There are 651,700 residents with student loan debt in the state of Louisiana
This is 24th in the country in terms of raw numbers but when it comes to the percentage of the population with student loan debt Louisiana comes in 5th place
14.09% of the population of Lousiana hold student loan debt — behind only DC, Georgia, Ohio, and Mississippi
52.80% of the borrowers are under the age of 35
How much student loan debt does the average Louisiana resident have?
The average student loan debt for Louisiana residents is $34,525
This is the 27th largest average student loan debt in the country
It’s $3,262 below the national average student loan debt of $37,787
Despite the average owed being $34,525 the amount owed by different people can change significantly:
17.10% owe less than $5,000
19.80% owe between $20,000 and $40,000
1.90% owe more than $200,000
Louisiana has the 5th lowest proportion of borrowers owing from $20,000 to $40,000 of any state at 19.80%
How much do Louisiana residents borrow each year?
44.40% of Louisiana undergraduate students take out student loans each year
This is the 5th largest percentage of students of any state that take out student loans
At two-year schools, 41.20% of Louisiana students take out student loans
This is the 8th highest percentage of 2-year college students in the country
On average, they are awarded $6,148 per year in student loans
This is 12th largest amount of any state in the country that is given out to students at 2-year colleges
At 4-year colleges, 44.60% of undergraduate students in Louisiana takes out student loans
They take out $6,821 on average in student loans
State-level financial aid for students in Louisiana
On a state level, Louisiana spends a total of $331.8 million per year on student financial aid
This makes Louisiana the state that has the 15th largest budget in student financial aid
Louisiana spends approximately 0.45% of the state’s Gross State Product (GSP) on student financial aid
This is the 21st largest spend in the country as a percentage of GSP
It works out to approximately $1,632 per undergraduate student in the state
This is the 7th largest spend per student of any state
Only $28.4 million of the $331.8 million per year is given out in the form of needs-based grants
The remaining $303.4 million is given out through other programs – some of which may be due to be repaid in the future
