Student Loan Statistics Across America – ’20-21 Report

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Student loan statistics outline how the cost of college and amount of outstanding student loan debt has steadily been creeping up in the last few decades.

We searched for the important stats to give you a clear picture of the amounts different people owe today in the United States. This analysis breaks down the who, where and how on student loans for a handful of different groups to give a well-rounded perspective on our current state of student loans.

Unless otherwise noted, all statistics and facts on student loans in this article are coming from the Federal Reserve, the Federal Student Aid Website, or the National Center for Education Statistics.

Table of Contents

I. Major Statistics

II. Student Loan Statistics By State/Territory (alphabetical order)

Major Student Loan Statistics

Total amount of student debt: $1.67 Trillion (source)

Total amount of federal student loan debt: $1.54 Trillion (source)

Total amount of private student loans: $132 Billion (source, source)

Federal Average Interest Rate disbursed after July 1, 2020 (Direct Subsidized and Unsubsidized loans, fixed): 2.75% (source)-currently 0% due to Coronavirus

Average Financial Aid Award (4 year schools, all income levels, public and private schools): $12,530 (source)

Average Monthly Student Loan Payment: Between $200 and $300 per month. (source)

Age Group With Largest Student Loan Debt: 35-49 years old (source)

State With Largest Student Loan Debt Balance Total (1st for indebtedness): California, $138 Billion (source)

State With Lowest Student Loan Debt Balance Total (50th for indebtedness): Wyoming, $1.6 Billion (source)

Student Loan Statistics By U.S. State

Data as of June 30th, 2020, amounts of borrowers and debts are rounded to the nearest 10th.

Alabama Student Loan Statistics

Total Statewide Student Loan Debt: $22.2 billion

Amount of Borrowers: 598,500

Rank (for indebtedness, against other 50 states): 25th

Alaska Student Loan Statistics

Total Statewide Student Loan Debt: $2.2 billion

Amount of Borrowers: 65,600

Rank (for indebtedness, against other 50 other states): 49th

Arizona Student Loan Statistics

Total Statewide Student Loan Debt: $29.5 billion

Amount of Borrowers: 840,000

Rank (for indebtedness, against other 50 states): 15th

Arkansas Student Loan Statistics

Total Statewide Student Loan Debt: $12.3

Amount of Borrowers: 369,900

Rank (for indebtedness, against other 50 states): 32nd

California

Total Statewide Student Loan Debt: $138.0 billion

Amount of Borrowers: 3,791,800

Rank (for indebtedness, against other 50 states): 1st

Colorado

Total Statewide Student Loan Debt: $27.2 billion

Amount of Borrowers: 760,700

Rank (for indebtedness, against other 50 states): 21st

Connecticut

Total Statewide Student Loan Debt: $16.3 billion

Amount of Borrowers: 466,800

Rank (for indebtedness, against other 50 states): 28th

Delaware Student Loan Statistics

Total Statewide Student Loan Debt: $4.4 billion

Amount of Borrowers: 119,000

Rank (for indebtedness, against other 50 states): 44th

Florida

Total Statewide Student Loan Debt: $94.3 billion

Amount of Borrowers: 2,372,900

Rank (for indebtedness, against other 50 states): 3rd

Georgia

Total Statewide Student Loan Debt: $64.6 billion

Amount of Borrowers: 1,555,300

Rank (for indebtedness, against other 50 states): 8th

Hawaii

Total Statewide Student Loan Debt: $4.3 billion

Amount of Borrowers: 117,700

Rank (for indebtedness, against other 50 states): 45th

Idaho

Total Statewide Student Loan Debt: $6.8 billion

Amount of Borrowers: 208,400

Rank (for indebtedness, against other 50 states): 39th

Illinois Student Loan Statistics

Total Statewide Student Loan Debt: $59.0 billion

Amount of Borrowers: 1,568,300

Rank (for indebtedness, against other 50 states): 7th

Indiana Student Loan Statistics

Total Statewide Student Loan Debt: $28.7 billion

Amount of Borrowers: 874,800

Rank (for indebtedness, against other 50 states): 13th

Iowa

Total Statewide Student Loan Debt: $12.8

Amount of Borrowers: 420,000

Rank (for indebtedness, against other 50 states): 30th

Kansas Student Loan Statistics

Total Statewide Student Loan Debt: $12.0 billion

Amount of Borrowers: 369,000

Rank (for indebtedness, against other 50 states): 33rd

Kentucky Student Loan Statistics

Total Statewide Student Loan Debt: $18.7 billion

Amount of Borrowers: 574,600

Rank (for indebtedness, against other 50 states): 26th

Louisiana

Total Statewide Student Loan Debt: $21.1 billion

Amount of Borrowers: 615,000

Rank (for indebtedness, against other 50 states): 24th

Maine

Total Statewide Student Loan Debt: $5.8 billion

Amount of Borrowers: 178,200

Rank (for indebtedness, against other 50 states): 41st

Maryland Student Loan Statistics

Total Statewide Student Loan Debt: $34.2 billion

Amount of Borrowers: 801,500

Rank (for indebtedness, against other 50 states): 18th

Massachusetts

Total Statewide Student Loan Debt: $29.2 billion

Amount of Borrowers: 856,700

Rank (for indebtedness, against other 50 states): 14th

Michigan

Total Statewide Student Loan Debt: $49.3 billion

Amount of Borrowers: 1,373,800

Rank (for indebtedness, against other 50 states): 9th

Minnesota

Total Statewide Student Loan Debt: $25.5 billion

Amount of Borrowers: 763,500

Rank (for indebtedness, against other 50 states): 19th

Mississippi

Total Statewide Student Loan Debt: $15.4 billion

Amount of Borrowers: 419,700

Rank (for indebtedness, against other 50 states): 31st

Missouri

Total Statewide Student Loan Debt: $28.4 billion

Amount of Borrowers: 802,300

Rank (for indebtedness, against other 50 states): 17th

Montana Student Loan Statistics

Total Statewide Student Loan Debt: $4.0 billion

Amount of Borrowers: 120,000

Rank (for indebtedness, against other 50 states): 43rd

Nebraska

Total Statewide Student Loan Debt: $7.6 billion

Amount of Borrowers: 236,700

Rank (for indebtedness, against other 50 states): 36th

Nevada

Total Statewide Student Loan Debt: $11.0 billion

Amount of Borrowers: 327,500

Rank (for indebtedness, against other 50 states): 34th

New Hampshire

Total Statewide Student Loan Debt: $6.1 billion

Amount of Borrowers: 181,600

Rank (for indebtedness, against other 50 states): 40th

New Jersey

Total Statewide Student Loan Debt: $39.8 billion

Amount of Borrowers: 1,132,400

Rank (for indebtedness, against other 50 states): 11th

New Mexico

Total Statewide Student Loan Debt: $7.4 billion

Amount of Borrowers: 220.0

Rank (for indebtedness, against other 50 states): 37th

New York

Total Statewide Student Loan Debt: $89.2 billion

Amount of Borrowers: 2,361,800

Rank (for indebtedness, against other 50 states): 4th

North Carolina

Total Statewide Student Loan Debt: $45.9 billion

Amount of Borrowers: 1,223,500

Rank (for indebtedness, against other 50 states): 10th

North Dakota

Total Statewide Student Loan Debt: $2.4 billion

Amount of Borrowers: 82,100

Rank (for indebtedness, against other 50 states): 47th

Ohio

Total Statewide Student Loan Debt: $60.0 billion

Amount of Borrowers: 1,733,600

Rank (for indebtedness, against other 50 states): 6th

Oklahoma

Total Statewide Student Loan Debt: $14.6 billion

Amount of Borrowers: 463,500

Rank (for indebtedness, against other 50 states): 29th

Oregon

Total Statewide Student Loan Debt: $19.5 billion

Amount of Borrowers: 528,200

Rank (for indebtedness, against other 50 states): 27th

Pennsylvania

Total Statewide Student Loan Debt: $61.5 billion

Amount of Borrowers: 1,738,300

Rank (for indebtedness, against other 50 states): 5th

Rhode Island

Total Statewide Student Loan Debt: $4.3 billion

Amount of Borrowers: 135,300

Rank (for indebtedness, against other 50 states): 42nd

South Carolina

Total Statewide Student Loan Debt: $26.3 billion

Amount of Borrowers: 686,800

Rank (for indebtedness, against other 50 states): 23rd

South Dakota

Total Statewide Student Loan Debt: $3.4 billion

Amount of Borrowers: 109,500

Rank (for indebtedness, against other 50 states): 46th

Tennessee

Total Statewide Student Loan Debt: $29.6 billion

Amount of Borrowers: 818,400

Rank (for indebtedness, against other 50 states): 16th

Texas

Total Statewide Student Loan Debt: $111.3 billion

Amount of Borrowers: 3,390,400

Rank (for indebtedness, against other 50 states): 2nd

Utah Student Loan Statistics

Total Statewide Student Loan Debt: $9.4 billion

Amount of Borrowers: 291,800

Rank (for indebtedness, against other 50 states): 35th

Vermont

Total Statewide Student Loan Debt: $2.7 billion

Amount of Borrowers: 73,600

Rank (for indebtedness, against other 50 states): 48th

Virginia

Total Statewide Student Loan Debt: $40.3 billion

Amount of Borrowers: 1,032,200

Rank (for indebtedness, against other 50 states): 12th

Washington

Total Statewide Student Loan Debt: $26.7 billion

Amount of Borrowers: 762,800

Rank (for indebtedness, against other 50 states): 20th

West Virginia Student Loan Statistics

Total Statewide Student Loan Debt: $6.9 billion

Amount of Borrowers: 217,100

Rank (for indebtedness, against other 50 states): 38th

Wisconsin Student Loan Statistics

Total Statewide Student Loan Debt: $22.3 billion

Amount of Borrowers: 700,800

Rank (for indebtedness, against other 50 states): 22nd

Wyoming Student Loan Statistics

Total Statewide Student Loan Debt: $1.6 billion

Amount of Borrowers: 51,600

Rank (for indebtedness, against other 50 states): 50th

There is an additional $119.6 billion in federal student loan debt spread out among 5,065,700 (last 3 digits rounded) people considered “Other” or “Not Reported” in terms of locations.

These student loan statistics outline a major problem facing many U.S. Citizens. If you are struggling with a high student loan rate, consider refinancing to a lower one. You do it with your own bank, private lenders, and even a local credit union nearby.

About the Author

Bob Buckley
Bob Buckley
Bob Buckley is an account executive and writer with an emphasis on sales and product development. Since studying accounting in school, he has worked at major financial and media companies in various roles. He's also the founder of This College Life. In his free time, he cooks a lot and occasionally blogs a recipe.