Average Student Loan Debt per State (2024)

Many Americans find it difficult to afford higher education in the United States. In 2023, the average total cost of attendance for a student living on campus at a public four-year in-state university is $104,108. A private, non-profit university will cost students $223,360 over four years.1

Outstanding Student Loans Total $1.73 Trillion

The United States Department of Education holds the majority of federal student loans, which account for approximately 93.1% of total student loan debt. The remaining funds are financed through private borrowing.

In total, the country’s outstanding student loan balance was $1,774,909.90 in Q1 2023. That number fell to $1,732,575.30 in Q3. Rather than a sudden inflow of borrowers repaying their commitments, the decline can be attributed primarily to the federal government’s recent wave of debt forgiveness.

In December 2023, the Biden-Harris Administration granted about $132 billion in student loan debt cancellations for more than 3.6 million qualified students. People who were in income-driven repayment plans or had been in repayment mode for at least 20 years were eligible for the cancelation programs.

Debt Broken Down by State

Location

Balance (in billions)

Borrowers (in thousands)

Alabama

$23.9

653.2

Alaska

$2.4

68.8

Arizona

$31.7

914.0

Arkansas

$13.2

401.8

California

$146.7

3,976.6

Colorado

$28.8

792.0

Connecticut

$18.3

517.0

Delaware

$5.0

133.9

District of Columbia

$6.4

119.0

Florida

$103.3

2,713.8

Georgia

$69.0

1,691.0

Hawaii

$4.6

124.6

Idaho

$7.2

222.2

Illinois

$61.8

1,641.7

Indiana

$29.5

915.9

Iowa

$13.1

437.5

Kansas

$12.5

388.7

Kentucky

$20.0

613.3

Louisiana

$22.6

670.0

Maine

$6.4

190.6

Maryland

$35.9

849.1

Massachusetts

$31.8

923.7

Michigan

$50.5

1,411.0

Minnesota

$26.7

800.7

Mississippi

$16.2

447.5

Missouri

$29.1

839.4

Montana

$4.3

129.7

Nebraska

$7.9

252.1

Nevada

$12.2

361.9

New Hampshire

$6.6

194.8

New Jersey

$44.4

1,235.6

New Mexico

$7.7

229.9

New York

$93.3

2,492.4

North Carolina

$51.1

1,363.2

North Dakota

$2.6

89.9

Ohio

$61.5

1,807.5

Oklahoma

$15.7

503.5

Oregon

$20.0

540.7

Pennsylvania

$65.5

1,866.3

Puerto Rico

$10.1

336.7

Rhode Island

$4.8

148.5

South Carolina

$28.7

764.3

South Dakota

$3.6

120.1

Tennessee

$31.9

891.3

Texas

$125.7

3,842.0

Utah

$10.5

320.6

Vermont

$2.9

78.4

Virginia

$43.0

1,105.4

Washington

$28.4

797.5

West Virginia

$7.2

230.3

Wisconsin

$23.3

735.5

Wyoming

$1.7

56.0

The quantity of student loan debt varies by state. Here is a portfolio of federal student loan amounts as of September 2023 for each state, along with the number of borrowers.

California Has the Most Student Loan Debt at $146.7 Billion

California has the most student loan debt, at $146.7 billion. However, this state also has the most borrowers, at 3,976.6 million.

  • Texas: $125.7 billion, 3,842 million borrowers
  • Florida: $103.3 billion, 2,713.8 million borrowers
  • Wyoming: $1.7 Billion, 56 million borrowers (least borrowers )

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Additional Causes of Student Loan Debt

Rising tuition and other educational costs may be the primary causes of excessive student loan debt, but there are more factors to consider when assessing the statistics. The concentration of colleges and institutions inside the state is also an essential factor. For example, California has the most higher education institutions in the United States, with 644, whereas Wyoming has only 10.

Students cannot overlook the area’s cost of living while attending college. When housing is scarce, renting apartments and staying in dorms become more expensive.

Source

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