State-By-State Impact of Student Loan Refinancing #BankOnStudents
Release of State by State Data Comes after Dozens of Senators have Hosted events over Last Month in Support of the Legislation in Their Home States
Senate Will Vote On Fair Shot Student Loan Debt Bill on Wednesday
Today, the Democratic Policy and Communications Center along with lead bill sponsors Elizabeth Warren (D-MA) and Al Franken (D-MN) released new state by state data highlight the 25 million federal student loan borrowers estimated to benefit from the Senate Democrat's legislation to give everyone a fair shot to afford college and the opportunity to refinance existing student loans.
"Student loan debt is crushing young people, making it harder for them to buy homes, purchase cars or start businesses," said Senator Warren. "Letting students refinance their debt will help ease this burden for more than a half-million borrowers in Massachusetts. This legislation is a commonsense way to give more kids a fair shot at building a future."
"For students and families in Minnesota, college is getting harder to pay for and students are taking on more and more debt," said Senator Al Franken. "We can't afford to saddle our students with high interest rates on loans that continue to burden them long after graduation. Our bill would benefit more than 500,000 borrowers in Minnesota alone who deserve the opportunity to cut down their debt and keep more of their hard-earned money."
See what the Bank on Students Emergency Loan Refinancing Act means for student loan borrowers in your state:
|
State |
Number of Borrowers |
State |
Number of Borrowers |
|
Alabama |
343,000 |
Montana |
81,000 |
|
Alaska |
42,000 |
Nebraska |
172,000 |
|
Arizona |
484,000 |
Nevada |
154,000 |
|
Arkansas |
209,000 |
New Hampshire |
129,000 |
|
California |
2,328,000 |
New Jersey |
742,000 |
|
Colorado |
462,000 |
New Mexico |
134,000 |
|
Connecticut |
309,000 |
New York |
1,581,000 |
|
Delaware |
69,000 |
North Carolina |
678,000 |
|
D.C. |
62,000 |
North Dakota |
63,000 |
|
Florida |
1,375,000 |
Ohio |
1,182,000 |
|
Georgia |
871,000 |
Oklahoma |
269,000 |
|
Hawaii |
78,000 |
Oregon |
334,000 |
|
Idaho |
134,000 |
Pennsylvania |
1,223,000 |
|
Illinois |
1,095,000 |
Puerto Rico |
150,000 |
|
Indiana |
611,000 |
Rhode Island |
88,000 |
|
Iowa |
311,000 |
South Carolina |
390,000 |
|
Kansas |
262,000 |
South Dakota |
81,000 |
|
Kentucky |
359,000 |
Tennessee |
483,000 |
|
Louisiana |
330,000 |
Texas |
1,828,000 |
|
Maine |
122,000 |
Utah |
190,000 |
|
Maryland |
481,000 |
Vermont |
58,000 |
|
Massachusetts |
581,000 |
Virginia |
629,000 |
|
Michigan |
963,000 |
Washington |
451,000 |
|
Minnesota |
561,000 |
West Virginia |
135,000 |
|
Mississippi |
246,000 |
Wisconsin |
515,000 |
|
Missouri |
523,000 |
Wyoming |
32,000 |
|
Other* |
46,000 |
Total |
25,029,000 |
Source: U.S. Department of Education Estimates, June 2014.
Notes: Other* includes U.S. territories other than Puerto Rico and foreign countries where the eligible citizen resided, or where the eligible institution is located. State by state estimates include where the borrower resided when he or she last received a loan or, in a small number of cases, where the borrower last attended college.