Top 10 States with Student Loan Debt of $100k+ (2025)

Key Takeaways

• California leads the nation with 373,200 borrowers carrying $100K or more in student loan debt, representing nearly 30% more than second-place Texas.
• California, Texas, and Florida, together account for over 916,000 borrowers, representing roughly one in four of all 3.6 million heavy-debt borrowers nationwide.
• Georgia ranks 5th, punching above its weight relative to larger states like New York, suggesting a concentration of graduate and professional degree holders.
• The top 10 states combined hold an estimated $384 billion in $100K+ student loan balances.

Student loan debt does not hit all states equally. The states with the most borrowers carrying $100,000 or more tend to be the most populous, but population alone does not tell the whole story.

California’s 373,200 high-balance borrowers reflect both its size and its large number of graduate and professional school graduates. Texas and Florida follow closely, driven by massive state populations and large public university systems.

Georgia’s appearance at number 5, ahead of much larger states, stands out. Atlanta’s concentration of historically Black colleges and universities (HBCUs), law schools, and medical programs likely contributes to a higher share of graduate borrowers carrying large balances.

It is worth noting that a higher borrower count does not always mean borrowers are worse off. States with more graduate degree holders, doctors, lawyers, MBAs, naturally produce more $100K+ balances. The real concern is borrowers who carry these balances without the income to match.

Data Source: Federal Student Aid, U.S. Department of Education, 2025