New York borrowers held $99.9 billion in outstanding federal student loan debt across 2,456,600 borrowers as of March 31, 2026. Dividing the published balance by the published borrower count gives an average outstanding balance of approximately $40,666 per borrower. New York had the fourth-largest total federal balance and the seventh-highest average balance among the 50 states, the District of Columbia, and Puerto Rico.
These figures measure outstanding federal loans by borrower location. They are not debt at graduation, annual borrowing, private student loan debt, or the amount owed by students attending colleges located in New York.
New York’s Position in the Federal Loan Portfolio
New York’s $99.9 billion federal balance was smaller than the balances reported for California, Texas, and Florida, but larger than every other state. Its borrower count was also one of the largest in the country.
The average balance tells a different story from the total. New York’s approximately $40,666 per borrower placed it seventh in the location table. A large total balance can reflect both the number of borrowers and the balances those borrowers carry, so total-debt and average-debt rankings should not be treated as the same measure.
New York Compared With Neighboring States
Among New York and the five neighboring states shown below, New York had both the largest federal student loan balance and the highest average balance per borrower on March 31, 2026.
Federal student loan debt in New York and neighboring states
Outstanding federal balance and borrowers by reported borrower location, March 31, 2026.
| State | Outstanding balance | Borrowers | Average balance per borrower |
|---|---|---|---|
| New York | $99.9 billion | 2,456,600 | $40,666 |
| New Jersey | $48.4 billion | 1,235,500 | $39,174 |
| Pennsylvania | $69.6 billion | 1,853,900 | $37,542 |
| Connecticut | $19.8 billion | 515,400 | $38,417 |
| Massachusetts | $33.4 billion | 900,600 | $37,086 |
| Vermont | $2.9 billion | 74,800 | $38,770 |
Average federal student loan balance in New York and neighboring states
Approximate outstanding balance per borrower, March 31, 2026.
Federal Student Aid, Federal Student Loan Portfolio — Portfolio by Location, March 31, 2026.
How New York differs from nearby states
- New York’s $40,666 average was $1,492 above New Jersey’s $39,174, the next-highest value among the states shown.
- New York had more than twice as many borrowers as New Jersey and more than three times as many as Connecticut.
- Pennsylvania had the second-largest total balance in this group at $69.6 billion, but its $37,542 average balance was $3,124 below New York’s.
Why New York Student Debt Averages Can Differ
A separate New York State Comptroller report, drawing on Federal Reserve Bank of New York consumer credit data, reported average student loan debt in New York of just over $30,300 in 2024. That figure should not be substituted for the approximately $40,666 federal portfolio average above.
The two statistics come from different systems. Federal Student Aid’s location report covers outstanding federal student loans in its administrative portfolio. The New York Fed Consumer Credit Panel measures student-loan accounts appearing on consumer credit reports. Differences in coverage, borrower definitions, loan types, reporting dates, and account treatment can produce different averages without either figure being incorrect.
An average outstanding balance is also different from debt at graduation. A portfolio can include undergraduate debt, graduate and professional borrowing, consolidation loans, Parent PLUS debt, accumulated interest, and borrowers who have been out of school for many years.
Student Debt Among Younger New Yorkers
New York State’s analysis of 2024 consumer credit data found that about 1.3 million New Yorkers ages 18 to 34 had student loan debt totaling $40.5 billion. That age group held 42.1% of the student loan debt reported across all age groups in the state.
Those figures describe a narrower age group and use consumer-credit data rather than Federal Student Aid’s administrative portfolio. They therefore provide demographic context but should not be added to, subtracted from, or used to recalculate the March 2026 federal balance.
Data Notes
- The federal location figures are reported for March 31, 2026. Federal Student Aid announced on June 23, 2026 that its quarterly reports had been refreshed with data through that date.
- The $40,666 New York average is calculated from the published $99.9 billion balance and 2,456,600 borrowers. Because the source balance is rounded, the resulting average is approximate.
- The location table assigns debt according to borrower location rather than the state where the borrower attended college.
- The fourth-place total-balance rank and seventh-place average-balance rank use the 50 states, the District of Columbia, and Puerto Rico shown in the location data.
- The 2024 consumer-credit statistics use a different source, period, and population from the March 2026 Federal Student Aid figures and are presented separately for that reason.
Sources
- Federal Student Loan Portfolio — U.S. Department of Education, Office of Federal Student Aid; Portfolio by Location, March 31, 2026, used for New York balance, borrower count, rankings, and neighboring-state comparisons.
- Federal Student Aid Posts Updated Reports to FSA Data Center — Federal Student Aid, June 23, 2026; confirms the quarterly portfolio refresh through March 31, 2026.
- Economic Challenges Facing New York’s Young Adults — Office of the New York State Comptroller, 2025; 2024 consumer-credit-based student loan figures for New Yorkers ages 18 to 34 and New York average debt context.
Cite This Page
DebtData.org. (2026). New York Student Loan Debt. https://debtdata.org/new-york-student-loan-debt/“New York Student Loan Debt.” DebtData.org, September 19, 2026, https://debtdata.org/new-york-student-loan-debt/.DebtData.org. “New York Student Loan Debt.” Published September 19, 2026. https://debtdata.org/new-york-student-loan-debt/.