By the Numbers: Arkansas Student Borrowers Owe $13.2 Billion

LITTLE ROCK, Ark. – A range of reactions, both for and against, with President Biden’s August 24 student loan forgiveness announcement. Arkansas voices, of course, were among the responses, but Arkansas student borrowers will be among those affected.

The Education Data Initiative Reports student loan debt, graduate and non-graduate, in Arkansas averages $33,333.

In its annual report, the Institute for College Access and Success shows that 54% of typical college or university students in Arkansas graduate with $27,319 in debt from federal student loan programs. Graduates who incur private debt owe $30,024 and represent 8% of graduates.

Information from the United States Department of Education Office of Federal Student Assistance shows that Arkansas federal student aid borrowers have a balance of $13.2 billion out of 387,600 borrowers, or about 13% of the state’s population. Those aged 35 to 49 owe most of that amount, followed closely by those aged 24 to 34.

The proposed loan forgiveness program would remove $10,000 of the $33,333 amount owed for student borrowers, or $20,000 if the borrower was a Pell Grant recipient, a program for students with low household incomes.

Arkansas 32,340 college graduates each year. Of these, 28% receive associate’s degrees, 50.1% have bachelor’s degrees, and the rest have master’s or doctoral degrees.

Comments are closed.