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How much student loan debt do Californians owe in 2022 – NBC Los Angeles

By on April 30, 2022 0

The moratorium on federal student loan repayments is set to expire on August 31, although President Joe Biden hinted at canceling some student loan debt at 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, according to federal data.

So how much of this borrowing debt is held by Californians?

How Much Student Loan Debt Do Californians Owe?

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

In total, California’s student loan debt stands at $141.8 billion, the highest monetary amount of any state.

More than 51% of California borrowers are under 35, and 20% of borrowers owe between $20,000 and $40,000, the data shows.

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

About 10% of the state’s population has student loan debt.

Credit: Education Data Initiative

Which state has the highest average debt per borrower?

Technically not considered a U.S. state, the District of Columbia has the highest average student debt in the nation, at nearly $55,000 per borrower, according to the data.

How much student loan debt does Biden plan to forgive?

Biden said Thursday he was considering some sort 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 on Monday alongside members of the Congressional Hispanic Caucus, said the president could cancel student debt with his executive powers.

“He said, ‘Yeah, I’m considering doing something on that front,'” Cardenas told The Associated Press. “And he also smiled and said, ‘You’re also going to like what I’m doing on this.

Americans are drowning in student loans. But luckily there are lifeboats there. You just need to know where to find them…and where the paddles are. Here are three practical suggestions (and one less practical suggestion) for getting rid of your student loan debt.