Student Loan Debt Statistics Across America
Student loan debt statistics outline how much money college students owe today in debt.
We searched for the important stats to give you a clear picture of the amounts different people owe 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: $1.7 Trillion (source)
Total amount of federal student loan debt: $1.57 Trillion (source)
Total amount of private student loans: $138.6 Billion (source, source)
Federal Average Interest Rate disbursed after July 1, 2020 (Direct Subsidized and Unsubsidized loans, fixed): 0% (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, $140.1 Billion (source)
State With Lowest Student Loan Debt Balance Total (50th for indebtedness): Wyoming, $1.6 Billion (source)
Federal Student Loan Statistics By U.S. State
Data as of September 30th, 2020, amounts of borrowers and debts are rounded to the nearest 10th.
Alabama Student Loan Statistics
Total Statewide Student Loan Debt: $22.6 billion
Amount of Borrowers: 613,700
Rank (for indebtedness, against other 50 states): 24th
Alaska Student Loan Statistics
Total Statewide Student Loan Debt: $2.2 billion
Amount of Borrowers: 66,500
Rank (for indebtedness, against other 50 other states): 49th
Arizona Student Loan Statistics
Total Statewide Student Loan Debt: $30 billion
Amount of Borrowers: 856,000
Rank (for indebtedness, against other 50 states): 15th
Arkansas Student Loan Statistics
Total Statewide Student Loan Debt: $12.5
Amount of Borrowers: 377,500
Rank (for indebtedness, against other 50 states): 32nd
California
Total Statewide Student Loan Debt: $140.1 billion
Amount of Borrowers: 3,854,100
Rank (for indebtedness, against other 50 states): 1st
Colorado
Total Statewide Student Loan Debt: $27.6 billion
Amount of Borrowers: 753,900
Rank (for indebtedness, against other 50 states): 19th
Connecticut
Total Statewide Student Loan Debt: $16.6 billion
Amount of Borrowers: 478,700
Rank (for indebtedness, against other 50 states): 28th
Delaware Student Loan Statistics
Total Statewide Student Loan Debt: $4.5 billion
Amount of Borrowers: 120,900
Rank (for indebtedness, against other 50 states): 42nd
Florida
Total Statewide Student Loan Debt: $95.9 billion
Amount of Borrowers: 2,513,100
Rank (for indebtedness, against other 50 states): 3rd
Georgia
Total Statewide Student Loan Debt: $65.7 billion
Amount of Borrowers: 1,592,500
Rank (for indebtedness, against other 50 states): 5th
Hawaii
Total Statewide Student Loan Debt: $4.3 billion
Amount of Borrowers: 120,100
Rank (for indebtedness, against other 50 states): 44th
Idaho
Total Statewide Student Loan Debt: $6.9 billion
Amount of Borrowers: 212,800
Rank (for indebtedness, against other 50 states): 39th
Illinois Student Loan Statistics
Total Statewide Student Loan Debt: $60.0 billion
Amount of Borrowers: 1,601,700
Rank (for indebtedness, against other 50 states): 8th
Indiana Student Loan Statistics
Total Statewide Student Loan Debt: $29.1 billion
Amount of Borrowers: 891,800
Rank (for indebtedness, against other 50 states): 17th
Iowa
Total Statewide Student Loan Debt: $13.0 billion
Amount of Borrowers: 427,900
Rank (for indebtedness, against other 50 states): 31th
Kansas Student Loan Statistics
Total Statewide Student Loan Debt: $12.2 billion
Amount of Borrowers: 377,100
Rank (for indebtedness, against other 50 states): 33rd
Kentucky Student Loan Statistics
Total Statewide Student Loan Debt: $19.1 billion
Amount of Borrowers: 585,500
Rank (for indebtedness, against other 50 states): 27th
Louisiana
Total Statewide Student Loan Debt: $21.5 billion
Amount of Borrowers: 629,300
Rank (for indebtedness, against other 50 states): 25th
Maine
Total Statewide Student Loan Debt: $5.9 billion
Amount of Borrowers: 181,300
Rank (for indebtedness, against other 50 states): 41st
Maryland Student Loan Statistics
Total Statewide Student Loan Debt: $34.7 billion
Amount of Borrowers: 814,700
Rank (for indebtedness, against other 50 states): 13th
Massachusetts
Total Statewide Student Loan Debt: $29.7 billion
Amount of Borrowers: 871,600
Rank (for indebtedness, against other 50 states): 16th
Michigan
Total Statewide Student Loan Debt: $49.9 billion
Amount of Borrowers: 1,393,100
Rank (for indebtedness, against other 50 states): 9th
Minnesota
Total Statewide Student Loan Debt: $25.9 billion
Amount of Borrowers: 778,900
Rank (for indebtedness, against other 50 states): 22nd
Mississippi
Total Statewide Student Loan Debt: $15.6 billion
Amount of Borrowers: 427,300
Rank (for indebtedness, against other 50 states): 29th
Missouri
Total Statewide Student Loan Debt: $28.8 billion
Amount of Borrowers: 816,800
Rank (for indebtedness, against other 50 states): 18th
Montana Student Loan Statistics
Total Statewide Student Loan Debt: $4.0 billion
Amount of Borrowers: 122,600
Rank (for indebtedness, against other 50 states): 45th
Nebraska
Total Statewide Student Loan Debt: $7.7 billion
Amount of Borrowers: 242,700
Rank (for indebtedness, against other 50 states): 36th
Nevada
Total Statewide Student Loan Debt: $11.2 billion
Amount of Borrowers: 333,600
Rank (for indebtedness, against other 50 states): 34th
New Hampshire
Total Statewide Student Loan Debt: $6.2 billion
Amount of Borrowers: 185,300
Rank (for indebtedness, against other 50 states): 40th
New Jersey
Total Statewide Student Loan Debt: $40.5 billion
Amount of Borrowers: 1,154,000
Rank (for indebtedness, against other 50 states): 12th
New Mexico
Total Statewide Student Loan Debt: $7.5 billion
Amount of Borrowers: 223,000
Rank (for indebtedness, against other 50 states): 37th
New York
Total Statewide Student Loan Debt: $90.3 billion
Amount of Borrowers: 2,399,100
Rank (for indebtedness, against other 50 states): 4th
North Carolina
Total Statewide Student Loan Debt: $46.8 billion
Amount of Borrowers: 1,257,500
Rank (for indebtedness, against other 50 states): 10th
North Dakota
Total Statewide Student Loan Debt: $2.4 billion
Amount of Borrowers: 84,500
Rank (for indebtedness, against other 50 states): 48th
Ohio
Total Statewide Student Loan Debt: $60.9 billion
Amount of Borrowers: 1,765,400
Rank (for indebtedness, against other 50 states): 7th
Oklahoma
Total Statewide Student Loan Debt: $14.8 billion
Amount of Borrowers: 471,700
Rank (for indebtedness, against other 50 states): 30th
Oregon
Total Statewide Student Loan Debt: $19.7 billion
Amount of Borrowers: 532,600
Rank (for indebtedness, against other 50 states): 26th
Pennsylvania
Total Statewide Student Loan Debt: $62.5 billion
Amount of Borrowers: 1,775,300
Rank (for indebtedness, against other 50 states): 6th
Rhode Island
Total Statewide Student Loan Debt: $4.4 billion
Amount of Borrowers: 137,700
Rank (for indebtedness, against other 50 states): 43rd
South Carolina
Total Statewide Student Loan Debt: $26.8 billion
Amount of Borrowers: 704,100
Rank (for indebtedness, against other 50 states): 21st
South Dakota
Total Statewide Student Loan Debt: $3.5 billion
Amount of Borrowers: 113,100
Rank (for indebtedness, against other 50 states): 46th
Tennessee
Total Statewide Student Loan Debt: $30.1 billion
Amount of Borrowers: 835,300
Rank (for indebtedness, against other 50 states): 14th
Texas
Total Statewide Student Loan Debt: $113.7 billion
Amount of Borrowers: 3,480,200
Rank (for indebtedness, against other 50 states): 2nd
Utah Student Loan Debt Statistics
Total Statewide Student Loan Debt: $9.6 billion
Amount of Borrowers: 298,600
Rank (for indebtedness, against other 50 states): 35th
Vermont
Total Statewide Student Loan Debt: $2.8 billion
Amount of Borrowers: 75,100
Rank (for indebtedness, against other 50 states): 47th
Virginia
Total Statewide Student Loan Debt: $41.0 billion
Amount of Borrowers: 1,053,900
Rank (for indebtedness, against other 50 states): 11th
Washington
Total Statewide Student Loan Debt: $27.1 billion
Amount of Borrowers: 771,700
Rank (for indebtedness, against other 50 states): 20th
West Virginia Student Loan Debt Statistics
Total Statewide Student Loan Debt: $7 billion
Amount of Borrowers: 222,000
Rank (for indebtedness, against other 50 states): 38th
Wisconsin Student Loan Debt Statistics
Total Statewide Student Loan Debt: $22.7 billion
Amount of Borrowers: 714,600
Rank (for indebtedness, against other 50 states): 23rd
Wyoming Student Loan Debt Statistics
Total Statewide Student Loan Debt: $1.6 billion
Amount of Borrowers: 52,500
Rank (for indebtedness, against other 50 states): 50th
There are an additional $127.4 billion in federal student loan debt spread out among 5,029,700 (last 3 digits rounded) people considered “other,” “not reported,” “District of Columbia,” or “Puerto Rico” 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.
