New York Student Loan Debt and Financial Aid Statistics

New York Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in New York

  • New York residents owe a total of $92.7 billion in student loan debts
  • This is the 4th largest total debt of all 50 states plus Washington DC and Puerto Rico
  • 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 40th in the percentage of undergraduates choosing to take or qualifying for federal student loans
  • 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.