Maryland Student Loan Debt and Financial Aid Statistics

Maryland Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Maryland

  • Maryland has the 13th highest student loan debt in the country
  • Residents of Maryland owe a total of $35.9 billion 
  • Maryland has the 2nd highest average student loan debt in the country at $42,861
  • This can in part be attributed to Maryland’s proximity to Washington DC and the qualified number of lawyers who live in Maryland and commute to DC
  • 837,600 Maryland residents have student loan debt – the 17th most of any state in the country
  • This is 13.59% of Maryland’s population
  • Just over half of Maryland residents with student loan debt are under the age of 35

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

  • The average Maryland resident owes $42,861
  • This is $5,074 above the national average and the 2nd highest amount of any state in the country
  • In part, this is due to the number of government employees who have law degrees and Maryland’s close proximity to Washington DC
  • This is borne out by the fact that 3.20% of borrowers owe more than $200,000 – the 2nd most of any state or territory after Washington DC
  • At the other end of the scale, Maryland has the 3rd lowest percentage of borrowers that owe less than $5,000 at 14.00%
  • 20.70% of borrowers owe between $20,000 and $40,000

How much do Maryland residents borrow each year?

  • 29.20% of Maryland undergraduate students take student loans
  • At two-year colleges, this number is 13.40%
  • On average, they are awarded $5,752 per year on average
  • At four-year colleges, they are awarded $6,974 per year on average
  • 38.40% of undergraduates at 4-year colleges take student loans to pay for college

State-level financial aid for students in Maryland

  • Maryland spends $108.2 on student financial aid per year
  • That makes Maryland the state with the 30th-largest budget for financial aid
  • This equates to $548 per undergraduate student or 0.48% of Maryland’s gross state product (GSP)
  • Of the $108.2 million, $102.1 million is given out to students in the form of grants that do not need to be repaid
  • The rest ($6.1 million) is distributed in the form of loans that may or may not need to be repaid by students at some point in the future

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