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