aged 30–44 carry student loan debt
- The largest share of federal borrowers (33.5%) are between 25 and 34 years old
What’s Happening with Interest Rates?
Student loan interest rates have been steadily rising:
- Undergraduate Federal Loans (2024-25): 6.53%
- Graduate Federal Loans: 8.08%
- PLUS Loans (for parents & grad students): 9.08%
These are some of the highest federal loan rates in the last decade.
Federal Collections Are Back On
As of May 5, 2025, the Department of Education has officially resumed collections on defaulted federal student loans. If you haven’t made a payment in a while, you’re not alone, but millions of borrowers are at risk of falling behind again.

Refinancing Could Offer a Lifeline
If you're feeling overwhelmed or simply want more control over your payments, refinancing your student loans might be a smart move. Here’s how Sparrow, our Student Loan Marketplace, can help:
- Compare real, personalized rates from multiple lenders with one simple form
- See side-by-side comparisons of APRs, monthly payments, and total loan costs
- Find the right loan to fit your budget and long-term financial goals
Benefits of Student Loan Refinancing
Refinancing your student loans could help you:
- Lower your monthly payments to reduce budget strain
- Reduce your interest rate, saving you money over the life of the loan
- Shorten your loan term, helping you pay off debt faster
We’re Here to Help
At Credit Union of Denver, your financial well-being is our priority. Through Sparrow, we offer access to refinancing tools and personalized guidance, making the process transparent, efficient, and tailored to you.
Ready to explore your options?
Get Started
Student loan debt doesn’t have to define your financial future. Whether you're just starting repayment or considering a refinance, we’re here to assist you along the way.