Student Loans

Here's How Much Student Loan Debt Californians Owe as Biden Hints at Forgiveness

More than 51% of California student loan borrowers are under the age of 35, and on average, each person owes $28,300, data shows. 

Saving for education

The moratorium on federal student loan payments is set to expire Aug. 31, though President Joe Biden hinted toward forgiving some student loan debt during a meeting earlier this week, according to California Rep. Tony Cardenas. 

A total of 43 million Americans have student loan debt — worth $1.6 trillion, federal data shows. 

So how much of that loan debt is held by Californians? 

How Much Student Loan Debt do Californians Owe?

California ranks 13th highest among student loan debt by state, with borrowers holding an average $37,084, according to the Education Data Initiative.

In total, California’s student loan debt adds up to $141.8 billion, the largest monetary amount of any state. 

More than 51% of California loan borrowers are under the age of 35 and 20% of borrowers owe from $20,000 to $40,000, the data shows

About 3% of California borrowers owe more than $200,000.

About 10% of the state's population have student loan debt.

Credit: Education Data Initiative

Which State Has The Highest Average Debt Per Borrower? 

Though not technically a U.S. state, the District of Columbia has the nation’s highest average of student loan debt, with nearly $55,000 per borrower, the data shows. 

How Much Student Loan Debt is Biden Considering Forgiving?

Biden said Thursday he’s considering some type of student loan forgiveness — but said the dollar amount per borrower would not be $50,000. 

During the 2020 presidential campaign, Biden promised to “immediately” cancel up to $10,000 per borrower. 

When Could a Decision be Made? 

The president is expected to make a decision in the coming weeks

Rep. Cardenas, who met with Biden Monday alongside members of the Congressional Hispanic Caucus, said the president could cancel student debt with his executive powers. 

“He said, ‘Yes, I’m exploring doing something on that front,’" Cardenas told the Associated Press. “And he also smiled and said, ‘You’re going to like what I do on that as well.'”

Americans are drowning in student loans. But luckily there are some lifeboats out there. You just need to know where to find them… and where the paddles are. Here are three practical suggestions (and one not-so-practical suggestion) to get rid of your student loan debt.
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