12 States Where People Have the Most Student Loan Debt
Great news: After graduation, you’ll have no more pencils, no more books, no more teacher’s dirty looks, but it comes with one heck of a price tag all over the United States. In other words, student loan debt has become a defining financial burden for millions of Americans, but where you live can make a big difference in how much you owe.
In some states, residents carry significantly higher student loan balances, driven by factors like tuition costs, graduate‑degree prevalence, income levels and cost of living. As the student debt crisis continues to affect budgets, homeownership and long‑term savings, many borrowers are asking which states are struggling the most.
For example, though seventh on this list, New Yorkers aged 24 to 35 have the highest average student loan debt for their age group, narrowly edging out Maryland in that regard. The Old Line State comes in first place for the highest overall debt per persons of all ages, which is crushingly over $45,000 per borrower. Georgia has things particularly bad, with a total outstanding debt resembling much bigger and more densely populated states weighing on the highest percentage of borrowers per capita at 15.4%. Things are dire everywhere.
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MoneyLion has scoped out 12 states where people have the most student loan debt, based on average balances and borrower trends. These states highlight where education costs have translated into the highest debt loads. If you’re wondering how your state compares or where student borrowers are under the most financial pressure, this list offers a clear, state‑by‑state look at where student loan debt is the heaviest.
1. Maryland
Average student loan balance: $45,173
Total outstanding student loan debt in the state: $38.4 billion
Average balance for someone between ages 25 and 34: $38,160
Population with student loan debt: 13.6%
2. Georgia
Average student loan balance: $43,276
Total outstanding student loan debt in the state: $74.3 billion
Average balance for someone between ages 25 and 34: $35,874
Population with student loan debt: 15.4%
3. Virginia
Average student loan balance: $41,410
Total outstanding student loan debt in the state: $45.6 billion
Average balance for someone between ages 25 and 34: $36,413
Population with student loan debt: 12.5%
4. Florida
Average student loan balance: $40,697
Total outstanding student loan debt in the state: $112.4 billion
Average balance for someone between ages 25 and 34: $35,928
Population with student loan debt: 11.8%
5. Delaware
Average student loan balance: $40,290
Total outstanding student loan debt in the state: $5.6 billion
Average balance for someone between ages 25 and 34: $33,941
Population with student loan debt: 13.1%
6. Illinois
Average student loan balance: $40,243
Total outstanding student loan debt in the state: $65.3 billion
Average balance for someone between ages 25 and 34: $35,805
Population with student loan debt: 12.8%
7. New York
Average student loan balance: $40,207
Total outstanding student loan debt in the state: $99.6 billion
Average balance for someone between ages 25 and 34: $38,393
Population with student loan debt: 12.3%
8. North Carolina
Average student loan balance: $39,914
Total outstanding student loan debt in the state: $55.4 billion
Average balance for someone between ages 25 and 34: $35,110
Population with student loan debt: 12.6%
9. Hawaii
Average student loan balance: $39,788
Total outstanding student loan debt in the state: $4.9 billion
Average balance for someone between ages 25 and 34:: $31,496
Population with student loan debt: 8.5%
10. South Carolina
Average student loan balance: $39,715
Total outstanding student loan debt in the state: $31.2 billion
Average balance for someone between ages 25 and 34: $34,850
Population with student loan debt: 14.45%
11. California
Average student loan balance: $39,503
Total outstanding student loan debt in the state: $156.9 billion
Average balance for someone between ages 25 and 34: $35,006
Population with student loan debt: 10.1%
12. Oregon
Average student loan balance: $39,147
Total outstanding student loan debt in the state: $20.7 billion
Average balance for someone between ages 25 and 34: $32,717
Population with student loan debt: 12.4%
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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