While taxes and a high cost of living eat into a household’s earnings, past debt obligations like student loans may take another significant chunk out of the budget before allocating disposable income on nice-to-haves like retirement savings and vacations. While student loans may help a household increase its lifetime earnings, the principal and interest on these loans may stick around for decades – in many cases, those who still have student loan debt into their 60s still have more than $40,000 to pay off.
With this in mind, SmartAsset ranked states based on the average student loan balance outstanding for borrowers. Loan balances by age – as well as the percentage of the state population with outstanding student loans – are also considered.
Key Findings
- The average student loan debt is highest in Maryland. The average borrower has $43,867 in student loan debt in Maryland, for a total outstanding of $37.05 billion across 844,600 borrowers. These loans are aggregately held by 13.7% of the Maryland population.
- The average student loan debtor in North Dakota has under $30,000 outstanding. Across the 89,200 residents with student loan debt, the average balance is $29,372. Those aged 35 to 49 have the highest average balance across age groups at $40,310.
- More than $150 billion in student loan debt is outstanding in California. With nearly 4 million active borrowers, the average student loan principal and interest balance in California is $38,354, the 11th highest nationwide. The second largest aggregate outstanding student loan debt is in Texas ($131 billion), followed by Florida ($108 billion) and New York ($96 billion).
- More than 15% of the population has student loan debt in three states. Georgia has the highest rate of outstanding student loan debt nationwide at 15.4% of the total population ($42,135 average outstanding balance). Student loan debt affects the second-most people statewide in Mississippi at 15.2% of the population, with Ohio in third for this metric at 15.1%.
10 States With the Highest Average Student Loan Balance
- Maryland
- Average outstanding: $43,867
- Total borrowers: 844,600
- Percent of total population with student loan debt: 13.7%
- Total outstanding dollars (billions): $37.05
- Average balance for borrowers aged 24 and younger: $14,926.53
- Average balance for borrowers aged 25 to 34: $37,706
- Average balance for borrowers aged 35 to 49: $54,780
- Average balance for borrowers aged 50 to 61: $58,876
- Average balance for borrowers aged 62 and older: $56,429
- Georgia
- Average outstanding: $42,135
- Total borrowers: 1,695,500
- Percent of total population with student loan debt: 15.4%
- Total outstanding dollars (billions): $71.44
- Average balance for borrowers aged 24 and younger: $14,078.43
- Average balance for borrowers aged 25 to 34: $35,635
- Average balance for borrowers aged 35 to 49: $53,500
- Average balance for borrowers aged 50 to 61: $56,352
- Average balance for borrowers aged 62 and older: $52,563
- Virginia
- Average outstanding: $40,308
- Total borrowers: 1,098,300
- Percent of total population with student loan debt: 12.6%
- Total outstanding dollars (billions): $44.27
- Average balance for borrowers aged 24 and younger: $14,959.35
- Average balance for borrowers aged 25 to 34: $36,308
- Average balance for borrowers aged 35 to 49: $50,958
- Average balance for borrowers aged 50 to 61: $53,835
- Average balance for borrowers aged 62 and older: $51,232
- Florida
- Average outstanding: $39,566
- Total borrowers: 2,717,200
- Percent of total population with student loan debt: 12.0%
- Total outstanding dollars (billions): $107.51
- Average balance for borrowers aged 24 and younger: $14,149.49
- Average balance for borrowers aged 25 to 34: $35,289
- Average balance for borrowers aged 35 to 49: $47,903
- Average balance for borrowers aged 50 to 61: $47,449
- Average balance for borrowers aged 62 and older: $46,107
- Illinois
- Average outstanding: $39,069
- Total borrowers: 1,622,500
- Percent of total population with student loan debt: 12.9%
- Total outstanding dollars (billions): $63.39
- Average balance for borrowers aged 24 and younger: $14,975.68
- Average balance for borrowers aged 25 to 34: $36,429
- Average balance for borrowers aged 35 to 49: $48,949
- Average balance for borrowers aged 50 to 61: $52,390
- Average balance for borrowers aged 62 and older: $49,058
- New York
- Average outstanding: $38,941
- Total borrowers: 2,473,200
- Percent of total population with student loan debt: 12.6%
- Total outstanding dollars (billions): $96.31
- Average balance for borrowers aged 24 and younger: $15,878.60
- Average balance for borrowers aged 25 to 34: $37,843
- Average balance for borrowers aged 35 to 49: $48,533
- Average balance for borrowers aged 50 to 61: $50,473
- Average balance for borrowers aged 62 and older: $48,023
- Delaware
- Average outstanding: $38,922
- Total borrowers: 135,400
- Percent of total population with student loan debt: 13.1%
- Total outstanding dollars (billions): $5.27
- Average balance for borrowers aged 24 and younger: $14,767.93
- Average balance for borrowers aged 25 to 34: $33,484
- Average balance for borrowers aged 35 to 49: $47,891
- Average balance for borrowers aged 50 to 61: $55,729
- Average balance for borrowers aged 62 and older: $55,000
- North Carolina
- Average outstanding: $38,828
- Total borrowers: 1,371,700
- Percent of total population with student loan debt: 12.7%
- Total outstanding dollars (billions): $53.26
- Average balance for borrowers aged 24 and younger: $14,835.42
- Average balance for borrowers aged 25 to 34: $34,811
- Average balance for borrowers aged 35 to 49: $49,045
- Average balance for borrowers aged 50 to 61: $49,610
- Average balance for borrowers aged 62 and older: $47,210
- South Carolina
- Average outstanding: $38,725
- Total borrowers: 771,600
- Percent of total population with student loan debt: 14.4%
- Total outstanding dollars (billions): $29.88
- Average balance for borrowers aged 24 and younger: $14,874.70
- Average balance for borrowers aged 25 to 34: $34,791
- Average balance for borrowers aged 35 to 49: $49,077
- Average balance for borrowers aged 50 to 61: $48,893
- Average balance for borrowers aged 62 and older: $46,411
- Hawaii
- Average outstanding: $38,574
- Total borrowers: 123,400
- Percent of total population with student loan debt: 8.6%
- Total outstanding dollars (billions): $4.76
- Average balance for borrowers aged 24 and younger: $13,402.06
- Average balance for borrowers aged 25 to 34: $31,313
- Average balance for borrowers aged 35 to 49: $49,086
- Average balance for borrowers aged 50 to 61: $53,107
- Average balance for borrowers aged 62 and older: $52,381
10 States With the Lowest Average Student Loan Balance
- North Dakota
- Average outstanding: $29,372
- Total borrowers: 89,200
- Percent of total population with student loan debt: 11.4%
- Total outstanding dollars (billions): $2.62
- Average balance for borrowers aged 24 and younger: $13,846.15
- Average balance for borrowers aged 25 to 34: $27,083
- Average balance for borrowers aged 35 to 49: $40,310
- Average balance for borrowers aged 50 to 61: $39,474
- Average balance for borrowers aged 62 and older: $37,037
- Iowa
- Average outstanding: $30,860
- Total borrowers: 430,000
- Percent of total population with student loan debt: 13.4%
- Total outstanding dollars (billions): $13.27
- Average balance for borrowers aged 24 and younger: $14,060.61
- Average balance for borrowers aged 25 to 34: $28,640
- Average balance for borrowers aged 35 to 49: $39,199
- Average balance for borrowers aged 50 to 61: $39,689
- Average balance for borrowers aged 62 and older: $38,830
- South Dakota
- Average outstanding: $31,098
- Total borrowers: 119,300
- Percent of total population with student loan debt: 13.0%
- Total outstanding dollars (billions): $3.71
- Average balance for borrowers aged 24 and younger: $13,688.21
- Average balance for borrowers aged 25 to 34: $28,708
- Average balance for borrowers aged 35 to 49: $42,478
- Average balance for borrowers aged 50 to 61: $41,463
- Average balance for borrowers aged 62 and older: $40,000
- Wyoming
- Average outstanding: $31,115
- Total borrowers: 55,600
- Percent of total population with student loan debt: 9.5%
- Total outstanding dollars (billions): $1.73
- Average balance for borrowers aged 24 and younger: $11,250.00
- Average balance for borrowers aged 25 to 34: $25,989
- Average balance for borrowers aged 35 to 49: $38,693
- Average balance for borrowers aged 50 to 61: $41,667
- Average balance for borrowers aged 62 and older: $39,286
- Oklahoma
- Average outstanding: $32,356
- Total borrowers: 504,700
- Percent of total population with student loan debt: 12.4%
- Total outstanding dollars (billions): $16.33
- Average balance for borrowers aged 24 and younger: $12,686.57
- Average balance for borrowers aged 25 to 34: $27,567
- Average balance for borrowers aged 35 to 49: $39,222
- Average balance for borrowers aged 50 to 61: $41,737
- Average balance for borrowers aged 62 and older: $38,246
- Nebraska
- Average outstanding: $32,382
- Total borrowers: 248,900
- Percent of total population with student loan debt: 12.6%
- Total outstanding dollars (billions): $8.06
- Average balance for borrowers aged 24 and younger: $13,417.19
- Average balance for borrowers aged 25 to 34: $30,662
- Average balance for borrowers aged 35 to 49: $41,486
- Average balance for borrowers aged 50 to 61: $42,475
- Average balance for borrowers aged 62 and older: $39,286
- Wisconsin
- Average outstanding: $32,588
- Total borrowers: 724,800
- Percent of total population with student loan debt: 12.3%
- Total outstanding dollars (billions): $23.62
- Average balance for borrowers aged 24 and younger: $13,974.46
- Average balance for borrowers aged 25 to 34: $30,376
- Average balance for borrowers aged 35 to 49: $41,205
- Average balance for borrowers aged 50 to 61: $43,606
- Average balance for borrowers aged 62 and older: $41,581
- West Virginia
- Average outstanding: $32,633
- Total borrowers: 228,300
- Percent of total population with student loan debt: 12.9%
- Total outstanding dollars (billions): $7.45
- Average balance for borrowers aged 24 and younger: $13,662.79
- Average balance for borrowers aged 25 to 34: $30,676
- Average balance for borrowers aged 35 to 49: $39,693
- Average balance for borrowers aged 50 to 61: $39,103
- Average balance for borrowers aged 62 and older: $36,792
- Kansas
- Average outstanding: $33,203
- Total borrowers: 384,600
- Percent of total population with student loan debt: 13.1%
- Total outstanding dollars (billions): $12.77
- Average balance for borrowers aged 24 and younger: $13,271.60
- Average balance for borrowers aged 25 to 34: $29,236
- Average balance for borrowers aged 35 to 49: $41,876
- Average balance for borrowers aged 50 to 61: $44,130
- Average balance for borrowers aged 62 and older: $42,424
- Indiana
- Average outstanding: $33,274
- Total borrowers: 904,600
- Percent of total population with student loan debt: 13.2%
- Total outstanding dollars (billions): $30.10
- Average balance for borrowers aged 24 and younger: $13,597.73
- Average balance for borrowers aged 25 to 34: $28,812
- Average balance for borrowers aged 35 to 49: $41,202
- Average balance for borrowers aged 50 to 61: $43,619
- Average balance for borrowers aged 62 and older: $43,624
Data and Methodology
Total outstanding loan balances include principal and interest as of September 30, 2024. Loan and borrower data comes from the Federal Student Loan Portfolio from the Federal Student Aid office. Population data for the states comes from the 1-Year American Community Survey (2023) from the U.S. Census Bureau.
Questions about this study? Contact us at press@smartasset.com
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