Texas Student Loan Debt and Financial Aid Statistics
Federal student loan debt statistics in Texas
- Texas residents owe a total of $120 billion in student loan debts
- This is the 2nd largest total debt of all 50 states plus Washington DC and Puerto Rico
- Although the average debt per borrower of $32,920 is the 38th largest average student debt per borrower in the country =- just ahead of Indiana
- A total of 3.645 million people in Texas hold student debt making Texas the state with the second-highest number of borrowers in the country.
- However, this is only 12.34% of the population of Texas – placing Texas in the 35th position when it comes to the percentage of student loan borrowers per capita and slightly lower than Tennessee
- Of these borrowers, 52.30% are under the age of 35.
How much student loan debt does the average Texas resident have?
- The average student loan debt for borrowers who are Texas residents is $32,920
- This makes Texas the state with the 38th-largest average student loan debt
- The average student debt in Texas is below the national average of $37,787 by $4,867
- Within this average, the amount owed by Texans varies greatly:
- 16.90% of borrowers owe less than $5k
- 20.30% of borrowers owe between $20k and $40k
- 1.60% of borrowers owe more than $200k
How much does Texas residents borrow each year?
- 28.30% of Texas undergraduate students take out federal student loans
- This means 42 other states have a higher percentage of undergraduates choosing to take or qualifying for federal student loans
- For those at 2-year colleges, this number falls way down to 14% and is the 36th state in the country
- However, those at 2-year schools who are approved get $5,462 per year on average
- This is the 30th most per student at 2-year colleges of any state
- Significantly more students at 4-year schools receive student loans at 38.80%
- This ranks in a similar position of 38th place out of the 50 states and DC.
- These students are awarded $6,843 per year – the 22nd most in the country.
State-level financial aid for students in Texas
- Texas is the state that spends the 2nd most state funds on financial aid for students
- In total, Texas spends $1.2 billion on state-level financial aid programs per year
- This works out at around 0.39% of the gross state product (GSP)
- While Texas has the nation’s 2nd largest budget for student financial aid, it only ranks 29th as a percentage of GSP
- This works out at around $1,235 per undergraduate student in the state – the 11th most of any state in the country
- Just over $1 billion is distributed to students in the form of grants meaning that none of this amount is repaid.
- The remaining $180 million is distributed between some other programs – some of which may be due to be repaid.