The average debt for a Mississippi resident with student loans is $36,902
Which is $885 below the national average of $37,787
While the 439,000 people with student loan debt makes Mississippi the state with the 30th highest number of residents with student loan debt, it translates to 14.88% of the population which is the 4th highest in the country
Placing Mississippi behind only DC, Georgia, and Ohio
48.90% of these borrowers are under the age of 35
How much student loan debt does the average Mississippi resident have?
The average debt for a Mississippi resident with student loans is $36,902
Which is $885 below the national average of $37,787
Mississippi is the state with the 15th-largest average student loan debt
When looking at the brackets of how much residents owe:
17.90% owe less than $5,000
19.10% owe between $20,000 and $40,000 – the 2nd lowest percentage owing this amount of any state
2.20% owe more than $200,000
How much do Mississippi residents borrow each year?
37.30% of undergraduate students in the state of Mississippi take out student loans to cover the tuition fees and living expenses
At 2-year colleges, 19.40% of undergraduate students take out student loans
At 4-year colleges, 45% of students take out student loans
The 2-year college students are awarded $4,815 per year on average
At 4-year colleges, this jumps up to $6,896
State-level financial aid for students in Mississippi
Mississippi has the 35th-largest state budget for student financial aid in the country
The state spends $42.2 million each year
This works out to around 0.79% of the GSP (Gross State Product)
Which is the 2nd highest GSP spend of any state in the nation on student financial aid
$23.9 million of the $42.2 million budget is distributed through needs-based grants that do not need to be repaid in the future
The remaining $18.3 is distribute through other means, some of which may be liable to be repaid in the future
