Federal student loan borrowers haven’t had to make payments on their loans since March 2020, and the pause could continue until the summer of 2023. But even with that pressure off, more of them are struggling, according to a November report from the Consumer Financial Protection Bureau.
In September, 7.1% of student loan borrowers who were not in default on their loans at the start of the pandemic had trouble repaying other debts, up from 6.2% at the start of the pandemic, the study of about 34 million borrower credit reports found. Borrowers with a history of defaulted student loans are even worse off; the portion struggling with other bills jumped from 9.8% to 12.5% in that same time frame.
The percentage increases may seem small, but they represent hundreds of thousands of borrowers.
The situation could worsen when student loan repayment resumes next year, but one-time student debt cancellation of up to $20,000 per borrower — now on ice as the program’s legality is challenged by multiple lawsuits — could be a big help, the CFPB found.
Here’s what the new data means, and what borrowers can do to prepare now.
Student debt cancellation could alleviate credit trouble
President Biden’s student debt cancellation plan — up to $10,000 per borrower who earns less than $125,000, and $20,000 for Pell Grant recipients — could have an outsized impact on those who expect to struggle when payments eventually resume.
Nearly half of borrowers behind on other loans could have their student debt wiped away completely. Twenty-five percent of borrowers with a non-student-loan delinquency have less than $10,000 in student debt to pay off. Another 19% of these borrowers have balances between $10,000 and $20,000.
“Unless the [Education] Department is allowed to provide debt relief, we anticipate there could be an historically large increase in the amount of federal student loan delinquency and defaults as a result of the COVID-19 pandemic,” Education Department Undersecretary James Kvaal said in a recent court filing.
Ramifications are far-reaching. A credit payment of any kind that’s delinquent — or more than 30 days past due — can tank your credit score by as much as 100 points. Defaults can be even worse for a borrower’s credit score. The timing of when an overdue bill enters default depends on the loan type; in the case of most federal student loans, a borrower defaults when their bill is at least 270 days past due.
A lower credit score can, for example, make it more difficult to rent an apartment or get a mortgage or auto loan in the future.
“A default is really, really bad … and the later [the payment] is, the more damage to your credit score,” says Bev O’Shea, a credit expert and former NerdWallet writer.
She encourages borrowers worried that they might miss a credit payment to ask their student loan servicers about forbearance and forgiveness programs as early as possible.
“It’s better to ask the questions when you’re worried that you might be late than after you’ve already had some problems and are in a bad way,” O’Shea says.
But will student debt cancellation happen?
We won’t know if loans will be canceled until next year.
Several lawsuits have put Biden’s broad student debt cancellation plan on hold. In February, the Supreme Court will hear oral arguments for a case brought by six states alleging that the debt relief would harm tax revenue in their states and the finances of state-based loan agencies.
“I’m still optimistic that forgiveness will happen, but of course, we’ve been surprised by the Supreme Court before,” says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors.
With forgiveness no longer certain, the White House announced on Nov. 22 that forbearance could extend as far as June 30, 2023 — or end sooner, if the litigation is resolved or the administration is allowed to implement the program. Borrowers will have to start paying student loan bills with interest starting 60 days after the final forbearance expiration date.
“This extension means that struggling borrowers will be able to keep food on their tables during the holiday season — and the coming months — as the Administration does everything it can to beat back the baseless and backward attacks on working families with student debt,” said Mike Pierce, executive director of the Student Borrower Protection Center, in a statement following the news.
Getty Images
If you know you'll struggle with loan repayment, call your student loan servicer and ask about getting on an income-driven repayment plan.
What borrowers can do now to prepare
With uncertainty and repayment looming in the months ahead, borrowers struggling with other bills can still get ahead. Start by taking stock of your situation.
“My recommendation to anyone at this point is to log in and see what your monthly payment could be,” says Kristen Ahlenius, director of education at corporate financial wellness platform Your Money Line. “Your monthly payment may be different than what it was at the start of the administrative forbearance; your income might have changed, and you might be able to look into income-driven repayment options.”
Contact your loan servicer if you know you’ll struggle with repayment
Call your student loan servicer and ask about getting on an income-driven repayment plan. For those who qualify, IDR plans can cap monthly student loan payments at 10% of discretionary income while extending the life of the loan. A new IDR plan proposed by the Education Department could lower that cap to 5% and categorize more income as nondiscretionary, but it’s not yet available to borrowers.
Depending on your income, monthly payments could be as low as $0 under IDR.
“Income-driven repayment plans become more financially beneficial the larger your household size is, and the lower your income is,” adds Ahlenius.
Build student loan bills back into your budget
Revisit your budget. If you’re worried about managing student loan repayments when forbearance ends, start putting money aside now to help cover your first few months of bills. Keep this money in a separate savings account, like a high-yield savings account.
You may also need to consider lifestyle adjustments to fit your student loan payment back in.
Explore other options for forgiveness
Biden’s now-frozen student debt cancellation plan isn’t the only hope for student debt forgiveness. The government already offers nearly a dozen forgiveness programs for specific groups of borrowers, including teachers, nurses and public servants.
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What’s a Pell grant? How it affects student loan forgiveness
Michael Barera // Wikimedia Commons
In the late 1980s, a high school graduate who wanted to attend college or university was looking at average tuition of $15,160 per year for a private, nonprofit school and $3,190 per year for a public college or university. As of 2021, that number had ballooned to $37,600 for private, nonprofit colleges and $9,400 for public schools. Once the cost of books, room and board, and other fees are added in, paying for college with a part-time or summer job is increasingly becoming a thing of the past.
Today's students are instead turning to loans, leading to a widespread debt crisis. Americans currently owe a collective $1.58 trillion in student loans, changing the shape and trajectory of the U.S. economy. Instead of buying cars or houses, many millennials are focused on finding jobs that will enable them to make loan payments without defaulting.
Some states are taking steps to help by adopting a Student Borrower Bill of Rights and offering a variety of scholarship and loan repayment programs for qualified graduates. In New York in 2017, for example, New York announced a scholarship program that would provide free tuition at public colleges to residents whose families make less than $125,000 a year.
Stacker looked at 2022 data from the Federal Reserve of New York to determine where student debt is hitting the nation the hardest. In the case of a tie, we looked at the number of borrowers in all tied states.
Read on to see where your state falls on the list.
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Michael Barera // Wikimedia Commons
In the late 1980s, a high school graduate who wanted to attend college or university was looking at average tuition of $15,160 per year for a private, nonprofit school and $3,190 per year for a public college or university. As of 2021, that number had ballooned to $37,600 for private, nonprofit colleges and $9,400 for public schools. Once the cost of books, room and board, and other fees are added in, paying for college with a part-time or summer job is increasingly becoming a thing of the past.
Today's students are instead turning to loans, leading to a widespread debt crisis. Americans currently owe a collective $1.58 trillion in student loans, changing the shape and trajectory of the U.S. economy. Instead of buying cars or houses, many millennials are focused on finding jobs that will enable them to make loan payments without defaulting.
Some states are taking steps to help by adopting a Student Borrower Bill of Rights and offering a variety of scholarship and loan repayment programs for qualified graduates. In New York in 2017, for example, New York announced a scholarship program that would provide free tuition at public colleges to residents whose families make less than $125,000 a year.
Stacker looked at 2022 data from the Federal Reserve of New York to determine where student debt is hitting the nation the hardest. In the case of a tie, we looked at the number of borrowers in all tied states.
Read on to see where your state falls on the list.
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What’s a Pell grant? How it affects student loan forgiveness
Jacob Boomsma // Shutterstock
- Number of borrowers: 135,600
- Average loan balance per borrower: $28,218
South Dakota participates in the Teacher Loan Forgiveness Program, while the Dakota Corps Scholarship aims to help students in the state.
Jacob Boomsma // Shutterstock
- Number of borrowers: 135,600
- Average loan balance per borrower: $28,218
South Dakota participates in the Teacher Loan Forgiveness Program, while the Dakota Corps Scholarship aims to help students in the state.
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What’s a Pell grant? How it affects student loan forgiveness
Tony Webster // Flickr
- Number of borrowers: 465,500
- Average loan balance per borrower: $29,845
Iowa has a number of student loan forgiveness programs, including programs for teachers, nurses, doctors, physician assistants, and other health care providers.
Tony Webster // Flickr
- Number of borrowers: 465,500
- Average loan balance per borrower: $29,845
Iowa has a number of student loan forgiveness programs, including programs for teachers, nurses, doctors, physician assistants, and other health care providers.
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What’s a Pell grant? How it affects student loan forgiveness
Enrico Blasutto // Wikimedia Commons
- Number of borrowers: 70,600
- Average loan balance per borrower: $30,427
Alaska offers a loan repayment program for health care workers who will live and work in areas with a shortage of medical, dental, and behavioral health professionals. The state is among those with the lowest proportion of students with debt, according to WalletHub.
Enrico Blasutto // Wikimedia Commons
- Number of borrowers: 70,600
- Average loan balance per borrower: $30,427
Alaska offers a loan repayment program for health care workers who will live and work in areas with a shortage of medical, dental, and behavioral health professionals. The state is among those with the lowest proportion of students with debt, according to WalletHub.
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What’s a Pell grant? How it affects student loan forgiveness
MatthewUND // Wikimedia Commons
- Number of borrowers: 114,100
- Average loan balance per borrower: $30,542
Veterinarians can qualify for loan forgiveness in North Dakota if they will serve in high-need areas. Three are chosen each year, with the goal of attracting new veterinarians for animals raised for meat.
MatthewUND // Wikimedia Commons
- Number of borrowers: 114,100
- Average loan balance per borrower: $30,542
Veterinarians can qualify for loan forgiveness in North Dakota if they will serve in high-need areas. Three are chosen each year, with the goal of attracting new veterinarians for animals raised for meat.
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What’s a Pell grant? How it affects student loan forgiveness
Thecoldmidwest // Wikimedia Commons
- Number of borrowers: 57,600
- Average loan balance per borrower: $30,581
Wyoming's Hathaway Scholarship, created in 2005 with a $400 million permanent endowment, pays for qualified high school graduates to attend the University of Wyoming or any of the state's seven community colleges. The Wyoming Healthcare Professional Loan Repayment Program repays health professionals' educational loans if they practice in an underserved area for at least three years.
Thecoldmidwest // Wikimedia Commons
- Number of borrowers: 57,600
- Average loan balance per borrower: $30,581
Wyoming's Hathaway Scholarship, created in 2005 with a $400 million permanent endowment, pays for qualified high school graduates to attend the University of Wyoming or any of the state's seven community colleges. The Wyoming Healthcare Professional Loan Repayment Program repays health professionals' educational loans if they practice in an underserved area for at least three years.
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What’s a Pell grant? How it affects student loan forgiveness
Ron Cogswell // Flickr
- Number of borrowers: 785,600
- Average loan balance per borrower: $31,482
In 2020, Wisconsin's governor created a task force to look for ways to reduce student debt in the state. The loans disproportionately affect low-income and first-generation college students, students of color, women, and veterans, according to the governor.
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Ron Cogswell // Flickr
- Number of borrowers: 785,600
- Average loan balance per borrower: $31,482
In 2020, Wisconsin's governor created a task force to look for ways to reduce student debt in the state. The loans disproportionately affect low-income and first-generation college students, students of color, women, and veterans, according to the governor.
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What’s a Pell grant? How it affects student loan forgiveness
Hanyou23 // Wikimedia Commons
- Number of borrowers: 261,000
- Average loan balance per borrower: $31,551
Primary care doctors, dentists, and other medical professionals are eligible for loan repayment awards in Nebraska if they practice in areas where there are shortages.
Hanyou23 // Wikimedia Commons
- Number of borrowers: 261,000
- Average loan balance per borrower: $31,551
Primary care doctors, dentists, and other medical professionals are eligible for loan repayment awards in Nebraska if they practice in areas where there are shortages.
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What’s a Pell grant? How it affects student loan forgiveness
Brandonrush // Wikimedia Commons
- Number of borrowers: 374,900
- Average loan balance per borrower: $31,851
After Arkansas began a default management program in 2013, students' default rates fell almost every year. From 2013 to 2018, Arkansas' default rate dropped 7.8 percentage points, compared to the national rate, which fell 3.9 percentage points. By the end of 2021, the state's delinquency rate was 9%.
Brandonrush // Wikimedia Commons
- Number of borrowers: 374,900
- Average loan balance per borrower: $31,851
After Arkansas began a default management program in 2013, students' default rates fell almost every year. From 2013 to 2018, Arkansas' default rate dropped 7.8 percentage points, compared to the national rate, which fell 3.9 percentage points. By the end of 2021, the state's delinquency rate was 9%.
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What’s a Pell grant? How it affects student loan forgiveness
IT Communications Office // Flickr
- Number of borrowers: 924,000
- Average loan balance per borrower: $32,045
Indiana provides student loan relief for lawyers working in legal aid through its Richard M. Givan Loan Repayment Assistance program. Another program, Hon. J. Terrence and Peggy Cody Loan Repayment Assistance, provides aid to law school graduates working in child services. Legal scholarships are also available.
IT Communications Office // Flickr
- Number of borrowers: 924,000
- Average loan balance per borrower: $32,045
Indiana provides student loan relief for lawyers working in legal aid through its Richard M. Givan Loan Repayment Assistance program. Another program, Hon. J. Terrence and Peggy Cody Loan Repayment Assistance, provides aid to law school graduates working in child services. Legal scholarships are also available.
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What’s a Pell grant? How it affects student loan forgiveness
Sage Ross // Flickr
- Number of borrowers: 480,800
- Average loan balance per borrower: $32,102
Oklahoma offers loan forgiveness to physicians, dentists, and other health professionals who agree to serve in specific communities in the state.
Sage Ross // Flickr
- Number of borrowers: 480,800
- Average loan balance per borrower: $32,102
Oklahoma offers loan forgiveness to physicians, dentists, and other health professionals who agree to serve in specific communities in the state.
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What’s a Pell grant? How it affects student loan forgiveness
Swimmerguy269 // Wikimedia Commons
- Number of borrowers: 217,200
- Average loan balance per borrower: $32,214
West Virginia recruits medical professionals to rural areas through student loan forgiveness. It looks for doctors, nurses, midwives, physician assistants, pharmacists, dentists, and other providers.
Swimmerguy269 // Wikimedia Commons
- Number of borrowers: 217,200
- Average loan balance per borrower: $32,214
West Virginia recruits medical professionals to rural areas through student loan forgiveness. It looks for doctors, nurses, midwives, physician assistants, pharmacists, dentists, and other providers.
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What’s a Pell grant? How it affects student loan forgiveness
Jitze Couperus // Flickr
- Number of borrowers: 132,900
- Average loan balance per borrower: $32,459
In Montana, medical professionals can receive up to $15,000 a year by working in certain areas in the state through the Montana State Loan Repayment Program.
Jitze Couperus // Flickr
- Number of borrowers: 132,900
- Average loan balance per borrower: $32,459
In Montana, medical professionals can receive up to $15,000 a year by working in certain areas in the state through the Montana State Loan Repayment Program.
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What’s a Pell grant? How it affects student loan forgiveness
Eugene Kim // Flickr
- Number of borrowers: 215,500
- Average loan balance per borrower: $32,944
For students at risk of defaulting on loans, New Mexico offers student loan forgiveness and consolidation of debt. Doctors and nurses who help address the health care shortage in New Mexico can qualify for no-interest loans and other benefits.
Eugene Kim // Flickr
- Number of borrowers: 215,500
- Average loan balance per borrower: $32,944
For students at risk of defaulting on loans, New Mexico offers student loan forgiveness and consolidation of debt. Doctors and nurses who help address the health care shortage in New Mexico can qualify for no-interest loans and other benefits.
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What’s a Pell grant? How it affects student loan forgiveness
Larry D. Moore // Wikimedia Commons
- Number of borrowers: 3,759,300
- Average loan balance per borrower: $32,998
A 2019 study by Southern Methodist University found that Black and Hispanic students in Texas borrow more than white students on average: $7,124 more for Black students and $453 for Hispanic students; meanwhile, Asian students borrow $3,155 less.
Larry D. Moore // Wikimedia Commons
- Number of borrowers: 3,759,300
- Average loan balance per borrower: $32,998
A 2019 study by Southern Methodist University found that Black and Hispanic students in Texas borrow more than white students on average: $7,124 more for Black students and $453 for Hispanic students; meanwhile, Asian students borrow $3,155 less.
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What’s a Pell grant? How it affects student loan forgiveness
Millyard800 // Wikimedia Commons
- Number of borrowers: 219,000
- Average loan balance per borrower: $33,094
New Hampshire offers student loan forgiveness to primary care doctors, dentists, and other health care providers, with the goal of drawing them to underserved or low-income areas. It also offers help to lawyers working for nonprofit organizations.
Millyard800 // Wikimedia Commons
- Number of borrowers: 219,000
- Average loan balance per borrower: $33,094
New Hampshire offers student loan forgiveness to primary care doctors, dentists, and other health care providers, with the goal of drawing them to underserved or low-income areas. It also offers help to lawyers working for nonprofit organizations.
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What’s a Pell grant? How it affects student loan forgiveness
Tom Ipri // Flickr
- Number of borrowers: 588,800
- Average loan balance per borrower: $33,155
By the end of 2021, Kentucky had a student loan delinquency rate of 10%, putting it among the top five states with the highest delinquency rates in the country. Kentucky has a loan repayment program for health care professionals who work in rural and underserved areas.
Tom Ipri // Flickr
- Number of borrowers: 588,800
- Average loan balance per borrower: $33,155
By the end of 2021, Kentucky had a student loan delinquency rate of 10%, putting it among the top five states with the highest delinquency rates in the country. Kentucky has a loan repayment program for health care professionals who work in rural and underserved areas.
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What’s a Pell grant? How it affects student loan forgiveness
August Schwerdfeger // Flickr
August Schwerdfeger // Flickr
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What’s a Pell grant? How it affects student loan forgiveness
Jaren Wilkey // Wikimedia Commons
Jaren Wilkey // Wikimedia Commons
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What’s a Pell grant? How it affects student loan forgiveness
Jalnet2 // Wikimedia Commons
- Number of borrowers: 203,200
- Average loan balance per borrower: $33,584
On average, Maine college graduates owed more than $33,500 each in student loans. The state offers student debt relief to graduates who live and work there under the Educational Opportunity Tax Credit.
Jalnet2 // Wikimedia Commons
- Number of borrowers: 203,200
- Average loan balance per borrower: $33,584
On average, Maine college graduates owed more than $33,500 each in student loans. The state offers student debt relief to graduates who live and work there under the Educational Opportunity Tax Credit.
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What’s a Pell grant? How it affects student loan forgiveness
Tnricci // Wikimedia Commons
- Number of borrowers: 153,200
- Average loan balance per borrower: $33,838
The Rhode Island Student Loan Authority offers low-cost student loans, refinancing choices, and free tools to find internships and scholarships. In 2019, it enacted a Student Loan Bill of Rights to make sure borrowers are treated fairly.
Tnricci // Wikimedia Commons
- Number of borrowers: 153,200
- Average loan balance per borrower: $33,838
The Rhode Island Student Loan Authority offers low-cost student loans, refinancing choices, and free tools to find internships and scholarships. In 2019, it enacted a Student Loan Bill of Rights to make sure borrowers are treated fairly.
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What’s a Pell grant? How it affects student loan forgiveness
Nightryder84 // Wikimedia Commons
- Number of borrowers: 395,200
- Average loan balance per borrower: $33,954
Kansas offers loan repayment relief to students who will live in rural areas, are health care professionals, and are primary care or psychiatry residents through its Bridging Plan.
Nightryder84 // Wikimedia Commons
- Number of borrowers: 395,200
- Average loan balance per borrower: $33,954
Kansas offers loan repayment relief to students who will live in rural areas, are health care professionals, and are primary care or psychiatry residents through its Bridging Plan.
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What’s a Pell grant? How it affects student loan forgiveness
Apstrinka // Wikimedia Commons
- Number of borrowers: 219,400
- Average loan balance per borrower: $34,196
Idaho provides loan forgiveness programs for those working in areas short on health professionals. This includes physicians, clinicians, and nurses in rural and underserved areas. Idaho students owe, on average, $34,196.
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Apstrinka // Wikimedia Commons
- Number of borrowers: 219,400
- Average loan balance per borrower: $34,196
Idaho provides loan forgiveness programs for those working in areas short on health professionals. This includes physicians, clinicians, and nurses in rural and underserved areas. Idaho students owe, on average, $34,196.
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What’s a Pell grant? How it affects student loan forgiveness
The University of Vermont // Flickr
- Number of borrowers: 96,300
- Average loan balance per borrower: $34,595
Vermont has the highest number of student loan borrowers who are 50 or older, according to a 2019 WalletHub study. Student loan debt there averaged $34,595 per borrower by the end of 2021—about $5000 more than the national average.Â
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The University of Vermont // Flickr
- Number of borrowers: 96,300
- Average loan balance per borrower: $34,595
Vermont has the highest number of student loan borrowers who are 50 or older, according to a 2019 WalletHub study. Student loan debt there averaged $34,595 per borrower by the end of 2021—about $5000 more than the national average.Â
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What’s a Pell grant? How it affects student loan forgiveness
Vreed // Wikimedia Commons
- Number of borrowers: 123,600
- Average loan balance per borrower: $34,608
The 10 campuses of the University of Hawaii are considered affordable, with in-state tuition at the three four-year schools below the national average. The state also has programs to keep costs down—namely the Hawaii Promise scholarship program for community college students and the Hawaii State Loan Repayment Program, which provides grants to health care professionals who fill geographic shortages.
Vreed // Wikimedia Commons
- Number of borrowers: 123,600
- Average loan balance per borrower: $34,608
The 10 campuses of the University of Hawaii are considered affordable, with in-state tuition at the three four-year schools below the national average. The state also has programs to keep costs down—namely the Hawaii Promise scholarship program for community college students and the Hawaii State Loan Repayment Program, which provides grants to health care professionals who fill geographic shortages.
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What’s a Pell grant? How it affects student loan forgiveness
Louisiana Travel // Flickr
- Number of borrowers: 644,600
- Average loan balance per borrower: $34,839
In 2022, Louisiana reported that more than half of its high school graduates were eligible for state scholarships for college. The state's FY23 budget also includes a 12% increase in funding for higher education.
Louisiana Travel // Flickr
- Number of borrowers: 644,600
- Average loan balance per borrower: $34,839
In 2022, Louisiana reported that more than half of its high school graduates were eligible for state scholarships for college. The state's FY23 budget also includes a 12% increase in funding for higher education.
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What’s a Pell grant? How it affects student loan forgiveness
Joe Mabel // Wikimedia Commons
- Number of borrowers: 816,900
- Average loan balance per borrower: $34,846
The Student Loan Survival Guide, published by the Washington attorney general's office, offers links to resources for financing higher education to every high school student considering college loans and former college students who struggled with the cost of school.
Joe Mabel // Wikimedia Commons
- Number of borrowers: 816,900
- Average loan balance per borrower: $34,846
The Student Loan Survival Guide, published by the Washington attorney general's office, offers links to resources for financing higher education to every high school student considering college loans and former college students who struggled with the cost of school.
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What’s a Pell grant? How it affects student loan forgiveness
Adam Procter // Flickr
- Number of borrowers: 829,100
- Average loan balance per borrower: $35,095
In Missouri, 58% of graduates had student loan debt in 2017, and they owed an average of $28,650. By the end of 2021, borrowers owed more than $35,000 each on average. The state offers student loan forgiveness to some employees of government agencies or nonprofit organizations.
Adam Procter // Flickr
- Number of borrowers: 829,100
- Average loan balance per borrower: $35,095
In Missouri, 58% of graduates had student loan debt in 2017, and they owed an average of $28,650. By the end of 2021, borrowers owed more than $35,000 each on average. The state offers student loan forgiveness to some employees of government agencies or nonprofit organizations.
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What’s a Pell grant? How it affects student loan forgiveness
shidairyproduct // Flickr
- Number of borrowers: 2,032,400
- Average loan balance per borrower: $35,349
With its borrowers owing more than $35,000 each on average, Pennsylvania has some of the highest student debt in the country. It hovers around the middle of the pack for delinquency rate, though, at 7.2%
shidairyproduct // Flickr
- Number of borrowers: 2,032,400
- Average loan balance per borrower: $35,349
With its borrowers owing more than $35,000 each on average, Pennsylvania has some of the highest student debt in the country. It hovers around the middle of the pack for delinquency rate, though, at 7.2%
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What’s a Pell grant? How it affects student loan forgiveness
John Phelan // Wikimedia Commons
- Number of borrowers: 1,046,800
- Average loan balance per borrower: $35,400
In 2021, Massachusetts put into place a Student Borrowers Bill of Rights and appointed a Student Loan Ombudsman in order to protect student borrowers.Â
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John Phelan // Wikimedia Commons
- Number of borrowers: 1,046,800
- Average loan balance per borrower: $35,400
In 2021, Massachusetts put into place a Student Borrowers Bill of Rights and appointed a Student Loan Ombudsman in order to protect student borrowers.Â
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What’s a Pell grant? How it affects student loan forgiveness
Ken L. // Wikimedia Commons
- Number of borrowers: 351,300
- Average loan balance per borrower: $35,688
Nevada State College provides students with access to a financial literacy program. Still, in the last quarter of 2021, the state's loan delinquency rate was the fifth-highest in the nation.Â
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Ken L. // Wikimedia Commons
- Number of borrowers: 351,300
- Average loan balance per borrower: $35,688
Nevada State College provides students with access to a financial literacy program. Still, in the last quarter of 2021, the state's loan delinquency rate was the fifth-highest in the nation.Â
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What’s a Pell grant? How it affects student loan forgiveness
Michael Barera // Wikimedia Commons
- Number of borrowers: 1,810,900
- Average loan balance per borrower: $35,806
Ohio offers a variety of repayment programs for doctors, dentists, and other health care providers, including the Ohio Department of Health State Loan Repayment Program, the Ohio Physician Loan Repayment Program, the Ohio Dentist and Dental Hygienist Loan Repayment Program, and the Nurse Education Assistance Loan Program.
Michael Barera // Wikimedia Commons
- Number of borrowers: 1,810,900
- Average loan balance per borrower: $35,806
Ohio offers a variety of repayment programs for doctors, dentists, and other health care providers, including the Ohio Department of Health State Loan Repayment Program, the Ohio Physician Loan Repayment Program, the Ohio Dentist and Dental Hygienist Loan Repayment Program, and the Nurse Education Assistance Loan Program.
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What’s a Pell grant? How it affects student loan forgiveness
Nightryder84 // Wikimedia Commons
- Number of borrowers: 872,000
- Average loan balance per borrower: $36,155
Tennessee offers a loan forgiveness program for state residents who are registered nurses that agree to become administrators or teachers in nursing education programs. It also offers a Minority Teaching Fellows Program that grants $5000 per year for qualified students pursuing teacher certification at an eligible Tennessee college.Â
Nightryder84 // Wikimedia Commons
- Number of borrowers: 872,000
- Average loan balance per borrower: $36,155
Tennessee offers a loan forgiveness program for state residents who are registered nurses that agree to become administrators or teachers in nursing education programs. It also offers a Minority Teaching Fellows Program that grants $5000 per year for qualified students pursuing teacher certification at an eligible Tennessee college.Â
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What’s a Pell grant? How it affects student loan forgiveness
AndrewHorne // Wikimedia Commons
- Number of borrowers: 1,430,900
- Average loan balance per borrower: $36,221
Michigan places fifth in student loan debt as a percentage of income, according to a 2019 WalletHub study. The state offers scholarships or loan forgiveness programs for teachers, nurses, doctors, dentists, and other health care professionals.
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AndrewHorne // Wikimedia Commons
- Number of borrowers: 1,430,900
- Average loan balance per borrower: $36,221
Michigan places fifth in student loan debt as a percentage of income, according to a 2019 WalletHub study. The state offers scholarships or loan forgiveness programs for teachers, nurses, doctors, dentists, and other health care professionals.
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What’s a Pell grant? How it affects student loan forgiveness
Adam Jones Ph.D. // Wikicommons
- Number of borrowers: 414,300
- Average loan balance per borrower: $36,366
Mississippi offers forgivable loans to nurses and teachers in undergraduate programs and to counselors, school administrators, dyslexia therapists, and speech pathologists in graduate programs.
Adam Jones Ph.D. // Wikicommons
- Number of borrowers: 414,300
- Average loan balance per borrower: $36,366
Mississippi offers forgivable loans to nurses and teachers in undergraduate programs and to counselors, school administrators, dyslexia therapists, and speech pathologists in graduate programs.
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What’s a Pell grant? How it affects student loan forgiveness
Daderot // Wikimedia Commons
- Number of borrowers: 542,800
- Average loan balance per borrower: $36,391
In April 2020, Connecticut's governor announced that in collaboration with other states, Connecticut had reached an agreement for relief for some privately held student loans. The state also offers a Minority Teacher Incentive program that provides grants to students and loan reimbursement of up to $2,500 a year for participants who become teachers for Connecticut's public school system.
Daderot // Wikimedia Commons
- Number of borrowers: 542,800
- Average loan balance per borrower: $36,391
In April 2020, Connecticut's governor announced that in collaboration with other states, Connecticut had reached an agreement for relief for some privately held student loans. The state also offers a Minority Teacher Incentive program that provides grants to students and loan reimbursement of up to $2,500 a year for participants who become teachers for Connecticut's public school system.
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What’s a Pell grant? How it affects student loan forgiveness
Wars // Wikimedia Commons
- Number of borrowers: 872,600
- Average loan balance per borrower: $36,682
The student loan delinquency rate for borrowers in Arizona was 8.7% at the end of 2021—down 3% from the previous year. The state has a few loan repayment programs for teachers and qualified borrowers working in health services.
Wars // Wikimedia Commons
- Number of borrowers: 872,600
- Average loan balance per borrower: $36,682
The student loan delinquency rate for borrowers in Arizona was 8.7% at the end of 2021—down 3% from the previous year. The state has a few loan repayment programs for teachers and qualified borrowers working in health services.
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What’s a Pell grant? How it affects student loan forgiveness
Dfscgt21 // Wikimedia Commons
- Number of borrowers: 745,500
- Average loan balance per borrower: $36,698
A WalletHub study in 2019 found that South Carolina ranked fourth for debt as a percentage of income in the U.S. The state offers several types of loans and loan forgiveness programs for students pursuing the teaching profession and graduates serving as teachers. Â
Dfscgt21 // Wikimedia Commons
- Number of borrowers: 745,500
- Average loan balance per borrower: $36,698
A WalletHub study in 2019 found that South Carolina ranked fourth for debt as a percentage of income in the U.S. The state offers several types of loans and loan forgiveness programs for students pursuing the teaching profession and graduates serving as teachers. Â
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What’s a Pell grant? How it affects student loan forgiveness
Lacwal12 // Wikimedia Commons
- Number of borrowers: 1,339,800
- Average loan balance per borrower: $37,003
Although New Jersey borrowers owe more than borrowers in 36 other states as of the last quarter of 2021, the state has a borrower delinquency rate of just 5.8%—which is better than 37 other states. The state also offers loan redemption programs for borrowers in specific professions, including lawyers, nursing instructors, and primary care health providers.Â
Lacwal12 // Wikimedia Commons
- Number of borrowers: 1,339,800
- Average loan balance per borrower: $37,003
Although New Jersey borrowers owe more than borrowers in 36 other states as of the last quarter of 2021, the state has a borrower delinquency rate of just 5.8%—which is better than 37 other states. The state also offers loan redemption programs for borrowers in specific professions, including lawyers, nursing instructors, and primary care health providers.Â
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What’s a Pell grant? How it affects student loan forgiveness
Cooopersmith // Wikimedia Commons
- Number of borrowers: 804,300
- Average loan balance per borrower: $37,235
Colorado is more reliant on tuition than other states. In fact, 70% of funding for higher education in the state comes from tuition; the national average is 46.6%. This policy forces many students in Colorado to borrow.Â
Cooopersmith // Wikimedia Commons
- Number of borrowers: 804,300
- Average loan balance per borrower: $37,235
Colorado is more reliant on tuition than other states. In fact, 70% of funding for higher education in the state comes from tuition; the national average is 46.6%. This policy forces many students in Colorado to borrow.Â
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What’s a Pell grant? How it affects student loan forgiveness
Caroline Culler // Wikimedia Commons
Caroline Culler // Wikimedia Commons
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What’s a Pell grant? How it affects student loan forgiveness
Deutschlandreform // Wikimedia Commons
- Number of borrowers: 615,800
- Average loan balance per borrower: $37,730
Alabama ranks in the top states for rising student debt over five years, according to an Experian analysis in 2019, and 50.3% of borrowers are under age 35. The state offers a student grant program for qualified applicants that attend one of 12 participating colleges.Â
Deutschlandreform // Wikimedia Commons
- Number of borrowers: 615,800
- Average loan balance per borrower: $37,730
Alabama ranks in the top states for rising student debt over five years, according to an Experian analysis in 2019, and 50.3% of borrowers are under age 35. The state offers a student grant program for qualified applicants that attend one of 12 participating colleges.Â
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What’s a Pell grant? How it affects student loan forgiveness
Michael Camilleri // Flickr
- Number of borrowers: 4,021,200
- Average loan balance per borrower: $37,783
In September 2020, California's governor signed the Student Borrower Bill of Rights into law. The law helps students participate in loan repayment and forgiveness programs. The California State Loan Repayment Program offers relief to doctors, nurses, midwives, pharmacists, and other health care providers who will practice in areas of the state where they are most needed.
Michael Camilleri // Flickr
- Number of borrowers: 4,021,200
- Average loan balance per borrower: $37,783
In September 2020, California's governor signed the Student Borrower Bill of Rights into law. The law helps students participate in loan repayment and forgiveness programs. The California State Loan Repayment Program offers relief to doctors, nurses, midwives, pharmacists, and other health care providers who will practice in areas of the state where they are most needed.
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What’s a Pell grant? How it affects student loan forgiveness
Ibrahim Old // Wikimedia Commons
- Number of borrowers: 1,713,900
- Average loan balance per borrower: $37,869
College loans in Illinois can be refinanced at low interest rates by the Illinois Treasurer's Office under the Illinois Student Loan Investment Act passed in 2019. Some 17% of the state's population has student loan debt. Its balance per borrower is nearing $40,000 —which is among the top 10 highest.Â
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Ibrahim Old // Wikimedia Commons
- Number of borrowers: 1,713,900
- Average loan balance per borrower: $37,869
College loans in Illinois can be refinanced at low interest rates by the Illinois Treasurer's Office under the Illinois Student Loan Investment Act passed in 2019. Some 17% of the state's population has student loan debt. Its balance per borrower is nearing $40,000 —which is among the top 10 highest.Â
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What’s a Pell grant? How it affects student loan forgiveness
Don Hankins // Flickr
- Number of borrowers: 556,000
- Average loan balance per borrower: $38,248
Oregon's borrower delinquency rate was 8.3% as of the end of 2021—down three percent from the previous year. The state offers forgiveness and incentive programs for health care providers and lawyers.Â
Don Hankins // Flickr
- Number of borrowers: 556,000
- Average loan balance per borrower: $38,248
Oregon's borrower delinquency rate was 8.3% as of the end of 2021—down three percent from the previous year. The state offers forgiveness and incentive programs for health care providers and lawyers.Â
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What’s a Pell grant? How it affects student loan forgiveness
Jackson Myers // Flickr
- Number of borrowers: 2,646,400
- Average loan balance per borrower: $38,653
Florida passed a law in 2020 to protect graduates' professional licenses if they defaulted on their loans; prior to the passage of this law, graduates could have professional licenses revoked for failing to pay their student loans. Florida also has forgiveness programs for different professions, including the law and nursing fields.Â
Jackson Myers // Flickr
- Number of borrowers: 2,646,400
- Average loan balance per borrower: $38,653
Florida passed a law in 2020 to protect graduates' professional licenses if they defaulted on their loans; prior to the passage of this law, graduates could have professional licenses revoked for failing to pay their student loans. Florida also has forgiveness programs for different professions, including the law and nursing fields.Â
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What’s a Pell grant? How it affects student loan forgiveness
InSapphoWeTrust // Flickr
- Number of borrowers: 2,579,600
- Average loan balance per borrower: $38,668
College graduates of an approved New York State college or university who agree to operate a farm in the state full time for five years can obtain loan forgiveness under a young farmers program. The state has forgiveness programs for a number of other professions as well.Â
InSapphoWeTrust // Flickr
- Number of borrowers: 2,579,600
- Average loan balance per borrower: $38,668
College graduates of an approved New York State college or university who agree to operate a farm in the state full time for five years can obtain loan forgiveness under a young farmers program. The state has forgiveness programs for a number of other professions as well.Â
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What’s a Pell grant? How it affects student loan forgiveness
Aaron Josephson // Wikimedia Commons
- Number of borrowers: 1,143,200
- Average loan balance per borrower: $39,001
Among Virginia's graduates, 57% had student loan debt, according to a 2019 report from the nonprofit The Institute for College Access and Success. In 2021, the state passed a bill of rights for student borrowers.
Aaron Josephson // Wikimedia Commons
- Number of borrowers: 1,143,200
- Average loan balance per borrower: $39,001
Among Virginia's graduates, 57% had student loan debt, according to a 2019 report from the nonprofit The Institute for College Access and Success. In 2021, the state passed a bill of rights for student borrowers.
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What’s a Pell grant? How it affects student loan forgiveness
Artstuffmatters // Wikimedia Commons
- Number of borrowers: 137,300
- Average loan balance per borrower: $39,238
Delaware's average debt per borrower is among the highest in the country; only Georgia, Maryland, and Washington D.C. surpass it. Delaware's student loan repayment program helps to offset this burden.Â
Artstuffmatters // Wikimedia Commons
- Number of borrowers: 137,300
- Average loan balance per borrower: $39,238
Delaware's average debt per borrower is among the highest in the country; only Georgia, Maryland, and Washington D.C. surpass it. Delaware's student loan repayment program helps to offset this burden.Â
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What’s a Pell grant? How it affects student loan forgiveness
Daniel Mayer // Wikimedia Commons
- Number of borrowers: 1,641,600
- Average loan balance per borrower: $41,826
In Georgia, 56% of the graduating class of 2020 had student loan debt. The average loan balance per borrower is especially high in the state, considering that 79% of students attended public colleges which are usually less expensive than private colleges.Â
Daniel Mayer // Wikimedia Commons
- Number of borrowers: 1,641,600
- Average loan balance per borrower: $41,826
In Georgia, 56% of the graduating class of 2020 had student loan debt. The average loan balance per borrower is especially high in the state, considering that 79% of students attended public colleges which are usually less expensive than private colleges.Â
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What’s a Pell grant? How it affects student loan forgiveness
Bgervais // Wikimedia Commons
- Number of borrowers: 864,700
- Average loan balance per borrower: $42,543
Only Washington D.C. has an average loan balance per borrower higher than Maryland. But the state offers a Loan Debt Relief Tax Credit for borrowers who took out at least $20,000 in loans and have at least $5,000 in debt still outstanding.Â
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Bgervais // Wikimedia Commons
- Number of borrowers: 864,700
- Average loan balance per borrower: $42,543
Only Washington D.C. has an average loan balance per borrower higher than Maryland. But the state offers a Loan Debt Relief Tax Credit for borrowers who took out at least $20,000 in loans and have at least $5,000 in debt still outstanding.Â
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What’s a Pell grant? How it affects student loan forgiveness
Daderot // Wikimedia Commons
- Number of borrowers: 125,000
- Average loan balance per borrower: $53,769
The District of Columbia's ombudsman and its Department of Insurance, Securities, and Banking help students minimize their debt. The district's attorney general's office has also compiled a web page of student loan repayment resources. Even so, Washington D.C. borrowers have the highest average loan balance in the country.Â
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Daderot // Wikimedia Commons
- Number of borrowers: 125,000
- Average loan balance per borrower: $53,769
The District of Columbia's ombudsman and its Department of Insurance, Securities, and Banking help students minimize their debt. The district's attorney general's office has also compiled a web page of student loan repayment resources. Even so, Washington D.C. borrowers have the highest average loan balance in the country.Â
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