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
