- Florida student loan borrowers have the third highest outstanding loan balances in the nation, behind only Maryland and Georgia
- The state ranks 18th overall in past due payments, with over eight percent in Florida late by 90 days or more
- Florida is home to more than 2.8 million who have student loan debt, also third highest in the nation
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 Florida, an estimated 2,665,400 people have outstanding student loan debt, and of them, 8.1% are at least 90 days past due on payments, compared to 7.5% of borrowers nationwide.
The average outstanding balance among borrowers in Florida of $38,700 is higher than the national average and the third highest among states.
All data in this story is from the Federal Reserve Bank of New York and is current as of 2021.
|Rank||State||Borrowers with 90+ days of past due payments (%)||Average outstanding student loan balance ($)||Number of borrowers|