Connecticut Student Loan Debt and Financial Aid Statistics

Connecticut Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Connecticut

  • Residents of Connecticut have the 28th largest collective student loan debt of any state in the USA
  • Connecticut has a total student loan debt of $17.5 billion
  • The average borrower in Connecticut owes $35,162 – $2,625 below the national average of $37,787
  • This is the 25th highest of all the states in the USA
  • 497,700 people in the state of Connecticut have some kind of student loan debt
  • This makes Connecticut the state with the 28th most people with student loan debt
  • 13.80% of the population has student loan debt – the 10th highest percentage of any state, just behind Minnesota, Michigan, and Pennsylvania
  • 57.30% of the borrowers are under the age of 35

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

  • The average resident of Connecticut owes $35,162
  • This is the 25th highest amount of any state in the country
  • Connectocut residents on average owe $2,625 less than the average borrower with student loan debt across the nation
  • When looking at the brackets of how much residents owe:
    • 13.80% owe less than $5,000 – the 3rd lowest percentage of people owing this amount in any state
    • 23.20% owe between $20,000 and $40,000 – the 8th highest percentage of borrowers owing this amount
    • 2.10% owe more than $200,000

How much do Connecticut residents borrow each year?

  • 40.30% of undergraduates in Connecticut take out student loans each year
  • This is the 17th highest percentage in the country
  • At 2-year colleges in Connecticut this number falls to 8.90% – the 4th lowest in the country
  • At 4-year colleges the number jumps up to 52.30% – the 6th highest amount in the country
  • At 2-year schools, undergraduate students are awarded $6,226 on average per year – the 10th highest amount in any state
  • At 4-year schools this is $7,599 – the 3rd highest amount in the country

State-level financial aid for students in Connecticut

  • Connecticut has the 21st largest state budget for student financial aid
  • The state spends $148.7 million per year
  • This works out at $321 per undergraduate student – ranking 40th in spend per undergraduate student of all the states
  • This is 0.39% of the state GDP