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How Much Federal Student Loan Borrowers Owe in Each State

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The coronavirus pandemic has impacted Americans in all 50 states and the District of Columbia to varying degrees. While payments on most federal student loans have been suspended since March 2020, hundreds of thousands of borrowers have made payments amid the federal moratorium.

LendingTree researchers examined the latest available data from the U.S. Department of Education to find where borrowers have the most — and least — federal student loan debt on average. Researchers also looked at average disbursements per enrolled undergraduate at the largest U.S. schools, among other items.

Read on to learn other data and insights uncovered about U.S. federal student loan debt.

On this page

Key findings
Which residents owe most student loan debt on average? Look to the South
While average student loan debt is high, most borrowers owe less than $20,000
Why student loan debt dropped significantly between 2020 and 2021
CUNY accounts for many of top schools with lowest average disbursements
Tips for students, parents borrowing for school expenses
Methodology

Key findings

The average size of federally managed student loan debt in the U.S. is $35,287. Average federal loan amounts are highest in the District of Columbia ($55,220), Maryland ($43,165) and Georgia ($41,913) and lowest in North Dakota ($29,481), Wyoming ($30,246) and Iowa ($30,751).
Big borrowers skew the figures considerably. More than half of borrowers with federally managed student loan debt owe less than $20,000, at an average of $8,704. Meanwhile, nearly a third of all borrowers owe less than $10,000, at an average of $4,996.
Students (and their parents) borrowed almost $77 billion from July 2020 through the end of June 2021. That’s a significant drop from the nearly $89 billion in the prior fiscal year and the almost $90 billion two fiscal years earlier.
Direct loan borrowing is down in every state. New Hampshire (40.2%) and New Mexico (28.0%) saw the biggest drop-offs, while North Dakota (4.8%) and Wyoming (6.4%) — the two states with the lowest average loan balances — saw the smallest ones.
City University of New York (CUNY) schools dominate the top 10 list among large schools where the average disbursement per enrolled undergraduate is lowest. The public university system has eight among the top 10, from CUNY York College ($335) to CUNY Bernard M. Baruch College ($587).

Which residents owe most student loan debt on average? Look to the South

LendingTree researchers found that the average size of federally managed student loan debt in the U.S. is $35,287 among more than 45.1 million borrowers. This far outranks the $6,569 in average credit card debt among U.S. cardholders with unpaid balances, and may explain some borrowers’ stress over the eventual end of the student loan moratorium, which was extended again through Dec. 31, 2022.

Average federal loan amounts are biggest in the South:

District of Columbia: $55,220
Maryland: $43,165
Georgia: $41,913

On the other hand, the lowest student loan debt averages can be found in the Midwest and West

North Dakota: $29,481
Wyoming: $30,246
Iowa: $30,751

Here’s a full state-by-state look:

While average student loan debt is high, most borrowers owe less than $20,000

While the average federal student loan debt in the U.S. is alarmingly high, more than half of student loan borrowers (53.2%) owe less than $20,000. That the average amount of student debt is much higher can be attributed to some borrowers taking out six-figure loans.

There are only seven U.S. states where more than half of federal student loan borrowers owe more than $20,000 — six of which are in the South:

District of Columbia: 57.3%
Georgia: 53.0%
Virginia: 52.2%
Maryland: 52.1%
South Carolina: 52.0%
North Carolina: 51.7%
Oregon: 50.3%

Here’s a full look in reverse, kicking off with the states with the most borrowers who owe less than $20,000:

Rank State Percentage of borrowers who owe less than $20,000 Average balance of these borrowers

National 53.2% $8,704

1 Nevada 56.9% $8,492

2 Wyoming 56.6% $8,333

3 Utah 56.1% $8,314

4 North Dakota 55.9% $8,861

5 Oklahoma 55.5% $8,638

5 Rhode Island 55.5% $9,032

7 California 55.3% $8,970

8 Alaska 55.2% $8,696

9 Texas 55.0% $8,832

10 Iowa 54.8% $8,733

11 New Mexico 54.7% $8,537

12 Louisiana 54.4% $8,692

12 Nebraska 54.4% $8,656

14 Arizona 54.3% $8,653

14 West Virginia 54.3% $8,663

16 Arkansas 53.9% $8,560

17 South Dakota 53.4% $8,970

17 Washington 53.4% $8,893

19 Kansas 53.2% $8,837

19 Wisconsin 53.2% $8,878

21 Idaho 53.0% $8,531

21 Maine 53.0% $8,978

21 New Jersey 53.0% $9,269

24 Massachusetts 52.9% $9,246

25 Hawaii 52.7% $8,744

25 Mississippi 52.7% $8,414

27 Kentucky 52.6% $8,672

28 Connecticut 52.4% $9,296

28 Indiana 52.4% $8,881

28 Montana 52.4% $8,655

31 New Hampshire 51.8% $9,242

32 Delaware 51.5% $8,976

32 New York 51.5% $8,946

34 Illinois 51.4% $9,064

35 Minnesota 51.2% $9,190

36 Florida 51.1% $8,783

37 Michigan 51.0% $8,846

38 Tennessee 50.9% $8,818

39 Missouri 50.8% $8,982

40 Ohio 50.7% $8,877

41 Pennsylvania 50.7% $9,306

42 Alabama 50.4% $8,796

43 Colorado 50.3% $8,874

44 Veront 50.3% $9,259

45 Oregon 49.7% $8,852

46 North Carolina 48.3% $9,081

47 South Carolina 48.0% $9,001

48 Maryland 47.9% $9,082

49 Virginia 47.8% $9,184

50 Georgia 47.0% $8,935

51 District of Columbia 42.7% $8,889

Rank	State	Percentage of borrowers who owe less than $20,000	Average balance of these borrowers
	National	53.2%	$8,704
1	Nevada	56.9%	$8,492
2	Wyoming	56.6%	$8,333
3	Utah	56.1%	$8,314
4	North Dakota	55.9%	$8,861
5	Oklahoma	55.5%	$8,638
5	Rhode Island	55.5%	$9,032
7	California	55.3%	$8,970
8	Alaska	55.2%	$8,696
9	Texas	55.0%	$8,832
10	Iowa	54.8%	$8,733
11	New Mexico	54.7%	$8,537
12	Louisiana	54.4%	$8,692
12	Nebraska	54.4%	$8,656
14	Arizona	54.3%	$8,653
14	West Virginia	54.3%	$8,663
16	Arkansas	53.9%	$8,560
17	South Dakota	53.4%	$8,970
17	Washington	53.4%	$8,893
19	Kansas	53.2%	$8,837
19	Wisconsin	53.2%	$8,878
21	Idaho	53.0%	$8,531
21	Maine	53.0%	$8,978
21	New Jersey	53.0%	$9,269
24	Massachusetts	52.9%	$9,246
25	Hawaii	52.7%	$8,744
25	Mississippi	52.7%	$8,414
27	Kentucky	52.6%	$8,672
28	Connecticut	52.4%	$9,296
28	Indiana	52.4%	$8,881
28	Montana	52.4%	$8,655
31	New Hampshire	51.8%	$9,242
32	Delaware	51.5%	$8,976
32	New York	51.5%	$8,946
34	Illinois	51.4%	$9,064
35	Minnesota	51.2%	$9,190
36	Florida	51.1%	$8,783
37	Michigan	51.0%	$8,846
38	Tennessee	50.9%	$8,818
39	Missouri	50.8%	$8,982
40	Ohio	50.7%	$8,877
41	Pennsylvania	50.7%	$9,306
42	Alabama	50.4%	$8,796
43	Colorado	50.3%	$8,874
44	Veront	50.3%	$9,259
45	Oregon	49.7%	$8,852
46	North Carolina	48.3%	$9,081
47	South Carolina	48.0%	$9,001
48	Maryland	47.9%	$9,082
49	Virginia	47.8%	$9,184
50	Georgia	47.0%	$8,935
51	District of Columbia	42.7%	$8,889

Source: LendingTree analysis of U.S. Department of Education data as of June 30, 2021 — latest available. Note: Includes all federally managed loans, including those not owned directly by the federal government.

Broken down even deeper, nearly a third of borrowers (32.5%) nationwide owe less than $10,000 — 15.9% of whom owe less than $5,000.

In 40 states, at least 30% of student borrowers owe less than $10,000. The District of Columbia has the lowest share of under-$10,000 borrowers at 25.2%.

Rank State Percentage of borrowers who owe less than $10,000 Average balance of these borrowers

National 32.5% $4,996

1 Wyoming 37.0% $5,102

2 Nevada 36.0% $5,130

3 Utah 35.9% $4,880

4 Alaska 34.8% $5,172

5 Oklahoma 34.4% $5,055

6 New Mexico 34.3% $5,052

7 North Dakota 34.2% $5,172

8 Louisiana 33.9% $5,229

9 Arizona 33.7% $5,133

9 Arkansas 33.7% $4,981

9 West Virginia 33.7% $5,060

12 Mississippi 33.5% $4,990

13 Iowa 33.4% $4,993

13 Nebraska 33.4% $4,950

15 Texas 33.3% $5,193

16 Idaho 33.1% $4,937

17 Rhode Island 33.0% $5,206

18 California 32.8% $5,279

19 Kentucky 32.5% $5,060

20 Kansas 32.2% $5,041

20 Montana 32.2% $5,025

22 Washington 31.9% $5,095

22 Wisconsin 31.9% $5,015

24 Maine 31.8% $5,155

25 Hawaii 31.7% $5,026

26 South Dakota 31.5% $5,070

27 Indiana 31.4% $5,096

28 Florida 31.1% $5,150

29 Tennessee 30.8% $5,081

30 New York 30.7% $5,128

31 Delaware 30.6% $5,305

31 Michigan 30.6% $5,053

33 Alabama 30.5% $5,087

34 Ohio 30.3% $5,059

35 Colorado 30.2% $5,094

35 Massachusetts 30.2% $5,108

35 Missouri 30.2% $5,168

38 New Jersey 30.1% $5,245

39 Illinois 30.0% $5,167

39 Oregon 30.0% $5,100

41 Connecticut 29.8% $5,219

42 New Hampshire 29.7% $5,072

43 Minnesota 29.5% $5,208

44 Pennsylvania 28.7% $5,196

45 Vermont 28.6% $5,116

46 South Carolina 28.4% $5,146

47 North Carolina 28.2% $5,151

48 Georgia 28.0% $5,130

49 Maryland 27.9% $5,203

50 Virginia 27.6% $5,202

51 District of Columbia 25.2% $5,137

Rank	State	Percentage of borrowers who owe less than $10,000	Average balance of these borrowers
	National	32.5%	$4,996
1	Wyoming	37.0%	$5,102
2	Nevada	36.0%	$5,130
3	Utah	35.9%	$4,880
4	Alaska	34.8%	$5,172
5	Oklahoma	34.4%	$5,055
6	New Mexico	34.3%	$5,052
7	North Dakota	34.2%	$5,172
8	Louisiana	33.9%	$5,229
9	Arizona	33.7%	$5,133
9	Arkansas	33.7%	$4,981
9	West Virginia	33.7%	$5,060
12	Mississippi	33.5%	$4,990
13	Iowa	33.4%	$4,993
13	Nebraska	33.4%	$4,950
15	Texas	33.3%	$5,193
16	Idaho	33.1%	$4,937
17	Rhode Island	33.0%	$5,206
18	California	32.8%	$5,279
19	Kentucky	32.5%	$5,060
20	Kansas	32.2%	$5,041
20	Montana	32.2%	$5,025
22	Washington	31.9%	$5,095
22	Wisconsin	31.9%	$5,015
24	Maine	31.8%	$5,155
25	Hawaii	31.7%	$5,026
26	South Dakota	31.5%	$5,070
27	Indiana	31.4%	$5,096
28	Florida	31.1%	$5,150
29	Tennessee	30.8%	$5,081
30	New York	30.7%	$5,128
31	Delaware	30.6%	$5,305
31	Michigan	30.6%	$5,053
33	Alabama	30.5%	$5,087
34	Ohio	30.3%	$5,059
35	Colorado	30.2%	$5,094
35	Massachusetts	30.2%	$5,108
35	Missouri	30.2%	$5,168
38	New Jersey	30.1%	$5,245
39	Illinois	30.0%	$5,167
39	Oregon	30.0%	$5,100
41	Connecticut	29.8%	$5,219
42	New Hampshire	29.7%	$5,072
43	Minnesota	29.5%	$5,208
44	Pennsylvania	28.7%	$5,196
45	Vermont	28.6%	$5,116
46	South Carolina	28.4%	$5,146
47	North Carolina	28.2%	$5,151
48	Georgia	28.0%	$5,130
49	Maryland	27.9%	$5,203
50	Virginia	27.6%	$5,202
51	District of Columbia	25.2%	$5,137

Why student loan debt dropped significantly between 2020 and 2021

One of the most interesting trends researchers found was that students and parents borrowed significantly less between 2020 and 2021 than in previous years.

While borrowers acquired nearly $90 million in student debt in the 2018-19 fiscal year and almost $89 billion in student debt in the 2019-20 fiscal year, that number plummeted to nearly $77 billion the following fiscal year from July 2020 through June 2021.

With federal loan interest rates and student loan refinance rates hitting all-time lows within this period, this was an unexpected find, says LendingTree senior writer Andrew Pentis. However, several factors could be at play.

“My hope is that financial aid offices at colleges and universities across the country were good about reworking award packages in the wake of the pandemic, replacing student loans with gift aid that doesn’t need to be repaid,” he says. “I’m also hopeful that we have and will continue to see steep declines in parent PLUS loan borrowing, specifically as parents everywhere wake up to the severe cost of borrowing, often at the expense of their family budget and retirement planning.”

Pentis also believes there were fewer borrowers in 2020-21 because there were fewer students.

“As COVID-19 rampaged through campuses nationwide, you could understand why many families decided to give their teen a gap year, or why many college and graduate students decided to take a break of their own, perhaps to avoid an online-only learning environment at the same sticker price,” Pentis says.

Others who elected to stay in school might have been motivated by the pandemic’s effect on the economy to tighten their belts and ramp up their searches for scholarships and grants before resorting — as is typical — to student loans, Pentis says.

LendingTree analysts found that direct loan borrowing decreased between the 2018-19 and 2020-21 fiscal years — a two-year change — in every state. The states that experienced the biggest decreases in this period were:

New Hampshire (40.2%)
New Mexico (28.0%)
Oregon (27.9%)

“New Hampshire’s place on this list is puzzling, since our research indicates it had a very high transfer-in rate in 2020 and has similarly experienced especially high jumps in overall enrollment,” says Pentis. “Still, it has more tuition waivers and scholarship programs than most other states, so it’s possible a decline in borrowing is tied to increased awareness around those gift aid programs.”

Meanwhile, these states saw the smallest decreases over the two years:

North Dakota (4.8%)
Wyoming (6.4%)
Louisiana (8.5%)

North Dakota and Wyoming were also the states with the lowest average student debt balances.

Here’s a full look at student borrowing in every state between the 2018-19 and 2020-21 fiscal years:

Rank State Fiscal year 2018-19 (millions) Fiscal year 2019-20 (millions) Fiscal year 2020-21 (millions) 2-year change

National $89,883 $88,511 $76,457 -14.9%

1 New Hampshire $1,074 $1,319 $642 -40.2%

2 New Mexico $256 $241 $185 -28.0%

3 Oregon $1,143 $1,073 $824 -27.9%

4 Alaska $50 $42 $37 -26.9%

5 Washington $1,256 $1,203 $965 -23.2%

6 South Dakota $253 $225 $200 -21.2%

7 Ohio $3,172 $3,021 $2,518 -20.6%

8 Maryland $1,442 $1,395 $1,151 -20.2%

8 Washington $1,557 $1,546 $1,243 -20.2%

10 Maine $392 $377 $322 -17.8%

11 West Virginia $667 $634 $549 -17.7%

12 Vermont $268 $256 $221 -17.6%

13 Michigan $2,634 $2,483 $2,172 -17.5%

14 Rhode Island $458 $444 $379 -17.2%

15 Minnesota $2,757 $2,700 $2,289 -17.0%

16 New York $6,525 $6,394 $5,428 -16.8%

17 California $8,496 $8,461 $7,081 -16.7%

18 Mississippi $764 $705 $638 -16.5%

19 Pennsylvania $4,884 $4,687 $4,081 -16.4%

20 Georgia $2,648 $2,530 $2,233 -15.7%

21 Kansas $827 $790 $698 -15.6%

22 Delaware $257 $251 $217 -15.5%

23 New Jersey $1,715 $1,696 $1,452 -15.3%

24 Illinois $4,092 $3,980 $3,468 -15.2%

25 Hawaii $177 $165 $150 -15.1%

26 South Carolina $1,232 $1,199 $1,051 -14.7%

27 Indiana $2,007 $1,957 $1,714 -14.6%

28 Wisconsin $1,322 $1,335 $1,135 -14.2%

29 Massachusetts $2,737 $2,662 $2,356 -13.9%

30 Utah $1,104 $1,124 $957 -13.3%

31 Montana $199 $189 $173 -13.2%

32 Arkansas $655 $652 $570 -12.9%

32 Missouri $1,876 $1,850 $1,635 -12.9%

34 Arizona $3,232 $3,392 $2,837 -12.2%

34 Iowa $1,073 $1,034 $941 -12.2%

36 Colorado $1,815 $1,810 $1,597 -12.0%

37 Connecticut $1,150 $1,163 $1,015 -11.7%

38 North Carolina $2,215 $2,149 $1,979 -10.7%

39 Alabama $1,565 $1,533 $1,400 -10.5%

40 Nebraska $637 $624 $572 -10.2%

40 Tennessee $1,766 $1,721 $1,586 -10.2%

42 Texas $5,215 $5,117 $4,698 -9.9%

43 Idaho $306 $297 $276 -9.8%

44 Nevada $382 $378 $346 -9.5%

44 Oklahoma $850 $821 $769 -9.5%

44 Virginia $2,858 $2,933 $2,587 -9.5%

47 Florida $4,384 $4,405 $3,979 -9.2%

47 Kentucky $1,228 $1,238 $1,115 -9.2%

49 Louisiana $1,339 $1,335 $1,226 -8.5%

50 Wyoming $56 $58 $53 -6.4%

51 North Dakota $201 $207 $191 -4.8%

Rank	State	Fiscal year 2018-19 (millions)	Fiscal year 2019-20 (millions)	Fiscal year 2020-21 (millions)	2-year change
	National	$89,883	$88,511	$76,457	-14.9%
1	New Hampshire	$1,074	$1,319	$642	-40.2%
2	New Mexico	$256	$241	$185	-28.0%
3	Oregon	$1,143	$1,073	$824	-27.9%
4	Alaska	$50	$42	$37	-26.9%
5	Washington	$1,256	$1,203	$965	-23.2%
6	South Dakota	$253	$225	$200	-21.2%
7	Ohio	$3,172	$3,021	$2,518	-20.6%
8	Maryland	$1,442	$1,395	$1,151	-20.2%
8	Washington	$1,557	$1,546	$1,243	-20.2%
10	Maine	$392	$377	$322	-17.8%
11	West Virginia	$667	$634	$549	-17.7%
12	Vermont	$268	$256	$221	-17.6%
13	Michigan	$2,634	$2,483	$2,172	-17.5%
14	Rhode Island	$458	$444	$379	-17.2%
15	Minnesota	$2,757	$2,700	$2,289	-17.0%
16	New York	$6,525	$6,394	$5,428	-16.8%
17	California	$8,496	$8,461	$7,081	-16.7%
18	Mississippi	$764	$705	$638	-16.5%
19	Pennsylvania	$4,884	$4,687	$4,081	-16.4%
20	Georgia	$2,648	$2,530	$2,233	-15.7%
21	Kansas	$827	$790	$698	-15.6%
22	Delaware	$257	$251	$217	-15.5%
23	New Jersey	$1,715	$1,696	$1,452	-15.3%
24	Illinois	$4,092	$3,980	$3,468	-15.2%
25	Hawaii	$177	$165	$150	-15.1%
26	South Carolina	$1,232	$1,199	$1,051	-14.7%
27	Indiana	$2,007	$1,957	$1,714	-14.6%
28	Wisconsin	$1,322	$1,335	$1,135	-14.2%
29	Massachusetts	$2,737	$2,662	$2,356	-13.9%
30	Utah	$1,104	$1,124	$957	-13.3%
31	Montana	$199	$189	$173	-13.2%
32	Arkansas	$655	$652	$570	-12.9%
32	Missouri	$1,876	$1,850	$1,635	-12.9%
34	Arizona	$3,232	$3,392	$2,837	-12.2%
34	Iowa	$1,073	$1,034	$941	-12.2%
36	Colorado	$1,815	$1,810	$1,597	-12.0%
37	Connecticut	$1,150	$1,163	$1,015	-11.7%
38	North Carolina	$2,215	$2,149	$1,979	-10.7%
39	Alabama	$1,565	$1,533	$1,400	-10.5%
40	Nebraska	$637	$624	$572	-10.2%
40	Tennessee	$1,766	$1,721	$1,586	-10.2%
42	Texas	$5,215	$5,117	$4,698	-9.9%
43	Idaho	$306	$297	$276	-9.8%
44	Nevada	$382	$378	$346	-9.5%
44	Oklahoma	$850	$821	$769	-9.5%
44	Virginia	$2,858	$2,933	$2,587	-9.5%
47	Florida	$4,384	$4,405	$3,979	-9.2%
47	Kentucky	$1,228	$1,238	$1,115	-9.2%
49	Louisiana	$1,339	$1,335	$1,226	-8.5%
50	Wyoming	$56	$58	$53	-6.4%
51	North Dakota	$201	$207	$191	-4.8%

Source: LendingTree analysis of U.S. Department of Education data as of June 30, 2021 — latest available. Note: Includes direct loans disbursed within each U.S. Department of Education fiscal year (July 1 through June 30) to institutions within these states. National totals include U.S. territories.

Among the funds borrowed last fiscal year, more than $42 billion were through subsidized, unsubsidized and parent PLUS direct loans for undergraduates. Meanwhile, the remaining $34 billion was through subsidized and graduate PLUS direct loans for graduates.

CUNY accounts for many of top schools with lowest average disbursements

LendingTree analysts found that City University of New York (CUNY) colleges take up most of the top 10 large schools with the lowest average disbursements per enrolled undergraduate.

The New York public university system has eight colleges among the top 10. Other schools that made the top 10 include Southwestern College in California ($30) and Massachusetts’ Harvard University ($650).

Among the 18 schools where the average disbursement is less than $1,000, the remainder of the list is a mix of public and private schools. Here’s a closer look:

Rank Institution name State Type Undergraduate fall enrollment Disbursements to and on behalf of undergraduates Average disbursement per enrolled undergraduate

1 Southwestern College CA Public 17,621 $523,734 $30

2 CUNY York College NY Public 7,529 $2,524,639 $335

3 CUNY New York City College of Technology NY Public 15,513 $5,286,551 $341

4 CUNY City College NY Public 12,587 $5,190,188 $412

5 CUNY Hunter College NY Public 17,943 $7,531,741 $420

6 CUNY Queens College NY Public 16,702 $7,463,135 $447

7 CUNY John Jay College of Criminal Justice NY Public 13,662 $6,688,042 $490

8 CUNY Brooklyn College NY Public 14,969 $8,069,846 $539

9 CUNY Bernard M. Baruch College NY Public 15,774 $9,264,576 $587

10 Harvard University MA Private-nonprofit 8,527 $5,545,478 $650

11 Stanford University CA Private-nonprofit 6,366 $4,147,611 $652

12 CUNY Medgar Evers College NY Public 5,237 $3,611,818 $690

13 Brigham Young University-Provo UT Private-nonprofit 33,376 $23,535,903 $705

14 College of Staten Island CUNY NY Public 11,755 $8,473,671 $721

15 CUNY Lehman College NY Public 12,833 $9,466,827 $738

16 Excelsior College NY Private-nonprofit 19,624 $15,368,010 $783

17 Weber State University UT Public 28,685 $25,577,097 $892

18 Brigham Young University-Idaho ID Private-nonprofit 44,481 $43,377,097 $975

Rank	Institution name	State	Type	Undergraduate fall enrollment	Disbursements to and on behalf of undergraduates	Average disbursement per enrolled undergraduate
1	Southwestern College	CA	Public	17,621	$523,734	$30
2	CUNY York College	NY	Public	7,529	$2,524,639	$335
3	CUNY New York City College of Technology	NY	Public	15,513	$5,286,551	$341
4	CUNY City College	NY	Public	12,587	$5,190,188	$412
5	CUNY Hunter College	NY	Public	17,943	$7,531,741	$420
6	CUNY Queens College	NY	Public	16,702	$7,463,135	$447
7	CUNY John Jay College of Criminal Justice	NY	Public	13,662	$6,688,042	$490
8	CUNY Brooklyn College	NY	Public	14,969	$8,069,846	$539
9	CUNY Bernard M. Baruch College	NY	Public	15,774	$9,264,576	$587
10	Harvard University	MA	Private-nonprofit	8,527	$5,545,478	$650
11	Stanford University	CA	Private-nonprofit	6,366	$4,147,611	$652
12	CUNY Medgar Evers College	NY	Public	5,237	$3,611,818	$690
13	Brigham Young University-Provo	UT	Private-nonprofit	33,376	$23,535,903	$705
14	College of Staten Island CUNY	NY	Public	11,755	$8,473,671	$721
15	CUNY Lehman College	NY	Public	12,833	$9,466,827	$738
16	Excelsior College	NY	Private-nonprofit	19,624	$15,368,010	$783
17	Weber State University	UT	Public	28,685	$25,577,097	$892
18	Brigham Young University-Idaho	ID	Private-nonprofit	44,481	$43,377,097	$975

Source: LendingTree analysis of U.S. Department of Education data as of June 30, 2021 — latest available. Notes: This list is limited to institutions designated as primarily offering bachelor’s degrees (or higher) with at least 5,000 students enrolled in fall 2020 and excludes for-profit institutions. Includes direct loans disbursed within each U.S. Department of Education fiscal year (July 1 through June 30) to institutions within these states.

CUNY’s ranking shouldn’t come as a surprise, according to Pentis.

“New York was the pioneer of the ‘free college’ movement‘free college’ movement that New Mexico picked up on when it attempted, unsuccessfully to this point, to make all of its state schools tuition-free in 2019,” Pentis says.

New York’s trendsetting Excelsior Scholarship program became the first of its kind in 2017. Though it doesn’t cover room and board, the program makes a postsecondary education more accessible.

“To this day, it waives tuition for lower-income families attending the state’s public colleges and universities, including within the sprawling CUNY system,” Pentis says. “Excelsior makes attending the CUNYs especially attractive for native New Yorker students who are of modest means. And data like this shows that it’s also lessening their need for student loans, federal direct or otherwise.”

Here’s the full list of schools that met LendingTree’s criteria:

Tips for students, parents borrowing for school expenses

Even without the economic challenges that the coronavirus pandemic brings to the table, it can be difficult to know how to financially support a student through their postsecondary education.

Here are some things to know about how to decide whether to take on student loans, refinancing options and how to choose which loan options might be the best fit:

Weigh whether to take out federal or private loans: There are two types of student loans: federal and private. Research various lenders and check to see whether you prequalify to compare rates. Federal loans offer more flexibility than private loans, but private loans may be helpful should you need to cover a lot of debt. Standard repayment plans on federal loans are typically 10 years, but you can apply for income-driven repayment plans if you struggle financially after graduation.
Consider refinancing if struggling to make payments: Refinancing student debt can come with pitfalls, but this route may be a good option if you have private loans with high interest rates. However, if you have federal loans, you’ll want to consider refinancing a little more carefully — refinancing options are privatized, so you may lose federal support programs.
Decide whether taking out loans is worth it: Before signing on the dotted line, you’ll want to carefully weigh out whether taking out a loan is in your best interest. If you’re a student, you’ll want to ask yourself whether your degree can lend itself to making a big enough salary to pay off your loans. You’ll also want to examine whether your school’s tuition is worth the degree you’re pursuing and pursue any potential scholarships and grants to cut back on costs.

Methodology

Researchers analyzed U.S. Department of Education data as of June 30, 2021 — the latest available and the end of the fiscal year for Federal Student Aid.

Amounts are for all federally managed debt, except for the annual amounts borrowed, which is for direct loans disbursed — not originated — during that period.