Here’s how much student loan debt Texans owe – NBC 5 Dallas-Fort Worth

As student loan repayments continue to be delayed, the need for federal loan assistance has proven that it is not going away anytime soon.

On Thursday morning, President Joe Biden announced he was considering student debt reduction and would be looking closely at further loan forgiveness, but would not be considering $50,000 per borrower.

While it’s unclear how much Biden would consider, it could relieve many Texans of some or all of their student loan debt…but how much do they owe?

Education Data Initiative (EDI) experts say that although Texans are less likely to have student loan debt, they still owe billions.

HOW MUCH STUDENT LOAN DEBT DO TEXANS HAVE?

According to EDI, in the Lone Star State, there are currently 3,645,200 student borrowers in the state who owe $120 billion in student loans.

Of these 120 billion dollars due, 52.3% of them are under 35 years old.

EDI also indicates that 20.3% owe between $20,000 and $40,000 and 1.6% owe more than $200,000.

WHAT IS THE AVERAGE STUDENT LOAN DEBT IN TEXAS?

Across the country, the average college debt among student borrowers is $32,731.

Just 10 years ago, the average debt was $29,400.

In the state of Texas, most residents have student loan debt of $32,920, just $200 more than the US average.

Credit: Education Data Initiative

WHICH CITIES IN TEXAS HAVE HIGH STUDENT LOAN DEBT?

Borrowers in several Texas cities have high student debt. These are some of the North Texas cities with the highest number of local student debt, according to WalletHub.

COLLEYVILLE STUDENT LOAN DEBT

  • Median student loan debt: $27,776
  • Median income of bachelor’s degree holders: $102,895
  • The ratio of student debt to median income of bachelor’s degree holders: 26.99%

COPPELL STUDENT LOAN DEBT

  • Median student loan debt: $24,908
  • Median income of bachelor’s degree holders: $80,833
  • The ratio of student debt to the median income of bachelor’s degree holders: 30.81%

DESOTO STUDENT LOAN DEBT

  • Median student loan debt: $24,539
  • Median income of bachelor’s degree holders: $52,377
  • The ratio of student debt to the median income of bachelor’s degree holders: 46.83%

HOW MUCH DOES TUITION COST IN TEXAS?

As the need for federal aid increases and more students head for higher education, the price of tuition has risen.

According to the US Department of Education, the average annual undergraduate tuition cost is $8,670 for in-state students and $20,026 for out-of-state students.

For those wishing to pursue higher education, in-state students pay an average of $8,155 and out-of-state students $17,770 each year.

EDI says Texas ranks second only to California in total student financial aid, with 38.8% of 4-year college undergraduates receiving loans averaging $6,843 each. .

Earlier this year, 100,000 student borrowers had their debt forgiven through the public service loan forgiveness program.

The program has provided more than $6 billion in relief to government and nonprofit employees after 10 years of employment.

For more information on resources within the state, visit the US Department of Education website to learn more.

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