New Data: 800,000 Coloradans owe $29.3 billion in student loans

Problem Solvers

DENVER (KDVR) — The push for student loan forgiveness continues to be a hot topic in the nation’s capitol and here in Colorado.

In fact, new data from Lending Tree shows federal loan borrowers in our state own an average balance of nearly $34,500.

That figure is about 6% below the national average, which sits just under $37,000.

According to the research from Lending Tree, in Colorado alone, there are more than 800,000 borrowers whose monthly payments average $307.

Cumulatively, Colorado borrowers owe $29.3 billion in federal and private student loan portfolios.

During the pandemic and up until at least October 1, those payments have been placed on pause.

A recent analysis found 31% of Colorado borrowers would have their college debt completely eliminated if the proposed $10,000 in student loan forgiveness becomes reality.

“If you look at a city like Denver where the average monthly payment is $350 — say you have $10,000 worth of student loan debt and you have monthly payments of $200 or $250 – that’s a monthly payment that would suddenly disappear,” said Andrew Pentis, a Senior Writer at Lending Tree and Certified Student Loan Counselor.

In a county by county breakdown, Denver borrowers owe the most: roughly $38,303.

To take a closer look at the data and to see where your county stands, click here.

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