Americans have the most student loan debt in these states
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.
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Jaclyn DeJohn, CFP for SmartAsset
Sean Pavone // Shutterstock
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
SmartAsset
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: $14,927
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
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
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%
Total outstanding dollars (billions): $107.51
Average balance for borrowers aged 24 and younger: $14,149
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: $14,976
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: $15,879
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: $14,768
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
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: $14,875
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
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
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: $14,061
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%
Total outstanding dollars (billions): $3.71
Average balance for borrowers aged 24 and younger: $13,688
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
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: $12,687
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
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
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: $13,663
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: $13,272
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: $13,598
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 Sept. 30, 2024. Loan and borrower data comes from the Federal Student Loan Portfolio from the Federal Student Aid office. Population data for this SmartAsset study comes from the 1-Year American Community Survey (2023) from the U.S. Census Bureau.
