Which states got the most federal loans by face value in 2025?
- Florida includes Medicare payments booked where Medicare's claims contractors are, for patients across the country, so its total runs high. Ask for Medicare by patients' home state to see where beneficiaries live.
Top 10 by loan face value in FY2025. Leading: California ($105.95B); Michigan ($78.92B); Florida ($56.01B).
| State | Loan face value |
|---|---|
| California | $105.95B |
| Michigan | $78.92B |
| Florida | $56.01B |
| Texas | $32.97B |
| Ohio | $18.48B |
| Pennsylvania | $16.27B |
| Georgia | $15.12B |
| Arizona | $12.25B |
| Illinois | $12.20B |
| New Jersey | $11.73B |
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How to read this
- Amounts are obligations (money committed), not outlays (money paid).
- Location is where the work is performed, not where the recipient is based.
- Medicare payments are published as aggregate records placed where Medicare's claims contractors are (mostly Minnesota, Indiana, Pennsylvania, Kentucky, North Dakota, Connecticut, Florida and South Carolina), not where patients live, so those states show far more HHS money than their population suggests (ask for Medicare payments by patients' home state for where beneficiaries live).
- '(outside the US)' is work performed abroad; '(not reported)' has no location in the source.
- Loan face value is not spending; it is the size of loans made or guaranteed.