New Mexico Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in New Mexico

  • The residents of New Mexico have a combined student loan debt of $7.8 billion
  • This is the 38th largest student loan debt of all the states in the country
  • The average debt of a New Mexican resident with student loan debt is $34,211
  • This is the 28th-largest avg. student loan debt per borrower of any state in the country
  • It is also $3,576 below the national average
  • 228,000 New Mexicans have student loan debt – 10.78% of the population
  • Only 7 states have a smaller percentage of the population with student loan debt (Washington State, Puerto Rico, California, Wyoming, Alaska, Utah, and Hawaii
  • 44.30% of borrowers are under the age of 35 – the lowest percentage under the age of 35 in the nation

How much student loan debt does the average New Mexico resident have?

  • The average debt of a New Mexican resident with student loan debt is $34,211
  • This is also $3,576 below the national average of $37,787
  • It is the 28th-largest avg. student loan debt of any state in the country
  • When looking at the brackets of how much residents owe:
    • 18.00% owe less than $5,000
    • 19.30% owe between $20,000 and $40,000 – the 3rd lowest in the country
    • 1.70% owe more than $200,000

How much do New Mexico residents borrow each year?

  • 19.50% of New Mexico undergraduates take out student loans each year
  • That is the 3rd lowest percentage of any state in the country
  • At 2-year colleges, 9.20% of undergraduates take out student loans
  • That is the 5th lowest percentage in the country
  • On average, they’re loaned $4,672 per year – 43rd highest in the country
  • At 4-year schools, 32.40% of students take out loans – the 44th highest rate in the country
  • They are loaned $6,700 per year on average – 31st highest in the country 

State-level financial aid for students in New Mexico

  • New Mexico has a state budget of $88.8 million for student financial aid
  • That’s the 31st-largest budget in the country 
  • But, it is 0.78% of Gross State Product making New Mexico the state that spends the 3rd largest percentage of GSP on student financial aid
  • This works out to $2,242 per undergraduate student – also 3rd highest in the country
  • Of the $88.8 million budget, $19.3 million is distributed in the form of needs-based grants
  • The remaining $69.5 million is distributed through other means