• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcasts
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • Best Student Loans And Rates In March 2023
        • 10 Best Private Student Loans Of March 2023
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Student Loan Refinance Companies In March 2023
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers Of March 2023
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2023
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2023
        • M1 Finance Review
        • TD Ameritrade Review 2023
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review 2023
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 20 Best Side Hustles You Can Start Earning With In 2023
        • 54 Side Hustle Ideas To Make Money Fast In 2023
        • 100 Ways To Make Money In College In 2023
        • 80 Ways To Make Money From Home In 2023
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 40 Best Passive Income Ideas To Build Wealth In 2023
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • 10 Best High Yield Savings Accounts Of March 2023
        • 10 Best Money Market Accounts Of March 2023
        • 10 Best Free Checking Accounts In March 2023
        • Best Bank CD Rates Of March 2023
        • 10 Best Business Checking Accounts In April 2023
        • Best Online Banks Of March 2023
        • Best Credit Unions Nationwide Of March 2023
        • Best College Student Checking Accounts Of March 2023
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • Best Credit Monitoring Services For 2023
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Awards
  • Search
Home » Student Loans » Average Student Loan Debt By State In 2022

Average Student Loan Debt By State In 2022

Updated: November 7, 2022 By Hannah Rounds

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

student debt and forgiveness by state

In the early days of the Covid-19 pandemic, the federal government took swift action to help Americans who were hurting economically. The CARES Act included a temporary pause on all Federal student loan payments.

Though the measure was intended to be a form of short-term relief, the temporary measure paved the way for sweeping changes. 

By late 2020, 60% of student loan borrowers were receiving some form of assistance on their student loans.2 Since that time, the moratorium on student loan payments has been extended until Dec. 31, 2022, and the Biden-Harris Administration announced the nation’s first one-time loan forgiveness program. 

The administration also announced potential changes to the way income-driven repayment programs are structured. This means loan balances would not increase as long as an individual was on a loan repayment program.

Table of Contents
Nationwide Student Loan Fast Facts
Student Loans By State Fast Facts
The Expected Impact Of Debt Forgiveness Plan
Student Loan Debt By State Breakdown

Nationwide Student Loan Fast Facts

The descriptive statistics below reflect the state of student loan borrowers across the United States in 2021. In 2021, debt delinquency and default fell, but overall debt loads continued to rise.

  • Number of Borrowers: 43 million
  • Median Debt Balance: $18,767
  • Number of Borrowers with delinquent or defaulted loans: 3.3 million (7.5% of all borrowers)
  • Number of borrowers that saw their debt decrease in 2021: 11.5 million (26.6% of all borrowers)
  • Percentage of student loan borrowers who have paid off their debt: 49%
  • Estimated number of borrowers eligible for loan forgiveness: 38.6 million

Note, given the pandemic and all federal student loan payments being paused, the average student loan payment data is skewed. You can see the past average student loan payment and average student loan debt by graduating class here.

Although debt levels continue to rise, some student loan borrowers are seeing their debt loads fall. Nearly half (49%) of all borrowers who took out loans to pay for their education have paid the loans off in full. 

Among current borrowers, 26.6% saw their debt loads shrink in 2021. Additionally, the vast majority of all current borrowers will be eligible for some amount of student loan forgiveness under the Biden-Harris Student Debt Relief Plan.

infographic student loan debt by state

Student Loans By State Fast Facts

While the nationwide debt statistics paint a concerning picture, the actual debt loads vary significantly from state to state. In these fast facts, we highlight both average and median debt loads by state. 

Typically, commentators talk about median debt loads because half the borrowers have higher debt loads and half have lower. 

But in some cases, seeing both average and median debt levels is instructive. While the median shows the midway point of borrowers, the average better illustrates how high-debt borrowers are influencing overall debt loads in the state.

  • Most borrowers: California (4.1 million)
  • Fewest borrowers: Wyoming (57,600)
  • Lowest Average Balance: South Dakota ($28,218)
  • Lowest Median Balance: Wyoming ($14,634)
  • Highest Average Balance: Maryland ($42,543)*
  • Highest Median Balance: Georgia ($21,965)
  • Smallest Gap Between Median and Average Balance: South Dakota (Median Debt Load is $15,865 while the average is $28,218 for a gap of $12,353)
  • Largest Gap Between Median and Average Balance: Maryland (Median Debt Load is $42,543 while the average is $21,779 for a gap of $20,764) and California  (Median Debt Load is $37,783 while the average is $17,019 for a gap of $20,764)
  • Lowest Delinquency Rate: New Hampshire (4.8%)
  • Highest Delinquency Rate: West Virginia (11%)

*Washington D.C. is a district rather than a state, but its average student loan balance is a whopping $53,769 and its median student debt load is $26,530.

The Expected Impact Of Debt Forgiveness Plan

Right now, debt loads are at all-time highs, but the forthcoming debt forgiveness plan is expected to lead to billions of dollars of debt relief. Individual borrowers are receiving forgiveness ranging from $10,000 for borrowers who didn’t receive Pell Grants to $20,000 for those who received Pell Grants.

To show the impact of this program, we estimated the proportion of estimated borrowers who are eligible for student loan forgiveness. To do this, we divided the estimated number of eligible borrowers from the Biden-Harris Administrations White House Statement, by the 2021 number of borrowers for The Federal Reserve Bank Of New York’s detailed student loan report. 

  • Highest Number of Borrowers Eligible For Loan Forgiveness: California (3.5 million)
  • Lowest Number of Borrowers Eligible For Loan Forgiveness: Wyoming (31,400)
  • Highest Proportion of Borrowers Eligible For Loan Forgiveness: Mississippi and New Mexico (100%)
  • Lowest Proportion of Borrowers Eligible For Loan Forgiveness: North Dakota (71.93%)
  • Highest Proportion of Borrowers Eligible For $20,000 In Loan Forgiveness: Mississippi (76.4%)
  • Lowest Proportion of Borrowers Eligible For $20,000 In Loan Forgiveness: Massachusetts (38.3%)

Student Loan Debt By State Breakdown

You can see a state by state breakdown of the student loan debt situation below.

State

Total Borrowers

Average Debt

Median Debt

Percent 

Delinquent

Borrowers Eligible For Biden Loan Forgiveness

Borrowers Eligible For $20k Loan Forgiveness

Alabama

615,800

$37,730

$19,718

9.5%

588,000

404,900

Alaska

70,600

$30,427

$15,106

6.9%

60,500

37,300

Arizona

872,600

$36,682

$17,818

8.7%

810,800

554,900

Arkansas

374,900

$31,851

$17,303

9.0%

365,600

269,000

California

4,021,200

$37,783

$17,019

7.1%

3,549,300

2,340,600

Colorado

804,300

$37,235

$19,535

7.0%

698,100

419,000

Connecticut

542,800

$36,391

$19,561

6.3%

454,200

238,200

Deleware

137,300

$39,238

$19,636

6.8%

116,900

68,000

District of Columbia

125,000

$53,769

$26,530

7.8%

105,600

60,300

Florida

2,646,400

$38,653

$19,246

8.2%

2,427,600

1,716,300

Georgia

1,641,600

$41,826

$21,965

9.4%

1,506,100

1,039,100

Hawaii

123,600

$34,608

$17,709

7.7%

111,500

65,700

Idaho

219,400

$34,196

$18,339

6.5%

201,400

144,900

Illinois

1,713,900

$37,869

$19,391

6.7%

1,486,600

863,600

Indiana

924,000

$32,045

$17,642

9.4%

856,400

555,500

Iowa

465,500

$29,845

$16,750

7.6%

408,700

248,900

Kansas

395,200

$33,954

$18,670

7.7%

360,900

225,500

Kentucky

588,800

$33,155

$18,219

10.0%

563,300

394,000

Louisiana

644,600

$34,839

$17,588

9.3%

608,100

435,200

Maine

203,200

$33,584

$17,654

5.9%

175,000

105,300

Maryland

864,700

$42,543

$21,779

6.8%

747,100

419,400

Massachusetts 

1,046,800

$35,400

$18,400

4.9%

813,000

401,200

Michigan

1,430,900

$36,221

$19,412

7.9%

1,316,000

849,300

Minnesota

902,500

$33,161

$18,645

5.8%

729,700

416,300

Mississippi

417,200

$36,366

$17,613

10.7%

417,200

316,400

Missouri

829,100

$35,095

$19,240

8.1%

777,300

502,200

Montana

132,900

$32,459

$16,924

5.6%

120,400

78,600

Nebraska

261,000

$31,551

$17,413

4.8%

232,100

136,000

Nevada

351,300

$35,688

$16,554

9.8%

315,800

216,900

New Hampshire

219,000

$33,094

$17,648

4.8%

175,100

85,300

New Jersey

1,339,800

$37,003

$19,253

5.8%

1,082,900

590,300

New Mexico

215,900

$32,944

$16,923

8.7%

215,900

159,000

New York

2,579,600

$38,668

$19,647

4.9%

2,258,800

1,320,100

North Carolina

1,340,500

$37,511

$20,643

8.0%

1,190,500

785,500

North Dakota

114,000

$30,542

$15,738

5.0%

82,000

49,600

Ohio

1,810,900

$35,806

$20,224

8.2%

1,677,800

1,085,700

Oklahoma

480,800

$32,102

$16,729

9.6%

454,300

321,600

Oregon

556,000

$38,248

$20,525

8.3%

499,000

332,100

Pennsylvania

2,032,400

$35,349

$19,757

7.2%

1,717,300

988,800

Rhode Island

153,200

$33,838

$17,014

6.1%

133,900

75,300

South Carolina

745,500

$36,698

$20,000

9.1%

681,100

458,400

South Dakota

135,600

$28,218

$15,865

5.3%

109,100

65,100

Tennessee

872,000

$36,155

$19,714

9.0%

795,300

542,000

Texas

3,759,300

$32,998

$16,985

8.5%

3,323,200

2,306,700

Utah

325,100

$33,474

$16,260

5.8%

282,700

206,300

Vermont

96,300

$34,595

$18,549

5.0%

72,200

37,100

Virginia

1,143,200

$39,001

$20,996

6.4%

965,100

566,500

Washington

816,900

$34,846

$17,781

6.3%

697,600

423,800

West Virginia

217,200

$32,214

$18,273

11.0%

213,100

145,000

Wisconsin

785,600

$31,482

$17,037

6.0%

685,100

412,700

Wyoming

57,600

$30,581

$14,634

6.6%

49,600

31,400

For reference, borrowers eligible for $20,000 in student loan forgiveness are a sub-set of the borrowers eligible for Biden student loan forgiveness (either $10,000 or $20,000). 

Sources

Daniel Mangrum, Joelle Scally, and Crystal Wang, “Three Key Facts from the Center for Microeconomic Data’s 2022 Student Loan Update,” Federal Reserve Bank of New York Liberty Street Economics, August 9, 2022, https://libertystreeteconomics.newyorkfed.org/2022/08/three-key-facts-from-the-center-for-microeconomic-datas-2022-student-loan-update.

“Economic Well-Being of U.S. Households in 2020 - May 2021”, Board of Governors of The Federal Reserve System,  October 7, 2022, https://www.federalreserve.gov/publications/2021-economic-well-being-of-us-households-in-2020-student-loans.htm

The United States Government. (2022, September 20). “Fact sheet: The Biden-Harris administration's plan for student debt relief could benefit tens of millions of borrowers in all fifty states.” October 7, 2022, https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/20/fact-sheet-the-biden-harris-administrations-plan-for-student-debt-relief-could-benefit-tens-of-millions-of-borrowers-in-all-fifty-states/

Hannah Rounds
Hannah Rounds

Hannah is a wife, mom, and described personal finance geek. She excels with spreadsheets (and puns)! She regularly explores in-depth financial topics and enjoys looking at the latest tools and trends with money.

Editor: Claire Tak Reviewed by: Robert Farrington

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of

I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree

0 Comments
Inline Feedbacks
View all comments

Primary Sidebar

Student Loan Resources

Featured Lender Reviews

>  Credible (recommended)
>  Splash (recommended)
>  ELFI
>  LendKey
>  Earnest
>  Laurel Road

Paying For College

  • Best Student Loans And Rates
  • Best Private Student Loans
  • Student Loan And Financial Aid Programs By State
  • Student Loans For Community College
  • Best International Student Loans
  • Best Student Loans For Graduate School
  • Best Student Loans For Your MBA
  • Best Student Loans For Medical School
  • Best No-Cosigner Private Student Loans
  • How To Get A Student Loan With Bad Credit

Navigating Repayment

  • How To Select The Best Student Loan Repayment Plan
  • 5 Legal Ways To Lower Your Student Loan Payment
  • How To Use A 529 Plan For Student Loan Repayment
  • These Companies Offer Student Loan Repayment Assistance

Student Loan Forgiveness

  • Student Loan Forgiveness Programs (The Complete List)
  • Student Loan Forgiveness Programs By State
  • President Biden’s Student Loan Forgiveness Plan
  • Public Service Loan Forgiveness
  • Borrower Defense To Repayment
  • For-Profit College Student Loan Forgiveness List
  • Private Student Loan Forgiveness
  • Trade School Loan Forgiveness Programs

Student Loan Refinance

  • Best Student Loan Refinance Companies
  • Best Student Loan Refinancing Bonuses And Promotional Offers
  • Lenders That Offer Student Loan Refinancing Without A Degree
  • How To Refinance An International Student Loan
  • Best Medical School Student Loan Refinancing

More On Student Loans

  • Top Student Loan Scams
  • Does The Government Profit Off Of Student Loans?
  • Statue Of Limitations Laws For Student Loans
  • What Should You Do With Your Old FFELP Loans?
  • How To Get A Refund Of Your Federal Student Loan Payments

Footer

Who We Are

The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2023 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz