Wisconsin Student Loan Debt and Financial Aid Statistics
Federal student loan debt statistics in Wisconsin
- Wisconsin has the 24th largest student loan debt of any state in the country at $23.2 billion
- Although the average owed per borrower is 45th in the country
- The average Wisconsin resident owes $31,894 – $5,893 below the national average
- There are only 7 states where the average borrower owes less than in Wisconsin — West Virginia, Oklahoma, Wyoming, South Dakota, Iowa, North Dakota, and Puerto Rico)
- 727,400 people in Wisconsin currently have student loan debt
- This makes Wisconsin the state with the 23rd most student loan borrowers in the country
- Although when it comes to the percentage of the population that holds student debt Wisconsin falls back to 36th with 12.34% of the population holding student loan debt
- 57.70% of borrowers in Wisconsin are under the age of 35 – this is the 9th highest proportion of young people with student loan debt
How much student loan debt does the average Wisconsin resident have?
- The average Wisconsin resident owes $31,894
- This is the 7th lowest average amount owed by residents of any state (including Washington DC and Puerto Rico)
- Wisconsin residents on average owe $5,893 less than those across the nation
- When looking at the brackets of how much residents owe:
- 17.20% owe less than $5,000
- 23.50% owe between $20,000 and $40,000
- 1.50% owe more than $200,000
How much do Wisconsin residents borrow each year?
- 41.60% of undergraduates in Wisconsin take out student loans each year
- This is the 13th-highest rate in the country
- 28.40% of undergraduates at 2-year colleges take out student loans which is also the 13th highest rate in the country
- 47.20% of undergraduates at 4-year colleges take out student loans.
- This is 22nd highest in the country
- Those at 2-year colleges are awarded $4,909 per year on average – this is the 39th highest amount in the country
- Those at 4-year colleges are awarded $6,369 per year on average – this is the 47th highest amount in the country
State-level financial aid for students in Wisconsin
- The state of Wisconsin spends $135.1 million per year of state funds on financial aid for students
- This is the 24th most spent of any state in the country
- It works out to around $601 per undergraduate student, which is also the 24th most in the country
- The $135.1 million spent on student financial aid equates to 0.45% of the Gross State Product which is the 23rd highest GSP spent on student financial aid.
- Of the $135.1 million spent on student financial aid, $122.3 million is given out in the form of grants that do not need to be repaid.
- The $12.8 million that is left over from the remainder of the budget is distributed through other programs which may include loans that need to be repaid in the future.