15 States Where the Fewest People Have Student Loan Debt
If you rounded up all of the Wyoming residents carrying student loan debt, you wouldn’t have enough people to fill an NFL stadium.
The Cowboy State’s sparse population — – a U.S. low of 589,000 — combined with one of the nation’s lowest percentages of student loan borrowers (9.4%) place it atop the list of states with the fewest overall residents carrying student loan debt. Wyoming has just 55,400, according to a new SmartAsset analysis of Federal Student Aid Office data.
The list tracks closely with state populations, but not exactly. That’s because among other states that made the top 15, several states have significantly higher percentages of student loan borrowers. They include New Hampshire (13.6%), Rhode Island (13.5%), Maine (13.4%) and West Virginia (13%).
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Here are other key findings from the analysis, followed by the top 15 list.
Key Findings
Wyoming is followed in the list by Alaska (just 65,800 student loan borrowers), Vermont (76,200) and North Dakota (89,500). Going beyond the top 15 list, California has the most in the nation with just shy of 4 million.
Hawaii has the lowest percentage of residents carrying student loan debt (8.5%). The Aloha State is followed by Alaska (8.9%), Utah (9.1%) and the aforementioned Wyoming (9.4%). Mississippi has the highest percentage of residents carrying this debt at 15.5%.
North Dakota has the lowest average balance for borrowers at $29,944. Next up is Iowa ($31,494) and South Dakota ($31,570). Among all 50 states, Maryland has the highest average balance at $45,173.
Here’s a look at the 15 states with the fewest student loan borrowers, along with each state’s percentage of borrowers, average balance and more.
1. Wyoming
Total borrowers: 55,400
Percent of population with student loan debt: 9.4%
Average balance for borrowers: $31,949
Average balance for borrower aged 25 to 34: $26,471
Average balance for borrower aged 35 to 49: $38,806
2. Alaska
Total borrowers: 65,800
Percent of population with student loan debt: 8.9%
Average balance for borrowers: $36,474
Average balance for borrower aged 25 to 34: $28,910
Average balance for borrower aged 35 to 49: $44,141
3. Vermont
Total borrowers: 76,200
Percent of population with student loan debt: 11.8%
Average balance for borrowers: $38,583
Average balance for borrower aged 25 to 34: $32,685
Average balance for borrower aged 35 to 49: $49,782
4. North Dakota
Total borrowers: 89,500
Percent of population with student loan debt: 11.2%
Average balance for borrowers: $29,944
Average balance for borrower aged 25 to 34: $27,439
Average balance for borrower aged 35 to 49: $40,299
5. South Dakota
Total borrowers: 119,100
Percent of population with student loan debt: 12.9%
Average balance for borrowers: $31,570
Average balance for borrower aged 25 to 34: $28,676
Average balance for borrower aged 35 to 49: $42,571
6. Hawaii
Total borrowers: 122,900
Percent of population with student loan debt: 8.5%
Average balance for borrowers: $39,788
Average balance for borrower aged 25 to 34: $31,496
Average balance for borrower aged 35 to 49: $49,618
7. Montana
Total borrowers: 128,100
Percent of population with student loan debt: 11.3%
Average balance for borrowers: $35,051
Average balance for borrower aged 25 to 34: $29,412
Average balance for borrower aged 35 to 49: $44,519
8. Delaware
Total borrowers: 138,000
Percent of population with student loan debt: 13.1%
Average balance for borrowers: $40,290
Average balance for borrower aged 25 to 34: $33,941
Average balance for borrower aged 35 to 49: $48,815
9. Rhode Island
Total borrowers: 150,000
Percent of population with student loan debt: 13.5%
Average balance for borrowers: $34,267
Average balance for borrower aged 25 to 34: $32,305
Average balance for borrower aged 35 to 49: $41,920
10. Maine
Total borrowers: 188,400
Percent of population with student loan debt: 13.4%
Average balance for borrowers: $35,510
Average balance for borrower aged 25 to 34: $31,481
Average balance for borrower aged 35 to 49: $43,186
11. New Hampshire
Total borrowers: 191,200
Percent of population with student loan debt: 13.6%
Average balance for borrowers: $36,088
Average balance for borrower aged 25 to 34: $30,689
Average balance for borrower aged 35 to 49: $44,727
12. Idaho
Total borrowers: 219,000
Percent of population with student loan debt: 10.9%
Average balance for borrowers: $34,247
Average balance for borrower aged 25 to 34: $27,542
Average balance for borrower aged 35 to 49: $43,703
13. New Mexico
Total borrowers: 227,500
Percent of population with student loan debt: 10.7%
Average balance for borrowers: $35,165
Average balance for borrower aged 25 to 34: $26,577
Average balance for borrower aged 35 to 49: $41,453
14. West Virginia
Total borrowers: 230,500
Percent of population with student loan debt: 13.0%
Average balance for borrowers: $33,536
Average balance for borrower aged 25 to 34: $30,769
Average balance for borrower aged 35 to 49: $40,423
15. Nebraska
Total borrowers: 248,100
Percent of population with student loan debt: 12.4%
Average balance for borrowers: $33,253
Average balance for borrower aged 25 to 34: $30,732
Average balance for borrower aged 35 to 49: $42,071
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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