Utah Student Loan Debt and Financial Aid Statistics

Federal student loan debt statistics in Utah

  • Utah has a total of $10.1 billion in student loan debt
  • This is the 35th largest debt out of all of the states
  • The average student loan debt for a Utah resident is $32,835
  • This is the 40th most in the country 
  • And is $4,952 less than the national average of $37,787
  • A total of 307,600 people in the state of Utah have student loan debt
  • Making Utah the state with the 36th most people with student loan debt in the country
  • This is 9.22% of the population – making Utah state with the 3rd smallest percentage of the population with student loan debt
  • 55.60% of the people with student loan debt in Utaha are under the age of 35

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

  • The average Utah resident with student loans has a debt of $32,835
  • This is the 12th lowest amount owed by residents of any state
  • Utah residents on average owe $4,952 less than those across the nation
  • When looking at the brackets of how much residents owe:
    • 19.10% owe less than $5,000 – the 3rd lowest owing this amount in any state
    • 20.00% owe between $20,000 and $40,000
    • 2.00% owe more than $200,000

How much do Utah residents borrow each year?

  • 29.30% of undergraduates in Utah take out student loans
  • This is the 41st highest in the country
  • 10.90% of undergraduate students at 2-year schools take out student loans to cover tuition fees and living expenses
  • This is the 8th smallest percentage of 2-year students taking loans
  • And they are awarded $4,206 per year on average which is the 3rd lowest in any state
  • At 4-year schools, undergraduate students 33.10% in Utah take out student loans
  • These students are awarded $6,296 per year on average – the 5th lowest amount in the country

State-level financial aid for students in Utah

  • Utah spends $178.9 million annually on state students’ financial aid.
  • This is the 19th most of any state in the country
  • This works out to an average of $56 per undergraduate student in Utah
  • This is the 3rd lowest spend per student in the country — with only Nebraska and Missouri having a lower spend
  • It works out at 0.57% of Utah’s Gross State Product
  • Which is the 12th-highest GSP percentage put towards financial aid
  • Of the $178.9 million, only $2.1 million is distributed in the form of needs-based grants that do not need to be repaid
  • The remaining $176.8 million is distributed through other means, some of which may need to be repaid