President Joe Biden announced today that his administration will forgive up to $20,000 in student loan debt for federal borrowers. That debt relief will go a lot further in some states than in others.
Total federal student loan debt in the U.S. stands at around $1.6 trillion, according to the most recent data provided by the Department of Education’s Federal Student Aid Office. Borrowers average $37,667, though that figure varies by location, degree type, and other factors.
Californians, for example, owed the most collectively in student loan debt at the end of March 2022, at $146 billion—given the state’s population size, that’s not surprising—but averaging $37,366 per borrower, slightly below the national average.
Borrowers in Wyoming, meanwhile, owed the least collectively, at $1.7 billion, or $31,365 each, on average.
Washington, D.C., owed the most per borrower, averaging over $55,500. Meanwhile, borrowers in Maryland and Georgia also owed significantly more than the national average, at $43,619 and $42,200, respectively, per borrower. North Dakota had the lowest average balance, at $29,885.
Here’s a look at the 10 states with the highest average student loan debt per borrower across the U.S.
1. Maryland
Average debt per borrower: $43,619
Total outstanding debt: $36.3 billion
2. Georgia
Average debt per borrower: $42,200
Total outstanding debt: $69.3 billion
3. Virginia
Average debt per borrower: $39,892
Total outstanding debt: $43 billion
4. South Carolina
Average debt per borrower: $38,915
Total outstanding debt: $28.4 billion
5. Florida
Average debt per borrower: $38,889
Total outstanding debt: $102.1 billion
6. Illinois
Average debt per borrower: $38,526
Total outstanding debt: $62.3 billion
7. New York
Average debt per borrower: $38,400
Total outstanding debt: $93.9 billion
8. Delaware
Average debt per borrower: $38,371
Total outstanding debt: $4.9 billion
9. North Carolina
Average debt per borrower: $38,287
Total outstanding debt: $49.8 billion
10. Alabama
Average debt per borrower: $37,831
Total outstanding debt: $23.8 billion
How will student loan forgiveness affect you and your finances? Please email reporter Alicia Adamczyk to be featured in a future article.
