In this article, we will take a look at the 5 states with the highest student loan debt. If you want to read our discussion on the debt statistics and Biden’s student debt relief initiatives, you can go directly to the 20 States with the Highest Student Loan Debt.
5. Pennsylvania
Total Borrowers: 2,055,160
Student Loan Balance: $73.37 billion
Pennsylvania faces a significant student loan burden. The state ranks fifth in total student loan debt and has the 24th-highest average debt per borrower at $35,700. With over 2 million borrowers, or 14.06% of the population, Pennsylvania also has the fifth-most borrowers in the country. More than half, or 58.2%, of these borrowers are under 35, placing Pennsylvania among the top five states for this age group.
4. New York
Total Borrowers: 2,629,860
Student Loan Balance: $98.53 billion
New York has a high burden of student debt, with an average borrower owing $37,460. This could be partly due to the high number of graduates (over half) attending private non-profit colleges, which typically have higher tuition fees. A significant portion of residents in New York, roughly 1 in 5, carry some form of higher education debt, with student loans being the most common. In total, there are 2.6 million borrowers shouldering $98.5 billion in student loan debt.
3. Florida
Total Borrowers: 2,720,440
Student Loan Balance: $106.00 billion
Florida residents hold a significant amount of federal student loan debt, totaling $106 billion. This translates to an average of $37,460 per borrower across 2.72 million borrowers in the state. The state is at the third position on our list of states with the highest student loan debt.
2. Texas
Total Borrowers: 3,847,400
Student Loan Balance: $128.26 billion
Texas has a substantial student loan burden, with $128.26 billion owed and an average debt per borrower of $33,340. This places Texas in the second position on the list of states with the highest student loan debt. It’s important to note that while Texas has a large total loan amount, the average debt per borrower is lower than the national average. Additionally, 20% of this debt is non-federal, often with higher interest rates and fewer borrower protections.
1. California
Total Borrowers: 4,022,360
Student Loan Balance: $152.82 billion
California recorded a total student loan debt of over $152.8 billion and an average debt per borrower of $37,990. This ranks the state among the highest across the country for student debt. A new analysis suggests California has one of the highest monthly costs for repaying student loans in the country.
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