Student loan debt can linger for decades, draining income even into retirement and limiting savings and lifestyle choices.
Taxes and a high cost of living already consume a significant portion of household income, but past debt—particularly student loans—can take an additional toll. Before families can prioritize saving for retirement or enjoying discretionary spending like vacations, they often have to manage monthly payments that eat into what’s left of their earnings.
Although student loans can open the door to higher lifetime earnings, the burden of repayment can last for decades. Many borrowers are still carrying substantial balances well into their 60s, with some owing more than $40,000 even as they approach retirement.
Keeping this in mind, the study ranked states based on the average student loan balance per borrower. It also took into account loan balances by age group and the percentage of each state’s population carrying student debt.
Maryland ranks highest in the nation for average student loan debt, with borrowers owing an average of $43,867. Across the state, 844,600 residents collectively owe $37.05 billion in student loans. Overall, 13.7% of Maryland’s population carries student loan debt.
In North Dakota, the average student loan borrower carries a balance of $29,372—well below the national average. Among the state’s 89,200 residents with outstanding student debt, those between the ages of 35 and 49 hold the highest average balance at $40,310.
California has over $150 billion in outstanding student loan debt, spread across nearly 4 million borrowers. The average balance per borrower, including both principal and interest, stands at $38,354 — the 11th highest in the nation. Texas holds the second-largest total at $131 billion, followed by Florida with $108 billion and New York with $96 billion in student loan debt.
In three states, over 15% of the population carries student loan debt. Georgia leads the nation with the highest share, where 15.4% of residents have student loans and the average balance is $42,135. Mississippi follows closely, with 15.2% of its population affected, while Ohio ranks third at 15.1%.
