15 States Where the Most People Have Student Loan Debt
California and Texas each have more people with student loan debt than 22 states have people, period.
That’s according to a new SmartAsset analysis of Federal Student Aid data. California and Texas don’t have unusually high percentages of residents with student loan debt, but their sheer population size puts them at the top of the overall national list with roughly 4 million borrowers each.
That’s a higher figure than the individual populations of Alaska, Arkansas, Connecticut, Delaware, Hawaii, Idaho, Iowa, Kansas, Maine, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, Rhode Island, Utah, Vermont, West Virginia, Wyoming and each of the two Dakotas.
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The state with the highest percentage of residents with student loan debt — Mississippi at 15.5% — didn’t make the top 15 list for the number of overall borrowers.
Here are additional key findings from the analysis, followed by a more in-depth look at each of the top 15 states.
Key Findings
California and Texas were followed on the top overall borrowers list by Florida (2,761,900 residents with student loan debt), New York (2,477,900) and Pennsylvania (1,871,200).
States at the bottom of the list include Wyoming (just 55,400 with student loan debt), Alaska (65,800), Vermont (76,200), North Dakota (89,500) and South Dakota (119,100).
States with the highest average balance include Maryland ($45,173), Georgia ($43,276) and Virginia ($41,410).
On the flip side, states with the lowest average balances include North Dakota ($29,944), Iowa ($31,494) and South Dakota ($31,570).
Mississippi, Georgia, Louisiana and Ohio all top 15% for percentage of population carrying student loan debt. Hawaii has the lowest figure at 8.5%.
Here are the 15 states where the most people have student loan debt.
1. California
Total borrowers: 3,971,900
Percent of population with student loan debt: 10.1%
Average balance for borrowers: $39,503
Average balance for borrower age 25 to 34: $35,006
Average balance for borrower age 35 to 49: $49,685
2. Texas
Total borrowers: 3,969,300
Percent of population with student loan debt: 12.7%
Average balance for borrowers: $34,608
Average balance for borrower age 25 to 34: $29,480
Average balance for borrower age 35 to 49: $43,400
3. Florida
Total borrowers: 2,761,900
Percent of population with student loan debt: 11.8%
Average balance for borrowers: $40,697
Average balance for borrower age 25 to 34: $35,928
Average balance for borrower age 35 to 49: $48,575
4. New York
Total borrowers: 2,477,900
Percent of population with student loan debt: 12.5%
Average balance for borrowers: $40,207
Average balance for borrower age 25 to 34: $38,393
Average balance for borrower age 35 to 49: $49,566
5. Pennsylvania
Total borrowers: 1,871,200
Percent of population with student loan debt: 14.3%
Average balance for borrowers: $37,190
Average balance for borrower age 25 to 34: $34,615
Average balance for borrower age 35 to 49: $46,000
6. Ohio
Total borrowers: 1,788,200
Percent of population with student loan debt: 15.1%
Average balance for borrowers: $35,913
Average balance for borrower age 25 to 34: $31,747
Average balance for borrower age 35 to 49: $43,194
7. Georgia
Total borrowers: 1,716,200
Percent of population with student loan debt: 15.4%
Average balance for borrowers: $43,276
Average balance for borrower age 25 to 34: $35,974
Average balance for borrower age 35 to 49: $54,000
8. Illinois
Total borrowers: 1,622,400
Percent of population with student loan debt: 12.8%
Average balance for borrowers: $40,243
Average balance for borrower age 25 to 34: $36,805
Average balance for borrower age 35 to 49: $49,863
9. Michigan
Total borrowers: 1,392,300
Percent of population with student loan debt: 13.7%
Average balance for borrowers: $38,153
Average balance for borrower age 25 to 34: $35,292
Average balance for borrower age 35 to 49: $45,694
10. North Carolina
Total borrowers: 1,389,000
Percent of population with student loan debt: 12.6%
Average balance for borrowers: $39,914
Average balance for borrower age 25 to 34: $35,110
Average balance for borrower age 35 to 49: $49,720
11. New Jersey
Total borrowers: 1,241,500
Percent of population with student loan debt: 13.1%
Average balance for borrowers: $38,816
Average balance for borrower age 25 to 34: $36,161
Average balance for borrower age 35 to 49: $47,380
12. Virginia
Total borrowers: 1,100,700
Percent of population with student loan debt: 12.5%
Average balance for borrowers: $41,410
Average balance for borrower age 25 to 34: $36,413
Average balance for borrower age 35 to 49: $51,740
13. Arizona
Total borrowers: 923,600
Percent of population with student loan debt: 12.2%
Average balance for borrowers: $36,650
Average balance for borrower age 25 to 34: $31,269
Average balance for borrower age 35 to 49: $44,695
14. Massachusetts
Total borrowers: 912,900
Percent of population with student loan debt: 12.8%
Average balance for borrowers: $36,762
Average balance for borrower age 25 to 34: $35,625
Average balance for borrower age 35 to 49: $45,881
15. Indiana
Total borrowers: 907,600
Percent of population with student loan debt: 13.1%
Average balance for borrowers: $34,057
Average balance for borrower age 25 to 34: $28,826
Average balance for borrower age 35 to 49: $41,491
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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