Oklahoma Student Loan Debt and Financial Aid Statistics

Oklahoma Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Oklahoma

  • Oklahoma has the 30th largest student loan debt of any state in the USA
  • The residents of Oklahoma owe a total of $15.4 billion 
  • There are a total of 488,500 residents in Oklahoma with student loan debt
  • This makes Oklahoma the state with the 29th most borrowers in the country
  • However, this is only 12.25% of the population – making Oklahoma the state with the 37th largest percentage of the population holding student loan debt
  • 47.30% of the borrowers are under the age of 35 – this is the 3rd smallest percentage of borrowers under the age of 35 in any state

How much student loan debt does the average Oklahoma resident have?

  • The average student loan debt of a borrower from Oklahoma is $31,525
  • This is the 6th smallest average student loan amount owed per borrower in any state
  • It works out to $6,262 below the national average of $37,787
  • This is partly due to the fact that Oklahoma has the 7th lowest percentage of borrowers that owe more than $200,000
  • 1.40% of borrowers owe this amount
  • 20.60% of borrowers owe between $20,000 and $40,000
  • 17.90% owe less than $5,000

How much do Oklahoma residents borrow each year?

  • 31.80% of undergraduates from the state of Oklahoma take student loans each year
  • This is the 38th-highest percentage of any state in the country
  • At two-year schools, 20.70% of undergraduate students take out student loans
  • These students are awarded $5,250 per year on average – this is the 33rd highest of any state
  • At four-year schools, this number jumps up to 43.10% of students taking out student loans – this is 32nd in the country
  • On average, these students are awarded $7,085 each year
  • This is 10th largest amount awarded to 4-year college students to cover tuition fees and living expenses in any state in the USA

State-level financial aid for students in Oklahoma

  • Oklahoma has the 29th largest budget for student financial aid of any state in the country
  • They spend $108.8 million of state funds on it each year
  • This works out to $831 per undergraduate per year – the 20th largest amount any state spends per student 
  • However, it works out at 0.37% of the Gross State Product (GSP) – which puts Oklahoma in 34th place when it comes to GSP spend on student financial aid
  • Of the $108.8 million, $88.2 million is given out in the form of needs-based grants
  • The remaining $20.6 million is distributed through other programs – some of which may be liable for repayment at a later date