Residents of the state owe a total of $29.5 billion
This works out to an average of $35,397 per borrower
Currently, 833,400 Missouri residents still have some kind of student loan debt – this makes Missouri the state with the 18th most student loan borrowers
Missouri has the 15th highest percentage of student loan borrowers per capita with 13.51% of the state’s population carrying student loan debt
Just over half (50.30%) of the borrowers in Missouri are under the age of 35
How much student loan debt does the average Missouri resident have?
On average, a Missouri resident with student loan debt owes $35,397
This is the 22nd-highest average in the country
It is $2,390 below the national average of $37,787
15.50% of borrowers from Missouri owe less than $5,000
22.10% owe between $20,000 and $40,000
1.80% owe more than $200,000 in student loan debt
How much do Missouri residents borrow each year?
36.70% of undergraduates in Missouri choose to take student loans each year
For students at 2-year colleges, 19.10% of students take student loans and are awarded an average of $4,086 each.
This is the 2nd lowest average loan amount per student in the country after Nebraska
43.50% of students at 4-year colleges take students loans at an average amount of $6,938
$6,938 per year per student at 4-year colleges is the 15th most of all the states
State-level financial aid for students in Missouri
$128.9 million of Missouri state funds is spent on student financial aid each year
This is the 25th largest amount of all the states in the country
Missouri also spends the 25th most per undergraduate student at $594 each
However, Missouri comes 44th when you look at spending as a percentage of GSP at 0.29%
$68.3 million of the $128.9 million Missouri spends each year on financial aid is distributed through grants that do not need to be re-paid.
$60.6 million is distributed through other means – some of which may be loans that are due to be re-paid in the future