The Average Student Loan Debt in Every State
Total student loan debt in the U.S. is more than $1.3 trillion.
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According to the New York Federal Reserve, student loans totaled $1.38 trillion dollars at the end of 2017. That makes the average student loan debt $28,446 per graduate, with 58 percent of students holding college debt. Student loans are a major source of overall debt for many Americans.
However, some states have very different debt averages and percentages of students with loans than the national average. GOBankingRates studied the student loan debt load and the percentage of students carrying debt after graduating from a four-year college in every state except North Dakota.
Click through to see how bad the student debt crisis is in your state.
Average Student Loan Debt in Alabama: $31,275
- 50 percent of graduates have debt
Alabama had the ninth-highest average debt of any state. However, only one in two Alabama graduates had student loan debt after walking across the stage and collecting their diplomas, tying the state as the 43rd-highest in the country in terms of graduates with student loan debt.
Average Student Loan Debt in Alaska: $26,008
- 49 percent of graduates have debt
Alaska is one of the most expensive states to live in, but student debt levels are relatively reasonable. You can expect to graduate with over $2,000 less than the national average, which gives the state the 40th-highest debt level nationwide. Plus, just under half of graduates have debt, making Alaska one of four states where more students graduate debt-free than with debt. In last year’s rankings Alaska had the 36th-lowest percentage of graduates with debt.
Average Student Loan Debt in Arizona: $23,447
- 49 percent of graduates have debt
Arizona graduates average about $5,000 less than the national average for student loan debt — only three states rank lower. With 49 percent of graduates carrying debt, Arizona ties Alaska and falls behind only Wyoming and Utah for the lowest percentage of graduates with debt.
Average Student Loan Debt in Arkansas: $26,859
- 56 percent of graduates have debt
Arkansas has the 35th-highest average debt of any state, which is a few places higher than the prior year. It ranks slightly higher for the percentage of graduates with college loan debt, placing the state 31st overall. Hendrix College is the most expensive college in Arkansas, but all of its students received some form of financial assistance.
Average Student Debt in California: $22,744
- 53 percent of graduates have debt
Despite the high cost of living in California, the state has the third-lowest average student debt level in the nation. However, it doesn’t rank quite as well for how many graduates have student loan debt, tied for the 37th-highest of all states.
Average Student Loan Debt in Colorado: $26,520
- 53 percent of graduates have debt
Colorado is also tied for the 37th-highest percentage of graduates who have debt at 53 percent. However, Colorado’s average graduate owes almost $4,000 more than California’s, which puts Colorado at the 37th-highest level of average debt in the country.
It’s not surprising that Colorado students graduate with so much debt considering the state’s ideal salary to afford college is the fourth-highest in the country.
Average Student Loan Debt in Connecticut: $35,494
- 60 percent of graduates have debt
With the average student loan debt at over $35,000, Connecticut takes the bronze for third-highest state in the country. In addition, 60 percent of graduates have college loan debt. Though the numbers are down from 64 percent last year, the state still ranks as the 18th-highest nationwide.
Average Student Loan Debt in Delaware: $33,838
- 63 percent of graduates have debt
Delaware’s average student loan debt dropped by $11 from the previous year, but was still the fourth-highest in the country. The state tied for the 10th-highest percentage of students who graduate with college loan debt.
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Average Student Loan Debt in the District of Columbia: $31,054
- 53 percent of graduates have debt
Higher education in the nation’s capital isn’t cheap, with the average graduate emerging from college with over $31,000 of student loans — the 12th-highest average nationwide. But, only 53 percent of graduates carry student loan debt, which is down 2 percentage points from the prior year.
Average Student Loan Debt in Florida: $24,461
- 52 percent of graduates have debt
Florida has the 45th-highest average student loan debt nationwide and ranks 41st-highest for the percentage of graduates who have debt. The Sunshine State’s rankings are down slightly from the prior year, when it came in 46th-highest for average debt and 43rd-highest for students with debt.
Average Student Loan Debt in Georgia: $27,657
- 60 percent of graduates have debt
Georgia’s ranking for average student loan debt dropped from 24th-highest in the prior year to 28th-highest in this study. At 60 percent — down 1 percent from last year — the state ranks 18th for the highest percentage of graduates with college loan debt.
Average Student Loan Debt in Hawaii: $26,092
- 50 percent of graduates have debt
With just over $26,000 in average student loan debt, Hawaii comes in 39th-highest in the county. Only 50 percent of students graduate with debt, placing the state at 43rd-highest in that category. However, if you choose to live there after graduation, you’re going to need every penny. A previous GOBankingRates study found it was the least affordable state for millennials to buy a house.
Average Student Loan Debt in Idaho: $27,130
- 66 percent of graduates have debt
Idaho graduates average the 33rd-highest student loan debt amounts in the country. While 66 percent might seem high for graduates with debt — and it is the seventh-highest in the country — that number is actually down 5 percentage points from the prior year.
Average Student Loan Debt in Illinois: $29,271
- 61 percent of graduates have debt
Illinois is barely in the most expensive half of states, ranking at 23rd for average student loan debt, but it places higher with the 14th-highest percentage of graduates who have debt. The percentage of graduates who have college debt declined 5 percent from the prior year.
Average Student Loan Debt in Indiana: $29,562
- 59 percent of graduates have debt
Indiana graduates average less than $300 more in student loan debt than graduates from Illinois, but that slight difference bumps the state up three places to the 20th-highest nationwide. Indiana’s percentage of graduates with debt is still high at 59 percent, but it’s down 2 percentage points from the last year’s study.
Average Student Loan Debt in Iowa: $29,801
- 65 percent of graduates have debt
Iowa’s average student loan debt comes in at the 19th-highest in the country, right behind Indiana. It also has the eighth-highest percentage of graduates with debt despite a decline of 1 percentage point from last year.
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Average Student Loan Debt in Kansas: $28,776
- 60 percent of graduates have debt
Kansas falls right in the middle of the pack with the 25th-highest average student debt in the U.S. Its 60 percent of graduates with debt places it at 18th-highest, but the percentage of graduates with debt declined 3 percentage points from the previous year.
Average Student Loan Debt in Kentucky: $28,910
- 63 percent of graduates have debt
The average student loan debt in Kentucky jumped almost $1,700 from the previous year, leading the state to have the 24th-highest average debt. Despite the percentage of graduates with student debt declining 1 percentage point, Kentucky’s rank went from the 14th-highest to the 10th-highest nationwide.
Average Student Loan Debt in Louisiana: $27,138
- 50 percent of graduates have debt
Louisiana came in with the 32nd-highest average student loan debt nationwide and performed even better regarding the percentage of students who have debt. At just 50 percent, only seven states had a lower percentage of graduates with college loan debt.
Average Student Loan Debt in Maine: $31,295
- 55 percent of graduates have debt
Maine had the eighth-highest average student loan debt, jumping up from the 14th-highest average debt the prior year. But, the state did improve substantially in the percentage of students who graduate with debt, dropping it 8 percentage points from 2017.
Average Student Loan Debt in Maryland: $27,455
- 54 percent of graduates have debt
Maryland isn’t in the most expensive half of states — it ranks 30th for highest average student loan debt. The average actually decreased by over $200 from the previous year. The 54 percent of graduates with debt ranks it the 36th-highest state nationwide.
Average Student Loan Debt in Massachusetts: $31,563
- 60 percent of graduates have debt
Massachusetts’ average student loan debt grew by less than $100, but it still has the sixth-highest average in America. But, a 6 percentage point drop in graduates with college debt pushed its ranking down from eighth to 18th for the highest percentage of graduates with debt.
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Average Student Loan Debt in Michigan: $30,852
- 63 percent of graduates have debt
Michigan had the 13th-highest average debt and 10th-highest percentage of students graduating with debt, so it’s not a cheap place to attend school.
Average Student Loan Debt in Minnesota: $31,915
- 68 percent of graduates have debt
Minnesota lowered the percentage of graduates with debt by 2 percentage points from the previous year, but still had the fourth-highest percentage of any state. It didn’t do much better in average debt, either, placing it in fifth place.
Average Student Loan Debt in Mississippi: $29,384
- 60 percent of graduates have debt
Mississippi’s average debt declined about $600 from the previous year, which placed it 21st overall. Its ranking for percentage of students graduating with debt was 18th-highest, up three places from last year.
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Average Student Loan Debt in Missouri: $27,532
- 57 percent of graduates have debt
Missouri’s average debt per student increased only $52, making it the 29th-highest in the country. Down 4 percentage points from the prior year, Missouri has the 30th-highest percentage of graduates who have debt.
Average Student Loan Debt in Montana: $31,065
- 60 percent of graduates have debt
Montana falls just outside the top 10, coming in at the 11th-highest average student loan debt in the country. The percentage of graduates who had student loan debt remained the same from 2017 at 60 percent, which ranks it 18th-highest this year.
Average Student Loan Debt in Nebraska: $26,585
- 61 percent of graduates have debt
Nebraska comes in right behind Montana for the percentage of graduates with debt at 61 percent — an increase of 1 percent from the prior year. But, the state has the 36th-highest average debt overall.
Average Student Loan Debt in Nevada: $24,128
- 52 percent of graduates have debt
Nevada has the fifth-lowest average student loan debt of all states at just over $24,000. The state also scored well with the percentage of students graduating with debt, coming in 41st-highest in the country.
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Average Student Loan Debt in New Hampshire: $36,367
- 74 percent of graduates have debt
New Hampshire is an expensive state to attend college, with the highest average student loan debt in the country. Plus, almost three in four graduates have debt — the third-highest nationwide.
Average Student Loan Debt in New Jersey: $29,878
- 61 percent of graduates have debt
New Jersey’s average student loan debt actually decreased from just over $30,000 in last year’s study, and now the state is only the 18th-highest. Plus, 5 percent fewer students graduate with debt now compared to last year.
Average Student Loan Debt in New Mexico: $21,373
- 55 percent of graduates have debt
New Mexico’s average debt was lower than every state except Utah, keeping its same rank as last year. This year, the percentage of graduates with debt is down 3 percentage points, and the state ranks as the 34th-highest in the country.
Average Student Loan Debt in New York: $30,346
- 58 percent of graduates have debt
New York is in the middle of the pack for the percentage of graduates who have student loan debt, tying for the 27th-lowest in the country, but its average debt per student is the 15th-highest nationwide. According to another GOBankingRates study, New York is home to the most expensive college in the country — Columbia University.
Average Student Loan Debt in North Carolina: $25,562
- 58 percent of graduates have debt
North Carolina’s average college debt dropped less than $100, and it now sits as the 42nd-highest in the country. The percentage of graduates with college debt also dropped by 3 percentage points.
Average Student Loan Debt in Ohio: $30,351
- 64 percent of graduates have debt
Ohio had the 14th-highest average student loan debt in the country, compared to being the 10th-highest last year. The state had the ninth-highest percentage of graduates with debt, however.
Average Student Loan Debt in Oklahoma: $25,856
- 50 percent of graduates have debt
Oklahoma is one of four states where an equal number of students graduate with debt as without it, which ties the state for the fifth-lowest percentage nationwide. Oklahoma is also 10th for lowest average student loan debt.
Average Student Loan Debt in Oregon: $27,321
- 58 percent of graduates have debt
Oregon dropped its percentage of graduates with debt by 5 percentage points and fell 10 spots from the 17th-highest percentage last year to the 27th-highest percentage this year. Oregon had the 31st-highest average student loan debt.
Average Student Loan Debt in Pennsylvania: $35,759
- 68 percent of graduates have debt
Pennsylvania grads average the second-highest student loan debt in the country and have the fourth-highest percentage of graduates with student loan debt. Last year, Pennsylvania was also second-highest for average debt but was third for highest percentage of graduates with debt. With debt levels so high, Pennsylvania students are likely taking out private student loans — these are the best private loan options.
Average Student Loan Debt in Rhode Island: $31,217
- 61 percent of graduates have debt
The average student loan debt in Rhode Island dropped over $1,700 per student from the prior year, dropping it from the fifth-highest to the 10th-highest state. The percentage of graduates with student loan debt also fell 3 percentage points to 61 percent, which ranked 14th-highest.
Average Student Loan Debt in South Carolina: $30,123
- 60 percent of graduates have debt
South Carolina’s average debt dropped over $400, causing the state to fall from the ninth-highest last year to the 16th-highest this year. The state had the 18th-highest percentage of graduates with debt.
Average Student Loan Debt in South Dakota: $31,362
- 75 percent of graduates have debt
South Dakota’s average student loan debt jumped almost $2,000 from the prior year, leading to a rise in the rankings from 17th-most debt last year to seventh-most this year. Three-fourths of graduates have debt, the second-highest nationwide.
Average Student Loan Debt in Tennessee: $26,981
- 60 percent of graduates have debt
Tennessee’s ranking for average student loan debt rose three places from the prior year to 34th-highest this year. The state was tied for 18th-highest percentage of graduates with debt.
Average Student Loan Debt in Texas: $26,292
- 56 percent of graduates have debt
The average student loan debt in Texas declined over $1,000, causing the state to fall from the 31st-most debt last year to 38th this year. Its 56 percent of graduates with debt ranks 31st in the country.
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Average Student Loan Debt in Utah: $19,975
- 43 percent of graduates have debt
Utah claims the lowest average student loan debt and lowest percentage of graduates in debt in the entire county. This is despite the average debt rising by more than $1,000 and the percentage of graduates with debt increasing by 2 percentage points compared to last year.
Average Student Loan Debt in Vermont: $28,662
- 63 percent of graduates have debt
Vermont had the 26th-highest average student loan debt — a four-place drop from its 22nd-highest ranking last year. The state cracked the top 10 for highest percentage of graduates with debt, though, at tenth-highest nationwide.
Average Student Loan Debt in Virginia: $29,296
- 56 percent of graduates have debt
Virginia moved up three spots to 22nd-highest average student loan debt from the previous year. But, its percentage of graduates with debt dropped 3 percentage points from last year and now ranks 31st-highest.
Average Student Loan Debt in Washington: $24,609
- 53 percent of graduates have debt
Washington had the 44th-highest average student loan debt, a two-place difference from its 42nd-highest ranking last year. It also improved in the other category, as 4 percentage points fewer graduates had debt this year as compared to last year.
Average Student Loan Debt in West Virginia: $27,708
- 77 percent of graduates have debt
West Virginia’s percentage of graduates with student debt increased by 9 percentage points from 2017. At 77 percent, it’s the highest in the country. But, its average debt is more manageable, ranking just 27th-highest nationwide.
Average Student Loan Debt in Wisconsin: $30,059
- 67 percent of graduates have debt
Wisconsin has the sixth-highest percentage of graduates with debt, which is down slightly from its fifth-highest ranking last year. Its ranking for percentage of graduates with debt also fell one place, from 16th-highest last year to 17th-highest this year.
Average Student Loan Debt in Wyoming: $25,378
- 45 percent of graduates have debt
It’s not a huge surprise that students in Wyoming have the seventh-lowest average debt — Wyoming has no private schools, so the most expensive school in the state is a public school. Wyoming also has the second-lowest percentage of students with debt.
Student Loan Debt Trends
Nationwide averages don’t give a complete picture of the student debt situation at the state level. In Utah, the average debt is less than $20,000 and only 43 percent of graduates have college loan debt — about $10,000 and 15 percent less than the national average. At the other end of the spectrum, in New Hampshire, the average graduate carries debt that’s over $36,000 and almost three-fourths of students graduate with debt.
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Methodology: GOBankingRates evaluated the student loan debt level and the percentage of students carrying debt in every state except North Dakota, due to insufficient data, using the TICAS 12th Annual Student Debt report on the student loan debt of graduates from four-year colleges. This report is the most up-to-date version available and covers the class of 2016. A No. 1 ranking shows the highest average debt or the highest percentage of graduates with debt; No. 50 shows the lowest.
About the Author
Michael Keenan
Michael Keenan is a writer based in the Kansas City area, specializing in personal finance, taxation, and business topics. He has been writing since 2009 and has been published by Quicken, TurboTax and The Motley Fool.
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