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AdvisorSmith looked at the federal student loan portfolios held by the U.S. Government as reported by the U.S. Department of Education. This data included the most recent total balance of the student loan portfolio and the number of borrowers in each state.
At the end of June 2021, the average student loan debt held in the federal student loan portfolio was $37,105 per borrower. The amount increased from $36,510 per borrower at the end of 2020. There were 42.9 million borrowers, which is approximately 13 percent of the total U.S. population.
The study was segmented into states with the highest student loan balances and states with the most outstanding student loans.
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To see which states had the most student loan debt, AdvisorSmith took the average student loan balances and divided the student loan portfolio by the number of borrowers in each state. Based on the balances, the states were ranked from highest to lowest.
To find the states where the most student loans are outstanding, AdvisorSmith divided the number of student loan borrowers by each state's population. The states were then ranked based on the percentage of residents carrying student loans.
Washington DC was the location with the highest student loan debt at $55,078. The District of Columbia again was also the location where the most significant percentage (16 percent) of the population has an outstanding federal student loan. To see the rest of the study, visit https://advisorsmith.com/data/states-with-the-highest-student-loan-debt.
AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.
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