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State-By-State Impact of Student Loan Refinancing #BankOnStudents

Jun 10, 2014
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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.

 

By: DPCC