- Borrowers in Florida owe more than $105 billion in federal student loan debt
- That’s the third-highest amount of federal student loan debt in the country
- The average student loan burden in Florida is $38,857 per borrower
Florida students (and former students) owe a lot of money.
According to the latest numbers from the U.S. Department of Education’s Federal Student Aid site, more than 2.7 million people in the state were on the hook for $105.4 billion as of March 31, 2024. This includes Direct Loans, Federal Family Education Loans (FFEL) and Perkins Loans but does not include private loan debt.
That’s back up to early 2023 numbers after a brief dip down to $103.3 billion last September. It also puts Florida students at the third-highest amount of federal loan debt in the nation behind California ($148.8 billion) and Texas ($128.7 billion).
Nearly 1.4 million Floridians are carrying up to $20,000 in debt, and 1.3 million owe more than $20,000. Nearly a quarter of a million Floridians owe more than $100,000.
Florida also carries the fourth-highest average student debt burden, at an average of $38,857 per borrower. The highest is Washington, D.C., technically, with an average of $54,146 per borrower, but if we’re just looking at states it would be Maryland with an average of $43,298 per person.
Here’s how it breaks down. All numbers are as of March 31.
How much do Floridians owe in federal student loan debt?
- 395,2000 people owe under $5,000, for a total of $1.12 billion
- 458,300 people owe between $5,000 and $10,000, for a total of $3.38 billion
- 537,300 people owe between $10,000 and $20,000, for a total of $7.78 billion
- 569,900 people owe between $20,000 and $40,000, for a total of $16.32 billion
- 271,500 people owe between $40,000 and $60,000, for a total of $13.34 billion
- 162,900 people owe between $60,000 and $80,000, for a total of $11.22 billion
- 84,400 people owe between $80,000 and $100,000, for a total of $7.7 billion
- 155,400 people owe between $100,000 and $200,000, for a total of $21.59 billion
- 75,600 people owe more than $200,000, for a total of $22.96 billion
What age groups in Florida owe the most federal student debt?
- 24 years old or younger: 324,900 people owe $4.63 billion
- From 25 to 34 years old: 899,100 people owe $31.36 billion
- From 35 to 49 years old: 934,900 people owe $44.04 billion
- From 50 to 61 years old: 391,900 people owe $18.16 billion
- 62 years old and older: 159,500 people owe $7.19 billion
U.S. states with the most federal student debt
- California: $148.8 billion
- Texas: $128.7 billion
- Florida: $105.4 billion
- New York: $94.9 billion
- Georgia: $70.2 billion
U.S. states with the most federal student debt borrowers
- California: 3,935,500
- Texas: 3,846,800
- Florida: 2,712,500
- New York: 2,470,700
- Pennsylvania: 1,849,500
U.S. states with the highest average student debt owed
- Maryland: $43,298
- Georgia: $41,652
- Virginia: $39,843
- Florida: $38,857
- Illinois: $38,645
How much of Florida’s student debt has been forgiven?
President Joe Biden has been on a mission to reduce student debt, launching a string of debt-relief packages, seeking out people who already qualified for debt relief and promoting the government’s income-driven repayment plan, Saving on a Valuable Education (SAVE), despite objections from Republican lawmakers. To date, including another $7.7 billion in debt relief the White House announced May 22, the Biden-Harris administration has canceled federal student loan debt for over $160 billion for over 4.75 million Americans. In Florida, that comes out to:
Public Service Loan Forgiveness, PSLF:
- 52,230 borrowers
- Outstanding balance: $4,338,200,000
Income Driven Repayment, IDR, and SAVE:
- 106,670 borrowers
- Outstanding balance: $4,382,200,000
SAVE:
- 33,820 borrowers
- Outstanding balance: $455,400,000
Income Driven Repayment, IDR:
- 72,850 borrowers
- Outstanding balance: $3,926,900,000
Credit: Source link
