Swing State Student Loan Debtors

• Black and African American college graduates owe an average of $25,000 more in student loan debt than white college graduates.
• Four years after graduation, black students owe an average of 188% more than white students borrowed.
• Black and African American student borrowers are the most likely to struggle financially due to student loan debt making monthly payments of $260

Michigan

People in Michigan are slightly more likely to have a higher college debt than their peers nationwide, but their average remaining debt is on par.

• $50.5 billion in student loan debt belongs to state residents.
• $35,790 is the average student loan debt.
• 1,411,000 student borrowers live in Michigan.
• 50.4% of them are under the age of 35. ((15.7%) 221,527 X $5,000 =    110,785,000
• 14.0% of state residents have student loan debt.
• Among the state’s indebted student borrowers,
• 15.7% owe less than $5,000. (15.7%) 221,527 X $5,000 =    110,785,000)
• 21.9% owe $20,000 to $40,000 (average $28,544). (21.9%) 309,009 x 28,544 =  8,820,352,896)
• 2.0% owe more than $200,000.  (2%)  28,220 x 5,644       =    5,644,000,000)

https://educationdata.org/student-loan-debt-by-state#michigan

 

 Arizona

Arizona’s average debt is on par with the rest of the country.

• $31.7 billion in student loan debt belongs to state residents.
• $34,683 is the average student loan debt.
• 914,000 student borrowers live in Arizona.
• 46.6% of them are under the age of 35.
• 12.8% of state residents have student loan debt.
• Among the state’s indebted student borrowers, 16.7% owe less than $5,000.
• 20.3% owe $20,000 to $40,000 (average $28,441).
• 2.2% owe more than $200,000.

 Georgia

Georgians are more likely than their peers in other states to have a high amount of student loan debt remaining.

• $69.0 billion in student loan debt belongs to state residents.
• $410,804 is the average student loan debt.
• 1,691,000 student borrowers live in Georgia.
• 48.7% of them are under the age of 35.
• 15.8% of state residents have student loan debt.
• Among the state’s indebted student borrowers, 14.1%  owe less than $5,000.
• 21.3% owe $20,000 to $40,000 (average $28,694).
• 2.6% owe more than $200,000.

Nevada

People in Nevada aren’t as likely to have student loan debt, and the average debt per student borrower is less than the national average.

• $12.2 billion in student loan debt belongs to state residents.
• $33,711 is the average student loan debt.
• 361,900 student borrowers live in Nevada.
• 46.3% of them are under the age of 35.
• 11.6% of state residents have student loan debt.
• Among the state’s indebted student borrowers, 17.5% owe less than $5,000.
• 19.1% owe $20,000 to $40,000 (average $28,427).
• 2.2% owe more than $200,000.

 North Carolina

The average amount per borrower in North Carolina is notably higher than their peers nationwide.

• $51.1 billion in student loan debt belongs to state residents.
• $37,485 is the average student loan debt.
• 1,363,200 student borrowers live in North Carolina.
• 51.0% of them are under the age of 35.
• 13.0% of state residents have student loan debt.
• Among the state’s indebted student borrowers, 13.9% owe less than $5,000.
• 23.5% owe $20,000 to $40,000 (average $28,558).
• 2.1% owe more than $200,000.

Pennsylvania

Pennsylvanians are more likely to have unpaid student loans.

• $65.5 billion in student loan debt belongs to state residents.
• $35,096 is the average student loan debt.
• 1,866,300 student borrowers live in Pennsylvania.
• 56.5% of them are under the age of 35.
• 14.3% of state residents have student loan debt.
• Among the state’s indebted student borrowers, 14.1% owe less than $5,000.
• 24.6% owe $20,000 to $40,000 (average $28,195).
• 2.0% owe more than $200,000.

Wisconsin

In Wisconsin, the student debt rate is lower on average.

• $23.3 billion in student loan debt belongs to state residents.
• $31,679 is the average student loan debt.
• 735,500 student borrowers live in Wisconsin.
• 55.8% of them are under the age of 35.
• 12.5% of state residents have student loan debt.
• Among the state’s indebted student borrowers, 16.5% owe less than $5,000.
• 23.9% owe $20,000 to $40,000 (average $28,376).
• 1.5% owe more than $200,000.