Arizona Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Arizona

  • Arizona residents owe a total of $31.4 billion in student loan debts
  • This is the 14th largest total debt of all 50 states plus Arizona DC and Puerto Rico
  • And the average debt per borrower of $35,396 is the 23rd largest average student debt per borrower in the country – $2,391 below the national average
  • A total of 887,000 people in Arizona hold student debt making Arizona the state with the  15th highest number of borrowers in the country. 
  • This is only 12.19% of the population of Arizona – making Arizona the state with the 38th most student loan borrowers per capita.
  • Of these borrowers, 47.70% are under the age of 35 – the 48th lowest in the country with only Oklahoma, Oregon, and New Mexico having fewer borrowers under the age of 35.

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

  • The average student loan debt for borrowers who are Arizona residents is $35,396
  • This makes Arizona the state with the 23rd-largest average student loan debt 
  • The average student debt in Arizona is $35,396 – $2,391 below the national average of $37,721
  • Within this average, the amount owed by Arizona residents varies greatly:
    • 17.10% of borrowers owe less than $5k
    • 20.10% of borrowers owe between $20k and $40k
    • 2.20% of borrowers owe more than $200k

How much do Arizona residents borrow each year?

  • 35.20% of Arizona undergraduate students take out federal student loans – this is the 32nd highest in the country
  • For those at 2-year colleges, 11.90% of students chose to take student loans – that’s 43rd in the country
  • They were approved to get $4,685 per year on average
  • This is the 42nd most per student at 2-year colleges of any state
  • More students at 4-year schools take out student loans – 49.40% receive student loans
  • This is 14th most out of the 50 states and DC. 
  • These students are awarded $7,650 per year on average – the 2nd most in the country.

State-level financial aid for students in Arizona 

  • Arizona is the state that spends the 37th most state funds on financial aid for students
  • In total, Arizona spends $28.6 million on state-level financial aid programs per year
  • This works out at around 0.22% of the gross state product (GSP)
  • While Arizona has the nation’s 37th largest budget for student financial aid, it only ranks 49th as a percentage of GSP
  • This works out at around $76 per undergraduate student in the state – the 14th most of any state in the country
  • Just over $28.2 million is distributed to students in the form of grants meaning that none of this amount is repaid. 
  • The remaining $0.4 million is distributed between some other programs – some of which may be due to be repaid.