Although the average debt per borrower of $37,678 is the 9th largest average student debt per borrower in the country
A total of 2.46 million people in New York hold student debt making New York the state with the fourth-highest number of borrowers in the country.
However, this is only 12.40% of the population of New York – placing New York in 32nd position when it comes to the percentage of student loan borrowers per capita.
Of these borrowers, 56.40% are under the age of 35.
How much student loan debt does the average New York resident have?
The average student loan debt for borrowers who are New York residents is $37,678
This makes New York the state with the 9th-largest average student loan debt
The average student debt in New York is very slightly less than the national average of $37,787 – by $109
Within this average, the amount owed by New Yorkers varies greatly:
15.90% of borrowers owe less than $5k
22.30% of borrowers owe between $20k and $40k
2.60% of borrowers owe more than $200k
New York has the 7th highest percentage of borrowers that owe more than $200,000 in student loans
How much do New York residents borrow each year?
33.20% of New York undergraduate students take out federal student loans
New York comes 37th in the percentage of undergraduates choosing to take or qualifying for federal student loans — sandwiched between Michigan and Georgia.
For those at 2-year colleges, only 17.20% of students chose to take student loans – that’s 32nd highest in the country
They were approved to get $5,470 per year on average
This is the 29th most per student at 2-year colleges of any state
The trend flips for students at 4-year schools – 39.20% receive student loans
This is 37th out of the 50 states and DC.
These students are awarded $6,611 per year on average – ranking 37th in the country.
State-level financial aid for students in New York
New York is the state that spends the 3rd most state funds on financial aid for students
In total, New York spends $1.16 billion on state-level financial aid programs per year
This works out at around 0.35% of the gross state product (GSP)
While New York has the nation’s 3rd largest budget for student financial aid, it only ranks 36th as a percentage of GSP
This works out at around $1,371 per undergraduate student in the state – the 10th most of any state in the country
Just over $895.6 million is distributed to students in the form of grants meaning that none of this amount is repaid.
The remaining $264.4 million is distributed between some other programs – some of which may be due to be repaid.
