Kentucky Student Loan Debt and Financial Aid Statistics

Kentucky Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Kentucky

  • Kentucky has the 27th highest student loan debt of any state in the country
  • The total student loan debt for residents of Kentucky is $19.7 billion
  • Kentucky has the 26th most residents with student loan debt
  • There are 601,000 people who live in Kentucky that have student loan debt
  • 13.33% of the population hold student loan debt
  • The average student loan debt in Kentucky is $32,779
  • This is the 41st-largest average student loan debt of any state
  • 51.40% of the borrowers are under the age of 35

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

  • In Kentucky, the average borrower has a student loan debt of $32,779
  • This is $5,008 below the national average of $37,787
  • It’s the 41st-largest average student loan debt per borrower of any state in the country
  • Despite the average owed being $32,779 the amount owed by different people can change significantly:
    • 17.20% owe less than $5,000
    • 21.70% owe between $20,000 and $40,000
    • 1.40% owe more than $200,000

How much do Kentucky residents borrow each year?

  • 37.20% of undergraduates in Kentucky take out student loans to pay for tuition fees and living costs
  • This is the 24th-highest state in the country
  • 20.30% of undergraduates at 2-year colleges take students loans
  • On average they are awarded $5,324 per year to cover their costs
  • 46.70% of students at 4-year colleges take out student loans
  • Four-year college students are awarded $6,770 per year on average

State-level financial aid for students in Kentucky

  • Kentucky has the 17th-largest student financial aid budget of any state in the country
  • Kentucky spends $258.1 million per year of state funds on student financial aid
  • This works out to around 0.44% of the Gross State Product (GSP)
  • This makes Kentucky the state that spends the 25th-largest percentage of the state GSP on student financial aid
  • This works out to around $1,615 per undergraduate student
  • This makes Kentucky the state that spends the 8th most per undergraduate student of any state