Minnesota Student Loan Debt and Financial Aid Statistics

Minnesota Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Minnesota

  • Minnesota has a total student loan debt of $26.5 billion
  • This is the 22nd most of any state in the country (plus Puerto Rico and Washington DC)
  • The average debt for borrowers who live in Minnesota is $33,604 – this is the 33rd highest in the country
  • Minnesota has the 19th most residents of any state with student loan debt but the 9th highest percentage of the population with student loan debt of any state
  • There are 788,600 residents of Minnesota with student loan debt – this is 13.82% of the population which is just less than Pennsylvania and Michigan and slightly more than Connecticut
  • 57.80% of these borrowers are under the age of 35 – the 8th highest % under the age of 35 in the country

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

  • The average Minnesota borrower has a student loan debt of $33,604
  • This is $4,183 below the national average of $37,787
  • And is the 33rd-highest average student loan debt per borrower of all the states in the country
  • Minnesota has a high proportion of borrowers who owe within the range of the national average – 23.70% owe between $20,000 and $40,000
  • This is the 5th highest percentage of borrowers that owe this amount in any state
  • 15.40% owe less than $5,000
  • 1.70% owe more than $200,000

How much do Minnesota residents borrow each year?

  • 40.90% of undergraduates take out student loans in Minnesota each year
  • This is the 16th-highest percentage in the country that takes student loans of any state
  • At two-year schools, the % drops down to 27% but as a rule, those at two-year schools across the country are less likely to take out loans so this is still the 17th-highest percentage in the country
  • On average, these students are given $6,226 per year towards tuition fees and living costs
  • This is the 9th highest amount that any state awards to 2-year college students in the form of loans
  • 50.10% of students at 4-year colleges take out student loans each year
  • This is the 11th highest percentage of students at 4-year colleges taking loans in any state in the country
  • They are awarded $6,936 per year on average – the 16th highest amount in the country

State-level financial aid for students in Minnesota

  • Minnesota spends $302.4 million per year on student financial aid
  • The makes Minnesota the state with the 16th largest student financial aid budget
  • On average, Minnesota spends $1,086 per undergraduate student on financial aid
  • This is the 17th largest amount in the country
  • The $302.4 million that Minnesota spends each year equates to 0.45% of the Gross State Product (GSP)
  • This means Minnesota comes in 22nd place when it comes to the percentage of a state’s GSP that is spent on student financial aid
  • $218.5 million of the $302.4 is spent in the form of needs-based grants that do not need to be re-paid
  • The remaining $83.9 million is shared out through other programs. Some of this money may be paid out in the form of loans that need to be re-paid at some point in the future.