Colorado Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Colorado

  • Colorado and its residents have a total student loan debt of $28.5 billion
  • This is the 19th largest student loan debt of any state in the country
  • The average amount owed by Colorado residents is $36,822
  • This is the 16th largest average amount owed by borrowers in the country
  • It’s $965 less than the national average of $37,787
  • Colorado has the 21st most residents with student loan debt with a total of 774,000
  • This is 13.32% – the state with the 18th highest percentage of the population with some kind of student loan debt
  • 52.20% of the borrowers are under the age of 35

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

  • Colorado residents with student loan debt owe $36,822 on average
  • This is below the national average of $37,787 by $965 and just less than Oregon and Mississippi
  • It also places Colorado borrowers in 16th place when considering how much debt the average borrower takes on to get through college
  • The amounts owed by Colorado residents varies:
    • 15.60% owe less than $5,000
    • 22.10% owe between $20,000 and $40,000
    • 2.20% owe more than $200,000

How much do Colorado residents borrow each year?

  • 34.30% of undergraduates in the state of Colorado take federal student loans each year to help them get through college
  • At 2-year schools, 31.50% of students take out student loans
  • This is the 10th highest amount of any state in the country
  • At 4-year colleges, 35.40% of students take out student loans
  • Normally, the rate of 2-year college students taking loans is significantly lower than 4-year college students but this doesn’t play out exactly the same way in Colorado
  • So where the number of 2-year students taking loans is 10th in the country, the percentage of students at 4-year schools taking out loans is 41st in the country
  • Those at 2-year colleges take out an average of $5,722 per year in Colorado
  • At 4-year colleges, this is $6,819 per year

State-level financial aid for students in Colorado

  • Colorado has the 18th largest budget for student financial aid 
  • The state spends $185.8 million per year
  • This is only 0.24% of the state’s GSP (Gross State Product) – the 4th lowest spend as a proportion of GSP in the country
  • $142.6 million of the $185.8 million that Colorado spends is shared out in the form of grants – generally meaning that this money is not due to be repaid
  • The rest of the money ($43.2 million) is distributed through other programs, some of which may be due for repayment