Places With the Most Student Loan Debt in 2019

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

Go ahead and call student loan debt a national crisis — just don’t forget that it affects some regions more than others.

Seven of the 10 metropolitan areas (cities and their surrounding areas) with the highest median loan balances are in the South, including locales in Georgia, Alabama, Louisiana and the Carolinas.

On the flip side, 9 of the 10 metro areas with the lowest median balances are west of the Mississippi River. With relatively lower debt, college graduates in Western states like California might have an easier time with repayment — especially if they received a degree for their troubles.

To understand exactly where the education debt burden weighs the heaviest, we studied the median balances in America’s 100 largest metros. Here’s what we found.

Key takeaways

  • Borrowers residing in Washington, D.C., carry the most student debt, with a median balance of $29,314. And 15% of those borrowers owe more than $100,000 — the highest percentage among the 100 metros under review.
  • Atlanta and Charleston, S.C., have the second- and third-highest median balances, at $28,706 and $27,591, respectively.
  • Besides D.C. and the seven Southern metros mentioned above, two Ohio urban centers round out the top 10 most indebted: Akron (4th) and Toledo (7th).
  • McAllen, Texas, reported the lowest median debt, at just $13,641. Fresno, Calif., and Ogden, Utah, complete the bottom three with median balances of $16,160 and $17,331, respectively.

Places that owe the most in student loans

1. Washington, D.C.

Median balance: $29,314

Roughly half of the people over the age of 25 in the Washington, D.C., metro have a postsecondary degree — that’s significantly higher than the 28% of all Americans who’ve earned a bachelor’s or higher.

Even more significant: Nearly 1 out of 4 have professional or graduate degrees, more than double the national rate of 10.5%. This helps explain why Washington also has the highest percentage of student debt holders who owe more than $100,000.

But that doesn’t necessarily mean these borrowers are in financial crisis, as most completed their degrees and are earning accordingly. While 22% of Americans left college before finishing, the same is true for only 16.5% of those residing in and around the nation’s capital.

2. Atlanta

Median balance: $28,706

Atlanta is another highly educated city — 37% of Atlanta residents ages 25 and older have completed at least a four-year education, and nearly 14% have a graduate or professional degree, which is higher than the nation as a whole (10.5%).

However, that doesn’t completely explain why about 13% owe more than $100,000, well above the 8.7% average of the metros we reviewed. The area is home to a plethora of higher learning institutions, including the Georgia Institute of Technology, Georgia State University, Emory University, Morehouse College and Spelman College. Perhaps the need for so many professors helps to explain why Atlanta is more educated — and in more student debt — than the nation as a whole.

Unfortunately, 1 in 5 Atlanta residents left college before finishing a degree, which is in line with the rest of the country.

3. Charleston, S.C.

Median balance: $27,591

The first of two South Carolina metros among our top five overall, Charleston placed third by a narrow margin. Still, the average borrower here has 4.6 loans, more than any of the 99 other metros we studied.

More students going to college also equals more student loans overall: About 34% of the metro area’s population has at least a bachelor’s degree, trumping the national average of 28%.

4. Akron, Ohio

Median balance: $27,363

The first metro on our list north of the Mason-Dixon Line, Akron’s education rates mirror the nation’s — 31% of residents over the age of 25 have at least a bachelor’s, 11% have a graduate or professional degree, and just under 20% left school before completing a degree.

We found that 7.9% of residents Akron — a manufacturing hotspot and home to the University of Akron, among other schools — owe more than $100,000.

5. Columbia, S.C.

Median balance: $27,330

High balances brought Columbia into the top five of metros with the most education debt. About 45% of borrowers in the metro area had at least $50,000 in student debt — and more than 13% of were staring at a six-figure hole.

Interestingly, while the fellow Palmetto State cities of Columbia and Charleston ranked high on the list, Greenville, S.C., did much better, coming in at 39th overall for median education debt.

Places where student loan borrowers have the lowest balances

100. McAllen, Texas

Median balance: $13,641

There’s a pretty good reason why residents of McAllen don’t carry much student debt: Fewer of them pursue college study. Only about 13% of those 25 and older have a bachelor’s, and just 5% have a graduate degree.

Likewise, the number of people who have some college experience (18%) is about 4 percentage points less than the nation as a whole.

This all translates into a lighter debt loan for area residents. Only 5% of borrowers in McAllen owe more than $100,000, the lowest percentage among the metros we reviewed.

99. Fresno, Calif.

Median balance: $16,160

Only 13% of people age 25 and over in Fresno have a bachelor’s degree, while 7% have graduate and professional degrees.

Unfortunately, 23% have taken some college courses without attaining a degree, slightly above the 22% national figure. This means that despite the low balances — only 7.2% owe more than $100,000 — more Freso residents are in a tough position when it comes to repaying student loans.

98. Ogden, Utah

Median balance: $17,331

Utah ranks last among the states for average loan debt, at $18,838 per student, according to the Institute for College Access & Success, so it shouldn’t come as a surprise that Ogden and nearby Provo (86th) show up on the low-debt end of our list.

Ogden-based borrowers, however, might not be as equipped to repay their relatively smaller balances. About 28% of residents attend college but don’t earn a degree, some six percentage points above the national average.

97. Stockton, Calif.

Median balance: $17,373

The average borrower in Central California’s Stockton-Lodi metro area has 3.5 loans to repay. Lower rates of graduate and professional school enrollment — just 5.8% of residents earned a second degree — keep balances low, however.

Besides Fresno (99) and Stockton (97), San Jose (95), Bakersfield (94) and Oxnard (88) also reported low median education debt among the California metros.

96. Providence, R.I.

Median balance: $17,421

At the home of the Ivy League’s Brown University, 19% of people over the age of 25 have a bachelor’s, and 12% have graduate degrees. This is a bit higher than the nation as a whole, but generally in line.

We found that 18% have some college experience but no degree, which is about 4 points lower than the country as a whole.

How the top 100 metro areas compare on student loan balances


Have you found where your metro area landed on our top 100 list?

If you live in a part of the country especially burdened by student loan debt, let’s hope you’re the exception to the rule. Alternatively, if you live in a place that’s less affected by the crisis, hopefully you’re not an outlier.

As explained in our study identifying where students have the most debt, your outstanding balance can be indirectly tied to your location. Perhaps you borrowed to attend a better private school or needed an expensive graduate degree to gain footing in your region’s job market.

Whatever the case might be, having a degree helps you find the income to foot the bill for repayment.

Beyond banking on a salary, you could consider the benefits of a move. Relocating to a metro area that ranks higher on our list might offer some combination of a lower cost of living, fewer tax burdens and greater access to state-run repayment assistance programs.

Still, your location is less important when it comes to loan-management strategies. It doesn’t matter where you live if you’re thinking of enrolling in income-driven repayment, for example, or reducing your interest rate via student loan refinancing.

What does matter is that you take the steps necessary to end your debt, regardless of where you reside.

Interested in refinancing student loans?

Here are the top 9 lenders of 2021!
LenderVariable APREligible Degrees 
1.88% – 6.15%1Undergrad
& Graduate

Visit Splash

1.88% – 5.64%2Undergrad
& Graduate

Visit Earnest

1.88% – 5.64%3Undergrad
& Graduate

Visit NaviRefi

2.50% – 6.85%4Undergrad
& Graduate

Visit CommonBond

2.25% – 6.39%5Undergrad
& Graduate

Visit SoFi

1.90% – 5.25%6Undergrad
& Graduate

Visit Lendkey

1.89% – 5.90%7Undergrad
& Graduate

Visit Laurel Road

2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

2.13% – 5.25%8Undergrad
& Graduate

Visit PenFed

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of June 1, 2021.


2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Interest Rate Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.59% APR to 5.79% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.88% APR to 5.64% APR (excludes 0.25% Auto Pay discount). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 36% (the maximum allowable for these loans). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 2.04% and 5.8% to the one month LIBOR. Earnest rate ranges are current as of 6/8/2021, and are subject to change based on market conditions.

Auto Pay Discount Disclosure

You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

Student Loan Refinancing Loan Cost Examples

These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest. com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit earnest.com/licenses for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.

One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.

© 2021 Earnest LLC. All rights reserved.


3 Important Disclosures for Navient.

Navient Disclosures

1. NaviRefi loans are made by Earnest Operations LLC, a member of the Navient family of companies, subject to individual approval and underwriting criteria. California residents only: Loans made or arranged pursuant to a California Finance Lenders Law license. Additional terms and conditions apply.

– To qualify, you must be a U.S. citizen or non-citizen permanent resident of the United States, reside in a state we lend in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.navirefi.com/help-and-questions. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Loan terms are subject to eligibility. Approval and interest rate depend on the review of a complete application. Loan approval is subject to confirmation that your debt-to-income, free cash flow, credit history and application information meet the minimum requirements. You must have a minimum FICO score to be considered.

– You can choose between fixed and variable rates. Fixed interest rates are 2.75% – 6.04% APR (2.50% – 5.79% APR with Auto Pay discount). Starting variable interest rates are 2.13% – 5.89% APR (1.88% – 5.64% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.

– You can take advantage of the 0.25% Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. NaviRefi rate ranges are current as of June 1, 2021 and are subject to change based on market conditions and borrower eligibility.

– The information provided on this page is updated as of 06/1/2021. Earnest Operations LLC reserves the right to modify or discontinue (in whole or in part) this loan program and its associated services and benefits at any time without notice. Check www.navirefi.com for the most up-to-date information. Terms and Conditions apply. Call 855-284-4893 for more information on our student loan refinance product.

– Earnest Operations LLC – NMLS #1204917, CA CFL #6054788 – 535 Mission St., Suite 1663, San Francisco, CA 94105.
Navient Solutions, LLC – NMLS #212430 – 123 Justison St., Wilmington, DE 19801. Visit https://navirefi.com/lending-licenses for a full list of licensed states.


4 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.


5 Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates from 2.74% APR to 6.74% APR (with autopay). Variable rates from 2.25% APR to 6.39% APR (with autopay). All variable rates are based on the 1-month LIBOR and may increase after consummation if LIBOR increases; see more at SoFi.com/legal/#1. If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.


6 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 04/07/2021 student loan refinancing rates range from 1.90% APR – 5.25% Variable APR with AutoPay and 2.95% APR – 7.63% Fixed APR with AutoPay.


7 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of April 29, 2021. Information and rates are subject to change without notice.
 


8 Important Disclosures for PenFed.

PenFed Disclosures

Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.89%-4.78% APR and Variable Rates range from 2.13%-5.25% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.