California residents owe a total of $141.8 billion in student loan debts
However, the average debt per borrower of $37,084
That is the 13th largest average student debt per borrower in the country
Meaning the main reason that California has the largest student loan debt in the country is the number of borrowers
California has the largest number of residents owing student loan debt at 3,823,700 people
This is only 9.74% of the population of California – placing California in 48th position when it comes to the percentage of student loan borrowers per capita.
Of these borrowers, 51.7% are under the age of 35.
How much student loan debt does the average Californian have?
California has the 13th largest amount owed per student at $37,084
This is $703 below the national average of $37,721 and places Californians between Alabama and Oregon with the 12th and 14th largest average debt per borrower respectively
Within this average, the amount owed by Calfornians varies greatly:
16% owe less than $5,000
20.20% owe between $20,000 and $40,000
2.90% owe more than $200,000
California has the 3rd highest percentage of borrowers that owe more than $200,000
How much do Californians borrow each year?
Only 16.5% of Californian undergraduate students take out student loans
This makes California the state with the lowest percentage of undergraduates choosing to take or qualifying for federal student loans
For those at 2-year colleges, this number falls way down to 3.5% and is again the lowest number in the country
However, those at 2-year schools who are approved get $6,702 per year on average – the 4th most per student at 2-year colleges of any state
Significantly more students at 4-year schools receive student loans at 29.2%
This still ranks 45th place out of the 50 states and DC.
These students are awarded $6,610 per year – the 38th most in the country.
State-level financial aid for students in California
California is the state that spends the most state funds on financial aid for students
In total, California spends $2.23 billion on state-level financial aid programs per year
This works out at around 0.48% of the gross state product (GSP)
While California has the nation’s largest budget for student financial aid, it only ranks 15th as a percentage of GSP
This works out at around $1,751 per undergraduate student in the state – the 6th most of any state in the country
The entire $2.23 billion is distributed to students in the form of grants meaning that none of this amount is repaid
