Washington Student Loans: Debt Statistics

Washingtonians carry an average federal and private student loan debt burden of $33,342 — 9% less than the nationwide average of $36,689.

In 2017, the Student Loan Transparency Act, introduced by state Attorney General Bob Ferguson, passed unanimously, requiring colleges to keep Washington borrowers apprised of their student loan debt’s status clearly and transparently. The following year, the state’s Student Loan Bill of Rights standardized requirements for loan servicers in how they support Washington borrowers.

Although these protections are a promising sign for students in the Evergreen State, Washington is still home to as many as 800,000 borrowers with student debt. And as new students enter higher education, some will rely on Washington student loans to pay for school. Here’s what you need to know about Washington student loans and your available repayment options.

Washington student loans: Borrowers owe average of $33,342 in federal, private debt — and more facts

Students in Washington state have many colleges and universities to choose from. Within its higher education system, the state offers 33 public community and trade colleges and 11 public baccalaureate colleges and universities, seven of which are research universities. Some four-year public schools include:

• University of Washington
• Washington State University
• The Evergreen State College

Under the Independent Colleges of Washington higher education association, students can also consider attending one of its 10 independent, nonprofit colleges. A few notable private colleges include:

• Gonzaga University
• Seattle Pacific University
• Whitman College

To help make higher education more accessible, the Washington College Grant was expanded in 2020-21 to qualify more low- and middle-income applicants. Grant recipients can receive up to full tuition and funding for school-related costs at approved public colleges or universities, depending on their family’s annual income. Similarly, former foster youth or unaccompanied homeless youth living in the state can apply for the Passport to College Scholarship. The pathway supports higher education costs, such as tuition, fees, books, housing and transportation, as well as some personal expenses.

Student loan debt by ZIP code in Washington’s 3 largest cities: Seattle, Spokane and Tacoma

Loan repayment programs for Washington residents

Student loan borrowers who’ve completed their education and are residing in Washington can still lessen their debt during repayment. Here are a few loan repayment programs for Washingtonians.

The FHP — formerly the Federal State Loan Repayment Program, or FSLRP — is a federal program that’s available to eligible licensed health providers in Washington. It’s funded by federal and state dollars, and requires professionals to serve at least 40 hours a week at a federal health professional shortage area (HPSA). For a two-year minimum service obligation, recipients can receive a maximum award of up to $70,000.

PSLF is another federal program that’s available to eligible public service workers residing in Washington state. The program forgives any remaining direct loan balance after 120 qualifying payments while enrolled under an income-driven repayment plan. Employees must work full time for a nonprofit or government agency for the duration of repayment.

Teacher Loan Forgiveness

Washington educators can also consider Teacher Loan Forgiveness, another federal program, as a way to lessen their debt. Teachers must be employed as a “highly qualified teacher” at a school that serves low-income students (those working for an educational service agency are also considered eligible) for at least five consecutive academic years. Depending on the subject taught, teachers can receive a maximum award of $5,000 or $17,500.

How to refinance Washington student loans

Refinancing student loans can be advantageous if the borrower can secure a lower interest rate or more favorable repayment terms. This is especially true when refinancing a private student loan into another private student loan refinance. Borrowers also have a simpler loan repayment process since there’s only one loan to manage, with one monthly payment and due date to track.

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