How Much Student Loan Debt Is In Your State

Here is the amount of student loan debt in your state.

Here’s what you need to know.

Student loans

The Institute for College Access and Success (TICAS) released its annual student debt report for the Class of 2020. The reports explore student loans, differences in student debt between states, and recommendations on how to help borrowers manage student loans. President Joe Biden has canceled $ 11.5 billion in student loans since becoming president. The US Department of Education has also taken unprecedented steps to help more student loan borrowers get student loan forgiveness and simplify student loan repayments. Let’s explore the amount of student debt in your state – and how to reduce your student loan balance. (Do 3 things for your student loans now).

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Student loans by state

The Biden administration has taken several steps to reduce student borrower debt. This includes $ 2 billion in student loans that will be canceled in a matter of weeks. If you haven’t received a student loan forgiveness, there are still options to apply for a student loan forgiveness. (How to request a student loan discount during the Biden administration). Even with these efforts, student loan borrowers in every state still hold student loan debt. New Hampshire is the state with the highest average student debt ($ 39,928). Utah has the lowest average student debt ($ 18,344). Here is a breakdown of student loans by state, including the number of affected student loan borrowers. (How to qualify for the automatic student loan exemption).

Alabama

Average student debt: $ 30,996

% of graduates with debt: 51%

% of graduates benefiting from private student loans: 12%

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Alaska

Average student debt: $ 26,356

% of graduates with debt: 47%

% of graduates benefiting from private student loans: 4%

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Arizona

Average student debt: $ 24,298

% of graduates with debt: 47%

% of graduates benefiting from private student loans: 7%

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Arkansas

Average student debt: $ 27,319

% of graduates with debt: 54%

% of graduates benefiting from private student loans: 8%

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California

Average student debt: $ 21,125

% of graduates with debt: 46%

% of graduates benefiting from private student loans: 5%

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Colorado

Average student debt: $ 26,424

% of graduates with debt: 49%

% of graduates benefiting from private student loans: 9%

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Connecticut

Average student debt: $ 35,853

% of graduates with debt: 57%

% of graduates benefiting from private student loans: 17%

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Delaware

Average student debt: $ 39,705

% of graduates with debt: 60%

% of graduates benefiting from private student loans: 21%

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Florida

Average student debt: $ 24,454

% of graduates with debt: 47%

% of graduates benefiting from private student loans: 6%

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Georgia

Average student debt: $ 27,759

% of graduates with debt: 56%

% of graduates benefiting from private student loans: 7%

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Hawaii

Average student debt: $ 24,926

% of graduates with debt: 45%

% of graduates benefiting from private student loans: 6%

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Idaho

Average student debt: $ 24,983

% of graduates with debt: 58%

% of graduates benefiting from private student loans: 7%

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Illinois

Average student debt: $ 28,552

% of graduates with debt: 57%

% of graduates benefiting from private student loans: ten%

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Indiana

Average student debt: $ 28,521

% of graduates with debt: 57%

% of graduates benefiting from private student loans: 13%

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Iowa

Average student debt: $ 29,560

% of graduates with debt: 60%

% of graduates benefiting from private student loans: 14%

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Kansas

Average student debt: $ 26,002

% of graduates with debt: 60%

% of graduates benefiting from private student loans: 8%

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Kentucky

Average student debt: $ 28,356

% of graduates with debt: 61%

% of graduates benefiting from private student loans: 11%

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Louisiana

Average student debt: $ 26,284

% of graduates with debt: 53%

% of graduates benefiting from private student loans: 6%

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Maine

Average student debt: $ 32,764

% of graduates with debt: 63%

% of graduates benefiting from private student loans: 18%

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Maryland

Average student debt: $ 30,461

% of graduates with debt: 55%

% of graduates benefiting from private student loans: 12%

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Massachusetts

Average student debt: $ 33,457

% of graduates with debt: 56%

% of graduates benefiting from private student loans: 14%

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Michigan

Average student debt: $ 29,863

% of graduates with debt: 58%

% of graduates benefiting from private student loans: 11%

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Minnesota

Average student debt: $ 32,012

% of graduates with debt: 64%

% of graduates benefiting from private student loans: 16%

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Mississippi

Average student debt: $ 29,714

% of graduates with debt: 58%

% of graduates benefiting from private student loans: ten%

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Missouri

Average student debt: $ 28,713

% of graduates with debt: 56%

% of graduates benefiting from private student loans: 11%

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Montana

Average student debt: $ 27,114

% of graduates with debt: 55%

% of graduates benefiting from private student loans: 7%

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Nebraska

Average student debt: $ 26,781

% of graduates with debt: 60%

% of graduates benefiting from private student loans: ten%

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Nevada

Average student debt: $ 21,357

% of graduates with debt: 46%

% of graduates benefiting from private student loans: 4%

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New Hampshire

Average student debt: $ 39,928

% of graduates with debt: 70%

% of graduates benefiting from private student loans: 25%

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New Jersey

Average student debt: $ 35,117

% of graduates with debt: 63%

% of graduates benefiting from private student loans: 15%

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New Mexico

Average student debt: $ 20,868

% of graduates with debt: 45%

% of graduates benefiting from private student loans: 6%

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new York

Average student debt: $ 30,951

% of graduates with debt: 54%

% of graduates benefiting from private student loans: 12%

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North Carolina

Average student debt: $ 29,681

% of graduates with debt: 55%

% of graduates benefiting from private student loans: 9%

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North Dakota

Average student debt: $ 31,939

% of graduates with debt: 66%

% of graduates benefiting from private student loans: 27%

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Ohio

Average student debt: $ 30,605

% of graduates with debt: 59%

% of graduates benefiting from private student loans: 13%

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Oklahoma

Average student debt: $ 27,876

% of graduates with debt: 50%

% of graduates benefiting from private student loans: 9%

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Oregon

Average student debt: $ 26,504

% of graduates with debt: 53%

% of graduates benefiting from private student loans: 8%

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Pennsylvania

Average student debt: $ 39,375

% of graduates with debt: 64%

% of graduates benefiting from private student loans: 22%

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Rhode Island

Average student debt: $ 36,791

% of graduates with debt: 64%

% of graduates benefiting from private student loans: 20%

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Caroline from the south

Average student debt: $ 32,635

% of graduates with debt: 60%

% of graduates benefiting from private student loans: 15%

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South Dakota

Average student debt: $ 32,029

% of graduates with debt: 73%

% of graduates benefiting from private student loans: 20%

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Tennessee

Average student debt: $ 26,852

% of graduates with debt: 53%

% of graduates benefiting from private student loans: 7%

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Texas

Average student debt: $ 26,273

% of graduates with debt: 52%

% of graduates benefiting from private student loans: 6%

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Utah

Average student debt: $ 18,344

% of graduates with debt: 39%

% of graduates benefiting from private student loans: 3%

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Vermont

Average student debt: $ 34,866

% of graduates with debt: 57%

% of graduates benefiting from private student loans: 17%

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Virginia

Average student debt: $ 29,616

% of graduates with debt: 55%

% of graduates benefiting from private student loans: 14%

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Washington

Average student debt: $ 23,993

% of graduates with debt: 47%

% of graduates benefiting from private student loans: 6%

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Washington DC

Average student debt: $ 32,966

% of graduates with debt: 46%

% of graduates benefiting from private student loans: ten%

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West Virginia

Average student debt: $ 29,208

% of graduates with debt: 66%

% of graduates benefiting from private student loans: 13%

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Wisconsin

Average student debt: $ 30,270

% of graduates with debt: 66%

% of graduates benefiting from private student loans: 15%

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Wyoming

Average student debt: $ 23,510

% of graduates with debt: 48%

% of graduates benefiting from private student loans: 9%

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Student loans: recommendations

The report also highlights several ways to reduce student debt. These recommendations include, among others:

• Responsibility of the College: requiring colleges to reduce the burden on student loans;
• Income Based Refund: promote awareness of income-based repayment plans for federal student loans;
• Financial aid: state aid should be based on need and not on merit; and
• Student loan advice: colleges should provide counseling for students borrowing student loans so that they understand the full cost of a college education.

Today, according to the latest student debt statistics, 45 million borrowers collectively owe $ 1.7 trillion in student loans. Due to student loan relief following the Covid-19 pandemic, student loan borrowers have also not been required to make federal student loan payments since March 2020. (These borrowers have not been required to make federal student loan payments either. are not eligible for a limited student loan forgiveness). As of January 31, 2022, however, federal student loan payments will resume at their normal interest rate. With the end of this temporary student loan relief, make sure you are prepared for this major change and understand all of your options for student loan repayments. Here are some popular ways to pay off student loans and save money:

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Student loans: related reading

If you want student loan forgiveness, follow these 5 steps

How to request a limited student loan forgiveness

Education Department to Cancel $ 2 Billion in Student Loans

Here’s who’s eligible for the student loan waiver right now