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 ahead of only Oregon and New Mexico

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