Florida Student Loan Debt and Financial Aid Statistics

Florida Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Florida

  • Florida residents owe a total of $100.9 billion in student loan debts
  • This is the 3rd largest total debt of all 50 states plus Washington DC and Puerto Rico
  • Although the average debt per borrower of $38,459 is the 5th largest average student debt per borrower in the country
  • A total of 2.623 million people in Florida hold student debt making Florida the state with the third-highest number of borrowers in the country. 
  • However, this is only 12.05% of the population of Florida – placing Florida in 39th position when it comes to the percentage of student loan borrowers per capita.
  • Of these borrowers, 47.80% are under the age of 35.

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

  • The average student loan debt for borrowers who are Florida residents is $38,459
  • This makes Florida the state with the 5th-largest average student loan debt 
  • The average student debt in Florida is slightly higher than the national average of $37,787 – by $672
  • Within this average, the amount owed by Floridians varies greatly:
    • 15.70% of borrowers owe less than $5k
    • 20.70% of borrowers owe between $20k and $40k
    • 2.70% of borrowers owe more than $200k
  • Florida has the 5th highest percentage of borrowers that owe more than $200,000 in student loans

How much do Florida residents borrow each year?

  • 30.40% of Florida undergraduate students take out federal student loans
  • Florida comes 40th in the percentage of undergraduates choosing to take or qualifying for federal student loans
  • For those at 2-year colleges, almost half (43.60%) of students chose to take student loans – the 6th highest % of any state
  • They were approved to get $6,807 per year on average
  • This is the 3rd most per student at 2-year colleges of any state
  • The trend flips for students at 4-year schools – 28.20% receive student loans
  • This is 47th out of the 50 states and DC. 
  • These students are awarded $6,999 per year on average – the 12th most in the country.

State-level financial aid for students in Florida 

  • Florida is the state that spends the 4th most state funds on financial aid for students
  • In total, Florida spends $1.01 billion on state-level financial aid programs per year
  • This works out at around 0.39% of the gross state product (GSP)
  • While Florida has the nation’s 4th largest budget for student financial aid, it only ranks 30th as a percentage of GSP
  • This works out at around $440 per undergraduate student in the state – the 34th most of any state in the country
  • Just over $293 million is distributed to students in the form of grants meaning that none of this amount is repaid. 
  • The remaining $717 million is distributed between some other programs – some of which may be due to be repaid.