Student loan debt nationwide increased by 8.28% in 2020, the largest increase since 2013, according to the latest report from EducationData.org. That spike was most likely fueled by rising unemployment and 3.2 million new federal student loan borrowers.
Student loan debt is now the second highest consumer debt category in the country behind only housing debt . Nationwide, nearly 40% of college attendees report some type of educational debt, and 65% graduate with student debt, the report showed.
A recent report from EducationData.org details the average student loan debt per borrower (based on all student loan debt, not just that owed by undergraduate borrowers) in each state. Overall, residents of Washington, D.C., have the nation’s highest federal student loan debt at more than $55,000 per borrower when looking at the total student loan debt owed by individuals in the state. Of every state, North Dakota has the lowest average federal student loan debt, with residents there owing an average of just $29,446.
Student Loan Debt in Each State
Read on for an overview of what student loan debt looks like across the country according to EducationData.org . This data is reflective of all borrowers, not just undergraduate students.
Alabama
Average borrower debt: $37,348
Total student loan debt: $23.1 Billion
Everything you need to know about student loans & scholarships in Alabama
Alaska
Average borrower debt: $34,431
Total student loan debt: $2.3 Billion
Everything you need to know about student loans & scholarships in Alaska
Arizona
Average borrower debt: $35,454
Total student loan debt: $30.7 Billion
Everything you need to know about student loans & scholarships in Arizona
Arkansas
Average borrower debt: $33,525
Total student loan debt: $12.8 Billion
Everything you need to know about student loans & scholarships in Arkansas
California
Average borrower debt: $36,937
Total student loan debt: $142.7 Billion
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Colorado
Average borrower debt: $37,120
Total student loan debt: $28.2 Billion
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Connecticut
Average borrower debt: $35,448
Total student loan debt: $17.1 Billion
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Delaware
Average borrower debt: $37,338
Total student loan debt: $4.6 Billion
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District of Columbia
Average borrower debt: $55,077
Total student loan debt: $6.4 Billion
Florida
Average borrower debt: $38,481
Total student loan debt: $98.2 Billion
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Georgia
Average borrower debt: $41,843
Total student loan debt: $67.2 Billion
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Hawaii
Average borrower debt: $36,575
Total student loan debt: $4.4 Billion
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Idaho
Average borrower debt: $33,100
Total student loan debt: $7.1 Billion
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Illinois
Average borrower debt: $38,071
Total student loan debt: $61.1 Billion
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Indiana
Average borrower debt: $33,106
Total student loan debt: $29.6 Billion
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Iowa
Average borrower debt: $30,848
Total student loan debt: $13.2 Billion
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Kansas
Average borrower debt: $33,130
Total student loan debt: $12.5 Billion
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Kentucky
Average borrower debt: $33,023
Total student loan debt: $19.5 Billion
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Louisiana
Average borrower debt: $34,683
Total student loan debt: $22.1 Billion
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Maine
Average borrower debt: $33,352
Total student loan debt: $6.1 Billion
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Maryland
Average borrower debt: $43,219
Total student loan debt: $35.5 Billion
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Massachusetts
Average borrower debt: $34,549
Total student loan debt: $30.4 Billion
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Michigan
Average borrower debt: $36,295
Total student loan debt: $50.7 Billion
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Minnesota
Average borrower debt: $33,822
Total student loan debt: $26.3 Billion
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Mississippi
Average borrower debt: $37,080
Total student loan debt: $16.0 Billion
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Missouri
Average borrower debt: $35,706
Total student loan debt: $29.3 Billion
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Montana
Average borrower debt: $33,953
Total student loan debt: $4.2 Billion
Everything you need to know about student loans & scholarships in Montana
Nebraska
Average borrower debt: $32,138
Total student loan debt: $7.8 Billion
Everything you need to know about student loans & scholarships in Nebraska
Nevada
Average borrower debt: $33,863
Total student loan debt: $26.3 Billion
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New Hampshire
Average borrower debt: $34,353
Total student loan debt: $6.4 Billion
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New Jersey
Average borrower debt: $35,730
Total student loan debt: $41.7 Billion
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New Mexico
Average borrower debt: $34,237
Total student loan debt: $7.7 Billion
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New York
Average borrower debt: $38,107
Total student loan debt: $91.9 Billion
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North Carolina
Average borrower debt: $37,861
Total student loan debt: $48.0 Billion
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North Dakota
Average borrower debt: $29,446
Total student loan debt: $2.5 Billion
Everything you need to know about student loans & scholarships in North Dakota
Ohio
Average borrower debt: $34,923
Total student loan debt: $61.8 Billion
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Oklahoma
Average borrower debt: $31,832
Total student loan debt: $15.2 Billion
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Oregon
Average borrower debt: $37,251
Total student loan debt: $20.0 Billion
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Pennsylvania
Average borrower debt: $35,804
Total student loan debt: $63.9 Billion
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Rhode Island
Average borrower debt: $32,212
Total student loan debt: $4.5 Billion
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South Carolina
Average borrower debt: $38,662
Total student loan debt: $27.5 Billion
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South Dakota
Average borrower debt: $31,858
Total student loan debt: $3.6 Billion
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Tennessee
Average borrower debt: $36,549
Total student loan debt: $30.8 Billion
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Texas
Average borrower debt: $33,123
Total student loan debt: $116.8 Billion
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Utah
Average borrower debt: $32,781
Total student loan debt: $9.9 Billion
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Vermont
Average borrower debt: $38,411
Total student loan debt: $2.9 Billion
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Virginia
Average borrower debt: $39,472
Total student loan debt: $41.9 Billion
Everything you need to know about student loans & scholarships in Virginia
Washington
Average borrower debt: $35,521
Total student loan debt: $27.6 Billion
Everything you need to know about student loans & scholarships in Washington
West Virginia
Average borrower debt: $32,258
Total student loan debt: $7.2 Billion
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Wisconsin
Average borrower debt: $32,272
Total student loan debt: $23.1 Billion
Everything you need to know about student loans & scholarships in Wisconsin
Wyoming
Average borrower debt: $30,246
Total student loan debt: $1.6 Billion
Everything you need to know about student loans & scholarships in Wyoming
The Takeaway
The average amount of debt held by borrowers varies from state to state. The five states with the highest average amount of student loan debt per borrower are; Washington D.C., Maryland, Georgia, Virginia, and South Carolina. The five states with the lowest average of student loans per borrower are; South Dakota, Oklahoma, Iowa, Wyoming, and North Dakota. North Dakota is the only state where the average borrower owes less than $30,000.
For millions, student loans and student loan refinances are a necessary part of paying for college. When federal aid and savings aren’t enough to pay for school, some borrowers turn to private student loans. While private lenders are not required to offer the same benefits or protections as federal student loans, they can be helpful for borrowers who have exhausted all other options and are looking to fill in gaps in funding. Student loans with SoFi have no hidden fees and borrowers are able to choose from four repayment plans.
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