Florida students and former students owe a staggering amount in federal student loan debt, ranking third highest in the nation. As of March 31, 2024, over 2.7 million Floridians owe $105.4 billion in federal student loans, according to the latest figures from the U.S. Department of Education’s Federal Student Aid site. This amount includes Direct Loans, Federal Family Education Loans (FFEL), and Perkins Loans but excludes private loan debt.
Florida’s student debt has rebounded to early 2023 levels after a brief dip last September, positioning it behind only California ($148.8 billion) and Texas ($128.7 billion) in total debt. The state also carries the fourth-highest average student debt burden at $38,857 per borrower, with Washington, D.C. and Maryland leading the nation at $54,146 and $43,298 per borrower, respectively.
Breakdown of Florida’s Student Debt
The age distribution of student loan debt in Florida shows significant financial burdens across various age groups:
- 24 years old or younger: 324,900 people owe $4.63 billion
- 25 to 34 years old: 899,100 people owe $31.36 billion
- 35 to 49 years old: 934,900 people owe $44.04 billion
- 50 to 61 years old: 391,900 people owe $18.16 billion
- 62 years old and older: 159,500 people owe $7.19 billion
Federal Student Debt Forgiveness in Florida
The Biden-Harris administration has taken significant steps to reduce student debt through various relief packages. In Florida, notable debt forgiveness includes:
- Public Service Loan Forgiveness (PSLF): 52,230 borrowers with $4.34 billion forgiven
- Income-Driven Repayment (IDR) and SAVE: 106,670 borrowers with $4.38 billion forgiven
- Additional IDR: 72,850 borrowers with $3.93 billion forgiven
Conclusion
With Florida ranking high in both total student debt and average debt per borrower, the state faces a substantial financial challenge. Efforts to alleviate this burden through federal forgiveness programs are making a significant impact, but the overall debt levels remain a critical issue for many Floridians.