Trump Puts Debt Repayment on Pause: A Look at Americans’ Student Loan Debt by State

President Donald Trump signed a memorandum in early August that extended the student loan relief previously contained in the CARES Act, giving some additional much-needed relief to college graduates who needed loans to pay tuition. This is likely a huge solace to those debt-ridden graduates who have been unable to practice the craft they spent so much money learning during lockdown. But, depending on where you live, the impact of the weight of those debt payments on the local economy can widely vary.

GOBankingRates compiled information from the most recent annual report by the Institute for College Access and Success to show how student loan debt varies from region to region. The study goes from the state with the lowest average total for student loan debt to the highest, including the percentage of the total population with outstanding loans — excluding Alaska, Arizona and North Dakota for lack of available data.

So are your neighbors more likely to be sweating out how they’re going to pay down their massive loans? Here’s a closer look at the states that have the most people praying for the day when their student debt is canceled.

48. Utah

• Average student loan debt: $19,728
• Percentage of people with student loan debt: 36%

47. New Mexico

• Average student loan debt: $21,858
• Percentage of people with student loan debt: 49%

46. California

• Average student loan debt: $22,585
• Percentage of people with student loan debt: 49%

45. Nevada

• Average student loan debt: $22,600
• Percentage of people with student loan debt: 51%

44. Washington

• Average student loan debt: $23,524
• Percentage of people with student loan debt: 48%

43. Hawaii

• Average student loan debt: $24,162
• Percentage of people with student loan debt: 47%

This Couple’s Student Loans Were Forgiven: How To Get Out of Paying Yours

42. Florida

• Average student loan debt: $24,428
• Percentage of people with student loan debt: 44%

41. Wyoming

• Average student loan debt: $24,474
• Percentage of people with student loan debt: 46%

40. Colorado

• Average student loan debt: $24,888
• Percentage of people with student loan debt: 52%

39. Oklahoma

• Average student loan debt: $25,221
• Percentage of people with student loan debt: 47%

38. Nebraska

• Average student loan debt: $26,422
• Percentage of people with student loan debt: 55%

37. Arkansas

• Average student loan debt: $26,579
• Percentage of people with student loan debt: 53%

36. North Carolina

• Average student loan debt: $26,683
• Percentage of people with student loan debt: 56%

Big Problems: 9 Ways Student Debt Is Affecting Every Aspect of Americans’ Lives

35. Kansas

• Average student loan debt: $26,764
• Percentage of people with student loan debt: 58%

34. Tennessee

• Average student loan debt: $26,838
• Percentage of people with student loan debt: 55%

33. Louisiana

• Average student loan debt: $27,151
• Percentage of people with student loan debt: 49%

32. Texas

• Average student loan debt: $27,293
• Percentage of people with student loan debt: 56%

31. Idaho

• Average student loan debt: $27,682
• Percentage of people with student loan debt: 62%

30. Montana

• Average student loan debt: $28,032
• Percentage of people with student loan debt: 57%

29. Kentucky

• Average student loan debt: $28,435
• Percentage of people with student loan debt: 64%

Tips: How Gen Z Plans To Avoid Student Loans

28. Oregon

• Average student loan debt: $28,628
• Percentage of people with student loan debt: 55%

27. Georgia

• Average student loan debt: $28,824
• Percentage of people with student loan debt: 57%

26. Indiana

• Average student loan debt: $29,064
• Percentage of people with student loan debt: 57%

25. Maryland

• Average student loan debt: $29,178
• Percentage of people with student loan debt: 55%

24. Missouri

• Average student loan debt: $29,224
• Percentage of people with student loan debt: 58%

23. Alabama

• Average student loan debt: $29,469
• Percentage of people with student loan debt: 51%

22. Illinois

• Average student loan debt: $29,855
• Percentage of people with student loan debt: 66%

Find Out: 15 Ways To Pay Off Student Loans

21. West Virginia

• Average student loan debt: $30,014
• Percentage of people with student loan debt: 65%

20. Iowa

• Average student loan debt: $30,045
• Percentage of people with student loan debt: 63%

19. Mississippi

• Average student loan debt: $30,117
• Percentage of people with student loan debt: 58%

18. Ohio

• Average student loan debt: $30,323
• Percentage of people with student loan debt: 60%

17. Virginia

• Average student loan debt: $30,363
• Percentage of people with student loan debt: 57%

16. South Carolina

• Average student loan debt: $30,838
• Percentage of people with student loan debt: 58%

15. New York

• Average student loan debt: $31,127
• Percentage of people with student loan debt: 59%

14. Vermont

• Average student loan debt: $31,431
• Percentage of people with student loan debt: 63%

13. Wisconsin

• Average student loan debt: $31,705
• Percentage of people with student loan debt: 64%

12. Massachusetts

• Average student loan debt: $31,882
• Percentage of people with student loan debt: 57%

11. South Dakota

• Average student loan debt: $31,895
• Percentage of people with student loan debt: 72%

Important To Know: Here’s the Difference Between Subsidized and Unsubsidized Loans

10. Michigan

• Average student loan debt: $32,158
• Percentage of people with student loan debt: 59%

9. Minnesota

• Average student loan debt: $32,317
• Percentage of people with student loan debt: 68%

8. Maine

• Average student loan debt: $32,676
• Percentage of people with student loan debt: 61%

7. District of Columbia

• Average student loan debt: $34,046
• Percentage of people with student loan debt: 51%

6. Delaware

• Average student loan debt: $34,144
• Percentage of people with student loan debt: 62%

5. New Jersey

• Average student loan debt: $34,387
• Percentage of people with student loan debt: 64%

4. Rhode Island

• Average student loan debt: $36,036
• Percentage of people with student loan debt: 63%

3. New Hampshire

• Average student loan debt: $36,776
• Percentage of people with student loan debt: 76%

2. Pennsylvania

• Average student loan debt: $37,061
• Percentage of people with student loan debt: 65%

1. Connecticut

• Average student loan debt: $38,669
• Percentage of people with student loan debt: 59%

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Methodology: GOBankingRates used data from The Institute for College Access and Success’s most recent annual report on student debt to find the average debt held by graduates in each state and the percentage of 2018 graduates in each state who carry any student debt. Figures were unavailable for Alaska, Arizona and North Dakota due to a lack of usable data. All data was collected on Aug. 25, 2020. 

About the Author

Joel Anderson

Joel Anderson is a business and finance writer with over a decade of experience writing about the wide world of finance. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor.

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