Indiana Student Loan Debt and Financial Aid Statistics
Federal student loan debt statistics in Indiana
- Indiana has the 17th largest student loan debt in the country
- The total owed by Indiana residents sits at $29.8 billion
- This is an average of $32,874 per borrower – making Indiana the state with the 39th-largest average
- 906,500 people who reside in Indiana have some kind of student debt
- This makes Indiana the state with the 13th most people with student loan debt — sandwiched between Virginia and Massachusetts
- This is 13.32% of the state’s population which places Indiana 17th when looking at the percentage of the population with student debt.
- 51.70% of borrowers are under the age of 35
How much student loan debt does the average Indiana resident have?
- Indiana residents have the 39th highest average student loan debt of all the states (+ Washington DC and Puerto Rico).
- The average of $32,874 per borrower is $4,913 below the national average
- Indiana has relatively few borrowers who owe very small amounts or very large amounts.
- 13.40% of borrowers in Indiana owe less than $5,000. This is the lowest of any state in the country but is slightly less than Washington DC (12.20%).
- 1.40% of borrowers in Indiana owe more than $200,000 – this is 43rd in the country
- 22.40% owe between $20,000 and $40,000
How much do Indiana residents borrow each year?
- 37.70% of undergraduates from Indiana choose to take student loans each year
- At two-year schools, this number falls down to 20.80%
- These students are awarded an average of $4,666 per year – the 6th lowest amount for students at 2-year colleges amongst the 50 states and Washington DC
- At four-year schools, 41.90% of undergraduates chose to take out student loans each year
- They are awarded $6,538 in loans each year. This is the 7th lowest of any state.
State-level financial aid for students in Indiana
- Indiana spends $373 million of state funds on financial aid for students each year – the 14th most of any state in the country
- This is approximately 0.48% of their Gross State Product (GSP) – 16th in the country
- It works out to around $1,165 per undergraduate student -15th in the country
- $326.6 of state financial aid is paid out in the form of grants that do not need to be repaid.
- $46.4 is paid to students through other means such as loans – some of this may be liable to be repaid