Louisiana Student Loan Debt and Financial Aid Statistics

Louisiana Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Louisiana

  • Louisiana has a total student loan debt of $22.5 billion
  • This is the 25th largest student loan debt in the country
  • 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
  • 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