Average Student Loan Debt By State In 2022

Early within the Covid-19 pandemic, the government that is federal swift action to help economically distressed Americans.The CARES Act included a moratorium on all federal student loan payments. I was.

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While the measures were intended as short-term relief, the measures that are temporary the way in which for radical change.

By late 2020, 60% of education loan borrowers had some sort of education loan assistance.2 Since that time, the moratorium on education loan payments has become extended until 31, 2022, with Biden- Harris government

december. Income-based repayment programThe administration also announced changes that are potential the way

Structured. Which means that the mortgage balance shall not increase as long as the individual is on the loan repayment program.

Nationwide Student Loan Quick Facts

  • The descriptive statistics below reflect the state of student loan borrowers nationwide in 2021.Number of Borrowers:
  • 43 millionMedian Outstanding Debt:
  • $18,767Number of borrowers with delinquent or defaulted loans:
  • 3.3 million (7.5% of all borrowers)Number of borrowers with reduced debt in 2021:
  • 11.5 million (26.6% of all borrowers)Percentage of student loan borrowers who paid off their debt:
  • 49%Estimated number of borrowers eligible for loan forgiveness:

38.6 millionaverage student loan paymentsNote that the average student loan payment data is skewed given the pandemic and the suspension of all federal student loan payments.see the past Average student loan debt by graduating classes here and

.took out a loanDebt Levels continue to rise, but some learning education loan borrowers have reduced debt burdens. Nearly half (49%) of all of the borrowers

I paid down the mortgage in full to cover their education. Among those currently renting 26.6% say their debt will decline in 2021Biden Harris Student Debt Relief PlanAdditionally, the majority that is vast of current borrowers are eligible for student loan forgiveness.

Infographic student loan debt by state

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Student Loans by State Fast Facts

National debt statistics show a worrying picture, but actual debt burdens vary widely from state to state. These quick facts highlight both the average and debt that is median by state.

Commentators usually speak about the debt burden that is median. This is because half of the borrowers have a debt that is high and half have a decreased one.

  • However, in some instances it really is helpful to glance at both average and debt that is median. The average gives a better indication of how high-debt borrowers contribute to the state’s overall debt burden.
  • Most while the median shows a midpoint for borrowers Borrowers: California (4.1 million)
  • Least Borrowers: Wyoming (57,600)
  • Minimum average balance: South Dakota ($28,218)
  • Lowest Median Balance: Wyoming ($14,634)
  • Highest Average Balance: Maryland ($42,543)*
  • Highest median balance: Georgia ($21,965)
  • Minimum gap between median and average balance: South Dakota (median debt $15,865, average $28,218, gap $12,353)
  • Largest gap between median and average balance: Maryland (median debt $42,543, average $21,779, gap $20,764), California (median debt $37,783, gap $20,764, average $17,019)
  • Minimum Delinquency Rate: New Hampshire (4.8%)

Highest Delinquency Rate:

West Virginia (11%)

*Washington DC is an area, not a situation, nevertheless the average education loan balance is a massive $53,769 together with median student debt is $26,530.debt repayment planExpected Impact of Debt Forgiveness Plan

The debt obligations has reached an high that is all-time, but going forward

  • It is expected to lead to billions of dollars in debt relief. Individual borrowers receive forgiveness ranging from $10,000 for borrowers who have not received a Pell Grant to $20,000 for those who have received a Pell Grant.To Show the impact of this scheduled program, we estimated the percentage of estimated borrowers entitled to student loan forgiveness. To work on this, we divided the number that is estimated of borrowers from the White House statement of the Biden-Harris administration by the number of borrowers in 2021 from the Federal Reserve Bank of New York’s detailed student loan report.
  • Maximum number of borrowers eligible for loan forgiveness: California (3.5 million)
  • Minimum number of borrowers eligible for loan forgiveness: Wyoming (31,400)
  • Highest percentage of borrowers eligible for loan forgiveness: Mississippi and New Mexico (100%)
  • Minimum Percentage of Borrowers Eligible for Loan Forgiveness: North Dakota (71.93%)
  • Highest percentage of borrowers eligible for $20,000 loan forgiveness: Mississippi (76.4%)

Minimum Percentage of Borrowers Eligible for $20,000 Loan Forgiveness:

Massachusetts (38.3%)

Student Loan Debt by State Breakdown

You can see a state-by-state breakdown of the learning education loan debt situation below.

Borrowers Qualified to receive Biden’s Loan Forgiveness

Borrower is entitled to $20,000 loan forgivenesshttps://libertystreeteconomics.newyorkfed.org/2022/08/three-key-facts-from-the-center-for-microeconomic-datas-2022-student-loan-updateFor reference, the borrowers entitled to $20,000 in education loan forgiveness are a subset in the borrowers entitled to Biden’s education loan forgiveness ($10,000 or $20,000).

Daniel Mangrum, Joelle Scally, and Crystal Wang, “Three Key Facts through the Microeconomic Data Center’s 2022 Student Loan Update,” Federal Reserve Bank of the latest York Liberty Street Economics, 9 August 2022, Available here. https://www.federalreserve.gov/publications/2021-economic-well-being-of-us-households-in-2020-student-loans.htm

.https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/20/fact-sheet-the-biden-harris-administrations-plan-for-student-debt-relief-could-benefit- Tens of millions of borrowers in all 50 states/

“Financial Well-Being for U.S. Households 2020-May 2021,” Federal Reserve Board, 7 Oct. 2022, Available here. (*)US government. (20, 2022) september. “Fact Sheet: Biden-Harris Administration’s Student credit card debt relief Plan Could Benefit Tens of Millions of Borrowers in All 50 States.” Oct. 7, 2022 (*)

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