MOBILE, Ala. (WKRG) — President Joe Biden in August announced plans to cancel some student loan debt. More than 40 million Americans are expected to qualify for student loan forgiveness, and 20 million are likely to have their entire balance erased. This plan could impact a lot of borrowers in Alabama.
Now that borrowers can apply for student loan debt forgiveness, we’re looking at how much the average Alabama borrower has in student loan debt. Alabama borrowers owe more than the national average, according to the Education Data Initiative.
Alabama student loan borrowers have an average of $37,137 in student loan debt. The state’s 632,800 student loan borrowers have a combined $23.5 billion in student loan debt.
About half (50.3%) of student borrowers in Alabama are under the age of 35. 12.6% of Alabama residents carry student loan debt. Here’s how there debt breaks down:
- 16% of indebted student borrowers owe less than $5,000
- 20.9% of indebted student borrowers owe $20,000 to $40,000
- 2.1% of indebted student borrowers owe more than $200,000
Indebted student borrowers in Florida owe an average of $38,459 for a total of $100.9 billion. In Georgia, the average student loan debt is $41,639 for a total of $68.6 billion. Indebted student borrowers in Mississippi owe an average of $36,902 for a total of $16.2 billion.
Federal student loan debt by state, highest to lowest average
| State | Average Borrower Debt | State’s Total Debt |
|---|---|---|
| District of Columbia | $54,945 | $6.5 billion |
| Maryland | $42,861 | $35.9 billion |
| Georgia | $41,639 | $68.6 billion |
| Virginia | $39,165 | $42.4 billion |
| Florida | $38,459 | $100.9 billion |
| South Carolina | $38,414 | $28.1 billion |
| Illinois | $37,757 | $61.6 billion |
| North Carolina | $37,721 | $49.2 billion |
| New York | $37,678 | $92.7 billion |
| Delaware | $37,559 | $4.8 billion |
| Vermont | $37,516 | $2.9 billion |
| Alabama | $37,137 | $23.5 billion |
| California | $37,084 | $141.8 billion |
| Oregon | $37,017 | $20.1 billion |
| Mississippi | $36,902 | $16.2 billion |
| Colorado | $36,822 | $28.5 billion |
| Hawaii | $36,765 | $4.5 billion |
| Tennessee | $36,418 | $31.4 billion |
| Michigan | $36,116 | $51.0 billion |
| Washington | $35,510 | $28.0 billion |
| New Jersey | $35,434 | $42.5 billion |
| Missouri | $35,397 | $29.3 billion |
| Arizona | $35,396 | $31.4 billion |
| Pennsylvania | $35,385 | $64.5 billion |
| Connecticut | $35,162 | $17.5 billion |
| Ohio | $34,721 | $62.3 billion |
| Louisiana | $34,525 | $22.5 billion |
| New Mexico | $34,211 | $7.8 billion |
| Massachusetts | $34,146 | $30.8 billion |
| New Hampshire | $34,085 | $6.5 billion |
| Alaska | $34,024 | $2.3 billion |
| Nevada | $33,743 | $11.8 billion |
| Minnesota | $33,604 | $26.5 billion |
| Arkansas | $33,333 | $13.0 billion |
| Montana | $33,149 | $4.2 billion |
| Maine | $33,137 | $6.2 billion |
| Idaho | $33,012 | $7.2 billion |
| Texas | $32,920 | $120.0 billion |
| Indiana | $32,874 | $29.8 billion |
| Utah | $32,835 | $10.1 billion |
| Kentucky | $32,779 | $19.7 billion |
| Kansas | $32,578 | $12.5 billion |
| Rhode Island | $32,056 | $4.6 billion |
| Nebraska | $31,919 | $7.9 billion |
| Wisconsin | $31,894 | $23.2 billion |
| West Virginia | $31,690 | $7.2 billion |
| Oklahoma | $31,525 | $15.4 billion |
| Wyoming | $31,250 | $1.7 billion |
| South Dakota | $30,954 | $3.6 billion |
| Iowa | $30,464 | $13.2 billion |
| North Dakota | $28,604 | $2.5 billion |
| Puerto Rico | $28,242 | $9.3 billion |
| Other/Unspecified* | $25,960 | $99.0 billion |
