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Federal student loan debt averages $29 billion per state

SEMINOLE COUNTY, Florida – According to figures from EducationData.orgwhen evenly distributed, federal student loan debt averages $29 billion per state, including DC and Puerto Rico.

What do you want to know

  • President Biden hopes to offer $10,000 in federal student loan forgiveness
  • The average federal student loan debt in Florida is $38,500
  • 91.8% of all student loans come from the federal government

Florida’s figure alone is nearly $101 billion.

Borrowers across the country are now eagerly waiting to see how President Biden can help them.

Currently, Florida ranks fifth in the nation with the highest average borrower debt for a federal student loan. It’s about $38,500 per student.

More than two and a half million student borrowers live in Florida, and of that number, nearly half about 48% are under the age of 35. For some, however, when it comes to paying off their student debt, it seems like an impossible task. .

When Julie Jennings went to colleges, schools watched her play volleyball.

No school would give him a full turn, but his father said going to college was a must.

“My dad had offered to start helping me pay,” says Jennings, a mother of three, from her home in Seminole County. “He helped me find the loans, I didn’t really know what it all entailed.”

In 2002, Jennings enrolled at St. Joseph’s College, a small private Catholic school in Indiana. His student loans at the time totaled $60,000, half of which were federal loans

“It covered everything,” Julie recalls. “It covered housing, food, tuition, books I needed, everything.”

Twenty years and a husband with three children later, Jennings’ loan, with around 10% interest, now stands at nearly $80,000.

Paul Roldan is the CEO of Allgen Financial Advisors. He says at least a third of their clients have some type of student debt. With recent news from the White House that President Biden wants to help eliminate student debt, Roldan is telling people not to bet on it.

“It’s not a game-changer because we don’t really think much is going to happen,” Roldan says. “They kicked around that, and understand, there’s politics involved and there are promises made, but very little has been done.”

Jennings admits this is one she is watching closely, hoping the Biden administration can help forgive at least $10,000 in federal student loan debt from people like her.

“You know, everyone’s situation isn’t that simple,” says Julie. “Not all of us are able to go to college, get the right job and do the right thing. Many of us are trying to pay. »

Along with being a full-time mom, Jennings also works from home. At her current rate of paying off student loans, she’s on track to pay them off by 2047 – 45 years after she started studying.

The average borrower takes less than half that time at 20 years to pay off their student loan debt.

“Trust me when I say I wish I could have done that, I really do,” Jennings says.

According to the Education Data Initiative, up to 67.1% of the average borrower’s total repayment cost is generated by interest.

According to federal guidelines, 10% of a person’s gross income should be spent on paying off student debt.

The average federal student loan debt per borrower in the United States is approximately $38,000.

If payments are made in full and on time, this loan would take seven years and seven months to repay.