As student loan payments continue to be delayed, the need for federal loan assistance has proven it’s not going away anytime soon.
Thursday morning, President Joe Biden announced he’s considering student loan debt reduction and would take a “hard look” at further loan forgiveness but wouldn’t consider $50,000 per borrower.
Although it is unclear as to how much Biden would consider, this could relieve many Texans of some or all of their student loan debt … but how much do they owe?
Experts with Education Data Initiative (EDI) say that although Texans are less likely to have student loan debt, they still owe billions.
HOW MUCH STUDENT LOAN DEBT DO TEXANS OWE?
According to EDI, in the Lone Star State, there are currently 3,645,200 student borrowers in the state who owe $120 billion on student loans.
Of that $120 billion owed, 52.3% of them are under the age of 35.
EDI also says that 20.3% owe $20,000 to $40,000 and 1.6% owe more than $200,000.
WHAT’S THE AVERAGE STUDENT LOAN DEBT IN TEXAS?
Across the country, the average college debt among student loan borrowers is $32,731.
Just 10 years ago the average debt owed was $29,400.
In the state of Texas, most residents owe $32,920 in student loan debt which is just $200 above the average in America.
WHICH TEXAS CITIES HAVE HIGH STUDENT LOAN DEBT?
Borrowers in several Texas cities account for high student loan debt. These are some of the North Texas cities with the highest number of student local debt, according to WalletHub.
COLLEYVILLE STUDENT LOAN DEBT
- Median student loan debt: $27,776
- Median earnings of bachelor’s degree holders: $102,895
- The ratio of student debt to median earnings of bachelor’s degree holders: 26.99%
COPPELL STUDENT LOAN DEBT
- Median student loan debt: $24,908
- Median earnings of bachelor’s degree holders: $80,833
- The ratio of student debt to median earnings of bachelor’s degree holders: 30.81%
DESOTO STUDENT LOAN DEBT
- Median student loan debt: $24,539
- Median earnings of bachelor’s degree holders: $52,377
- The ratio of student debt to median earnings of bachelor’s degree holders: 46.83%
HOW MUCH IS COLLEGE TUITION IN TEXAS?
As the need for federal assistance increases and more students head toward post-graduate education, the price tag for college tuition has spiked.
According to the U.S. Department of Education, the average cost of annual undergraduate tuition is $8,670 for in-state and $20,026 for out-of-state students.
For those who wish to pursue a graduate degree, in-state students on average pay $8,155 and $17,770 for out-of-state students annually.
EDI says that Texas ranks second right behind California in total student financial aid dollars with 38.8% of undergraduates at a 4-year university receiving loans of $6,843 each on average.
Earlier this year, 100,000 student loan borrowers had their debt forgiven due to the public service loan forgiveness program.
The program provided relief of over $6 billion allowing government and nonprofit employees after 10 years of employment.
For information on resources within the state, visit the U.S. Department of Education website for more.