Pennsylvania Student Loan Debt and Financial Aid Statistics

Pennsylvania Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Pennsylvania

  • Pennsylvania residents owe a total of $64.5 billion in student loan debts
  • This is the 6th largest total debt of all 50 states plus Washington DC and Puerto Rico
  • Although the average debt per borrower of $35,385 is the 24th largest average student debt per borrower in the country
  • A total of 1.822 million people in Pennsylvania hold student debt making Pennsylvania the state with the fifth-highest number of borrowers in the country. 
  • However, this is only 14.06% of the population of Pennsylvania – placing Pennsylvania in 7th position when it comes to the percentage of student loan borrowers per capita — just behind Mississippi, Louisiana and South Carolina.
  • Of these borrowers, 58.20% are under the age of 35 – this is the 7th most borrowers under the age of 50 in all the states.

How much student loan debt does the average Pennsylvania resident have?

  • This makes Pennsylvania the state with the 24th-largest average student loan debt 
  • The average student debt in Pennsylvania is 6.36% less than the national average of $37,787 – by $2,402
  • Within this average, the amount owed by Pennsylvanians varies greatly:
    • 14.90% of borrowers owe less than $5k
    • 24.00% of borrowers owe between $20k and $40k
    • 2.00% of borrowers owe more than $200k
  • Pennsylvania has the 4th highest percentage of borrowers that owe between $20,000 and $40,000 in student loans

How much do Pennsylvania residents borrow each year?

  • 52.50% of Pennsylvania undergraduate students take out federal student loans
  • This is the 2nd highest percentage of undergraduates taking loans of any state in the country
  • For those at 2-year colleges, only 36.30% of students chose to take student loans – that’s 9th highest in the country
  • They were approved to get $5,982 per year on average
  • This is the 15th most per student at 2-year colleges of any state
  • Even more students at 4-year schools take out student loans – 58% receive student loans
  • This is 2nd most out of the 50 states and DC. 
  • These students are awarded $6,835 per year on average – ranking 23rd in the country.

State-level financial aid for students in Pennsylvania 

  • Pennsylvania is the state that spends the 10th most state funds on financial aid for students
  • In total, Pennsylvania spends $416.2 million on state-level financial aid programs per year
  • This works out at around 0.22% of the gross state product (GSP)
  • While Pennsylvania has the nation’s 10th largest budget for student financial aid, it only ranks 36th as a percentage of GSP
  • This works out at around $1,010 per undergraduate student in the state – the 18th most of any state in the country
  • Just over $389.5 million is distributed to students in the form of grants meaning that none of this amount is repaid. 
  • The remaining $26.7 million is distributed between some other programs – some of which may be due to be repaid.