Graduate debt vs earnings: where borrowing is heaviest relative to pay
Graduates' median federal loan debt as a share of what former students earn in a year, ten years after they enrolled, at four-year colleges in each state.
Data verified Nov 2026 · CollegesRef 2026–27 edition · Source: College Scorecard and IPEDS, reporting year 2025 · 1,349 colleges · Updated November 15, 2026
At a glance
- Debt as share of pay
- 36%
- Median graduate debt over a year of median earnings, at the median college.
- Median graduate debt
- $21,500
- Federal loans of students who completed.
- Median earnings
- $59,860
- Former students, ten years after they enrolled.
- Debt 50%+ of pay
- 106
- Colleges at or above that share (8%).
College Scorecard, data year 2025
Key findings
At the median of 1,349 four-year public and private nonprofit colleges, graduates' median federal loan debt equals 36% of former students' median annual earnings ten years after enrolling ($21,500 against $59,860).
Borrowing is heaviest relative to pay in Alabama, where median debt is 49% of earnings across 23 colleges, and lightest in California, at 23% across 75 colleges.
The median ratio is 33% at public colleges and 38% at private nonprofit colleges.
At 106 colleges (8%) median graduate debt is 50% or more of a year's median earnings.
Heaviest and lightest borrowing relative to pay
Heaviest
- Alabama
- 49%
- Mississippi
- 43%
- Arkansas
- 43%
Lightest
- California
- 23%
- Utah
- 25%
- Washington
- 26%
- Arizona
- 28%
- New York
- 29%
Every state
Select a column heading to sort. Each figure is the median across a state's colleges; the share is the median of each college's own ratio.
Graduate debt as a share of earnings, by state, 2026–27
Median graduate debt as a share of median annual earnings
- 23%–31%
- 31%–34%
- 34%–37%
- 37%–40%
- 40%–49%
- Not reported
Source: CollegesRef analysis of U.S. Department of Education College Scorecard data. Hover or tab to a state for details; select it to open its colleges.
| Alabama13 public · 10 private | 23 | 49% | $23,500 | $50,557 |
|---|---|---|---|---|
| South Carolina12 public · 17 private | 29 | 44% | $22,312 | $51,191 |
| Mississippi8 public · 5 private | 13 | 43% | $20,500 | $47,355 |
| North Carolina15 public · 31 private | 46 | 43% | $22,830 | $53,473 |
| Arkansas10 public · 7 private | 17 | 43% | $20,500 | $47,220 |
| Louisiana13 public · 5 private | 18 | 42% | $22,391 | $49,947 |
| Ohio23 public · 37 private | 60 | 42% | $23,125 | $57,717 |
| Georgia24 public · 23 private | 47 | 41% | $21,500 | $51,903 |
| Iowa2 public · 22 private | 24 | 41% | $23,911 | $58,810 |
| West Virginia12 public · 5 private | 17 | 40% | $21,146 | $49,503 |
| Kentucky6 public · 14 private | 20 | 40% | $20,799 | $51,552 |
| Virginia15 public · 23 private | 38 | 39% | $23,000 | $59,023 |
| Pennsylvania15 public · 69 private | 84 | 39% | $25,041 | $66,213 |
| South Dakota6 public · 4 private | 10 | 39% | $21,938 | $58,037 |
| Tennessee9 public · 25 private | 34 | 39% | $20,899 | $53,188 |
| Missouri13 public · 21 private | 34 | 38% | $20,700 | $53,206 |
| Indiana13 public · 27 private | 40 | 38% | $23,250 | $58,361 |
| Michigan15 public · 21 private | 36 | 38% | $23,667 | $59,877 |
| Wisconsin13 public · 18 private | 31 | 37% | $22,722 | $59,707 |
| Montana6 public · 3 private | 9 | 37% | $19,500 | $52,907 |
| Nebraska6 public · 7 private | 13 | 37% | $22,500 | $57,009 |
| Oklahoma14 public · 8 private | 22 | 37% | $19,624 | $50,230 |
| Maine7 public · 8 private | 15 | 36% | $21,269 | $57,989 |
| Kansas7 public · 13 private | 20 | 36% | $22,323 | $56,855 |
| New Hampshire4 public · 7 private | 11 | 35% | $25,078 | $64,588 |
| Texas34 public · 37 private | 71 | 35% | $20,050 | $57,299 |
| North Dakota6 public · 2 private | 8 | 35% | $21,131 | $58,798 |
| Massachusetts12 public · 43 private | 55 | 35% | $23,335 | $69,936 |
| Illinois12 public · 33 private | 45 | 34% | $20,976 | $61,717 |
| Colorado13 public · 4 private | 17 | 33% | $19,500 | $58,700 |
| Idaho4 public · 3 private | 7 | 33% | $19,250 | $57,623 |
| Oregon7 public · 9 private | 16 | 33% | $20,500 | $63,482 |
| District of Columbia1 public · 7 private | 8 | 33% | $22,688 | $75,495 |
| Maryland11 public · 9 private | 20 | 33% | $22,375 | $67,501 |
| Minnesota11 public · 20 private | 31 | 33% | $20,318 | $64,996 |
| Connecticut6 public · 13 private | 19 | 31% | $24,000 | $67,897 |
| Vermont2 public · 5 private | 7 | 31% | $24,429 | $66,136 |
| New Mexico7 public · 0 private | 7 | 31% | $13,892 | $44,198 |
| Rhode Island2 public · 8 private | 10 | 31% | $24,125 | $73,388 |
| New Jersey12 public · 13 private | 25 | 31% | $19,500 | $64,432 |
| Florida27 public · 28 private | 55 | 30% | $17,750 | $52,207 |
| Hawaii3 public · 3 private | 6 | 30% | $19,025 | $57,213 |
| New York40 public · 65 private | 105 | 29% | $21,250 | $68,324 |
| Arizona4 public · 3 private | 7 | 28% | $19,151 | $67,414 |
| Washington12 public · 12 private | 24 | 26% | $18,848 | $66,953 |
| Utah6 public · 2 private | 8 | 25% | $15,149 | $60,139 |
| California32 public · 43 private | 75 | 23% | $17,297 | $73,299 |
| All reported colleges | 1,349 | 36% | $21,500 | $59,860 |
Too few colleges to report (fewer than 5): Alaska (3), Delaware (4), Nevada (4), Wyoming (1).
College by college
Heaviest debt relative to pay
Median graduate debt against former students' median earnings at the same college.
| Allen UniversitySouth Carolina · Private nonprofit | $29,000 | $32,754 | 89% |
|---|---|---|---|
| Beacon CollegeFlorida · Private nonprofit | $23,875 | $28,501 | 84% |
| Everglades UniversityFlorida · Private nonprofit | $40,874 | $48,760 | 84% |
| Grambling State UniversityLouisiana · Public | $34,500 | $41,535 | 83% |
| Livingstone CollegeNorth Carolina · Private nonprofit | $31,000 | $38,502 | 81% |
| Talladega CollegeAlabama · Private nonprofit | $30,297 | $38,238 | 79% |
| Benedict CollegeSouth Carolina · Private nonprofit | $27,000 | $36,562 | 74% |
| Mississippi Valley State UniversityMississippi · Public | $27,000 | $36,621 | 74% |
| Texas CollegeTexas · Private nonprofit | $26,500 | $36,030 | 74% |
| Philander Smith CollegeArkansas · Private nonprofit | $29,375 | $40,195 | 73% |
| Alabama State UniversityAlabama · Public | $28,197 | $40,585 | 70% |
| Ohio Christian UniversityOhio · Private nonprofit | $27,554 | $39,861 | 69% |
| Johnson C Smith UniversityNorth Carolina · Private nonprofit | $30,750 | $44,849 | 69% |
| Edward Waters CollegeFlorida · Private nonprofit | $25,801 | $37,946 | 68% |
| Alcorn State UniversityMississippi · Public | $27,500 | $40,721 | 68% |
| Miles College-AlabamaAlabama · Private nonprofit | $25,500 | $38,127 | 67% |
| Bethune-Cookman UniversityFlorida · Private nonprofit | $28,025 | $42,476 | 66% |
| Alabama A & M UniversityAlabama · Public | $27,204 | $41,266 | 66% |
| Chowan UniversityNorth Carolina · Private nonprofit | $27,000 | $41,371 | 65% |
| South Carolina State UniversitySouth Carolina · Public | $26,964 | $41,531 | 65% |
Lightest debt relative to pay
Median graduate debt against former students' median earnings at the same college.
| California Institute of Technology CalTechCalifornia · Private nonprofit | $7,500 | $166,642 | 5% |
|---|---|---|---|
| United States Merchant Marine AcademyNew York · Public | $5,500 | $103,283 | 5% |
| Williams CollegeMassachusetts · Private nonprofit | $8,000 | $95,954 | 8% |
| Stanford UniversityCalifornia · Private nonprofit | $10,750 | $125,340 | 9% |
| Massachusetts Institute of Technology MITMassachusetts · Private nonprofit | $14,000 | $152,553 | 9% |
| Princeton UniversityNew Jersey · Private nonprofit | $12,400 | $133,523 | 9% |
| Yale UniversityConnecticut · Private nonprofit | $11,982 | $118,356 | 10% |
| Claremont McKenna College CMCCalifornia · Private nonprofit | $13,450 | $127,532 | 11% |
| Cornell University-New YorkNew York · Private nonprofit | $12,000 | $113,531 | 11% |
| Wellesley CollegeMassachusetts · Private nonprofit | $9,788 | $90,458 | 11% |
| Smith College-MassachusettsMassachusetts · Private nonprofit | $8,000 | $69,936 | 11% |
| Duke UniversityNorth Carolina · Private nonprofit | $13,000 | $113,937 | 11% |
| Berea CollegeKentucky · Private nonprofit | $5,500 | $48,071 | 11% |
| Johns Hopkins UniversityMaryland · Private nonprofit | $12,000 | $104,590 | 12% |
| University of ChicagoIllinois · Private nonprofit | $12,000 | $103,872 | 12% |
| Dartmouth CollegeNew Hampshire · Private nonprofit | $13,000 | $111,162 | 12% |
| University of Maine at Presque IsleMaine · Public | $5,714 | $47,161 | 12% |
| Grinnell CollegeIowa · Private nonprofit | $8,750 | $72,106 | 12% |
| University of Pennsylvania UPENNPennsylvania · Private nonprofit | $15,000 | $121,687 | 12% |
| University of California-Berkeley CALCalifornia · Public | $12,416 | $100,212 | 12% |
Methodology
- Colleges counted
- Every college published on CollegesRef that is public or private nonprofit, in a four-year Carnegie class (doctoral, master's or baccalaureate), in the 50 states or D.C., with at least 500 undergraduates and both figures reported in the College Scorecard.
- Exclusions
- For-profit colleges, two-year colleges, special-focus institutions, colleges with fewer undergraduates than the minimum, U.S. territories and colleges missing either figure are left out. Earnings figures without a federal reporting year are excluded.
- Reporting threshold
- A state is reported only when at least 5 colleges qualify; states below it are listed under the table and still count in the national figures.
- Ratio
- Median federal loan debt of students who completed (College Scorecard GRAD_DEBT_MDN) divided by former students' median earnings ten years after entry (MD_EARN_WNE_P10) at the same college.
- Different groups
- Debt covers graduates who borrowed federal loans; earnings cover all federally aided students who enrolled, including those who did not finish. The ratio compares typical figures, not the same students.
- Medians
- Each state figure is the median across its colleges, not weighted by enrollment.
Read the CollegesRef methodology for how college data is checked, or browse all data stories.
Sources
- Data
- U.S. Department of Education College Scorecard, which reports these figures from the IPEDS surveys and federal student aid records; Carnegie classes from IPEDS.
- Edition
- 2026–27, data verified Nov 2026
- Source reporting year
- 2025
- Snapshot
- November 15, 2026
- Licence
- Federal data is a U.S. government work in the public domain. Please credit CollegesRef for this analysis.
- Downloads
- CSVMarkdown (for AI tools)
Frequently asked questions
Short answers about how the numbers work.
What does the debt-to-earnings share mean?
It is a college's median graduate debt divided by one year of its former students' median earnings. At the median of 1,349 colleges, debt equals 36% of a year's pay.
Does it include private or parent loans?
No. Graduate debt in the College Scorecard covers federal student loans only; private loans and Parent PLUS loans are not counted.
Why do states differ so much?
Prices, aid and local wages all differ. States with low-cost public systems and high regional pay show low ratios; states where many colleges charge more or graduates earn less show higher ones.
Related guides and tools
Step-by-step explanations of the figures, written from the same federal data.
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