September 13, 2022
The Biden Administration’s recent announcement regarding student debt relief thrust the topic into the forefront of the news. Under the program, students awarded Pell Grants and who took out loans from the Department of Education will have $20,000 of debt canceled. Those without a Pell Grant will have $10,000 shaved off their outstanding balances.
According to the Department of Education, federal student loans currently total $1.6 trillion. All told, an estimated 45 million borrowers hold federal student loan debt. The average student loan debt among borrowers stands at $36,200. (These are the most expensive states to get a college education.)
Burdened by that much debt, many college graduates are not always able to keep up with monthly payments, but the numbers vary by state. In Utah, an estimated 324,200 people have outstanding student loan debt, and of them, 5.9% are at least 90 days past due on payments, compared to 7.5% of borrowers nationwide.
The average outstanding balance among borrowers in Utah of $33,100 is lower than the national average and the 16th lowest among states.
All data in this story is from the Federal Reserve Bank of New York and is current as of 2021.
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