MISSISSIPPI (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 Mississippi.
Now that borrowers can apply for student loan debt forgiveness, we’re looking at how much the average Mississippi borrower has in student loan debt. Mississippi borrowers owe more than the national average, according to the Education Data Initiative.
Mississippi student loan borrowers have an average of $36,902 in student loan debt. The state’s 439,000 student loan borrowers have a combined $16.2 billion in student loan debt.
About half (48.9%) of student borrowers in Mississippi are under the age of 35. 14.8% of Mississippi residents carry student loan debt. Here’s how there debt breaks down:
- 17.9% of indebted student borrowers owe less than $5,000
- 19.1% of indebted student borrowers owe $20,000 to $40,000
- 2.2% of indebted student borrowers owe more than $200,000
Indebted student borrowers in Alabama owe an average of $37,137 for a total of $23.5 billion. In Georgia, the average student loan debt is $41,639 for a total of $68.6 billion. In Florida, the average student loan debt is $38,459 for a total of $100.9 billion.
| 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 |
