The Biden Administration’s recent announcement regarding student debt relief thrust the topic into the forefront of the news. Under the program, students awarded Pell Grants and who took out loans from the Department of Education will have $20,000 of debt canceled. Those without a Pell Grant will have $10,000 shaved off their outstanding balances.
According to the Department of Education, federal student loans currently total $1.6 trillion. All told, an estimated 45 million borrowers hold federal student loan debt. The average student loan debt among borrowers stands at $36,200. (These are the most expensive states to get a college education.)
Burdened by that much debt, many college graduates are not always able to keep up with monthly payments, but the numbers vary by state. In Minnesota, an estimated 884,400 people have outstanding student loan debt, and of them, 5.6% are at least 90 days past due on payments, compared to 7.5% of borrowers nationwide.
The average outstanding balance among borrowers in Minnesota of $32,700 is lower than the national average and the 10th lowest among states.
All data in this story is from the Federal Reserve Bank of New York and is current as of 2021.
| Rank | State | Borrowers with 90+ days of past due payments (%) | Average outstanding student loan balance ($) | Number of borrowers |
|---|---|---|---|---|
| 1 | Mississippi | 10.8 | 37,500 | 417,600 |
| 2 | West Virginia | 10.0 | 32,500 | 215,900 |
| 3 | New Mexico | 9.8 | 34,400 | 217,700 |
| 4 | Nevada | 9.6 | 35,800 | 346,200 |
| 5 | Oklahoma | 9.5 | 32,100 | 474,100 |
| 6 | Alabama | 9.4 | 37,500 | 614,900 |
| 7 | Kentucky | 9.4 | 33,400 | 586,000 |
| 8 | South Carolina | 9.2 | 37,200 | 748,800 |
| 9 | Georgia | 9.1 | 41,600 | 1,639,600 |
| 10 | Tennessee | 9.0 | 36,200 | 867,800 |
| 11 | Louisiana | 9.0 | 35,000 | 639,300 |
| 12 | Indiana | 9.0 | 32,900 | 926,500 |
| 13 | Arkansas | 9.0 | 32,400 | 373,900 |
| 14 | Texas | 8.4 | 33,100 | 3,753,300 |
| 15 | Arizona | 8.3 | 36,300 | 870,100 |
| 16 | Ohio | 8.3 | 35,000 | 1,812,200 |
| 17 | Oregon | 8.2 | 37,900 | 552,100 |
| 18 | Florida | 8.1 | 38,700 | 2,665,400 |
| 19 | North Carolina | 8.1 | 37,200 | 1,349,100 |
| 20 | Michigan | 8.1 | 36,500 | 1,430,100 |
| 21 | Missouri | 8.1 | 35,400 | 836,200 |
| 22 | Alaska | 7.9 | 33,900 | 70,600 |
| 23 | Kansas | 7.7 | 33,000 | 391,800 |
| 24 | Hawaii | 7.4 | 35,700 | 126,500 |
| 25 | Delaware | 7.1 | 37,200 | 135,300 |
| 26 | Pennsylvania | 7.1 | 35,400 | 2,040,200 |
| 27 | California | 7.0 | 37,700 | 4,008,400 |
| 28 | Maryland | 6.8 | 43,200 | 874,000 |
| 29 | Wyoming | 6.8 | 30,800 | 56,500 |
| 30 | Virginia | 6.7 | 38,500 | 1,148,900 |
| 31 | Illinois | 6.7 | 38,000 | 1,704,800 |
| 32 | Montana | 6.7 | 32,800 | 132,700 |
| 33 | Iowa | 6.7 | 29,900 | 458,500 |
| 34 | Colorado | 6.6 | 36,800 | 818,800 |
| 35 | Rhode Island | 6.5 | 33,100 | 156,600 |
| 36 | Connecticut | 6.4 | 36,300 | 542,300 |
| 37 | Idaho | 6.4 | 34,000 | 223,800 |
| 38 | Maine | 6.3 | 33,300 | 202,700 |
| 39 | Wisconsin | 6.2 | 31,200 | 784,500 |
| 40 | Washington | 6.1 | 35,900 | 835,400 |
| 41 | New Jersey | 5.9 | 36,800 | 1,342,200 |
| 42 | Utah | 5.9 | 33,100 | 324,200 |
| 43 | Minnesota | 5.6 | 32,700 | 884,400 |
| 44 | Vermont | 5.4 | 35,100 | 90,700 |
| 45 | Nebraska | 5.4 | 31,900 | 263,200 |
| 46 | Massachusetts | 5.3 | 35,100 | 1,037,900 |
| 47 | New Hampshire | 5.3 | 34,700 | 221,600 |
| 48 | South Dakota | 5.2 | 29,800 | 132,000 |
| 49 | North Dakota | 5.2 | 28,500 | 114,100 |
| 50 | New York | 4.8 | 38,200 | 2,592,900 |
