- How Much Is Average Student Loan Debt
- Frb: Education Debt And Student Loans, Report On The Economic Well Being Of U.s. Households In 2015
How Much Is Average Student Loan Debt – New data from the Institute for College Access and Success shows where the Class of 2020 has the highest student loan balances. (iStock)
A college degree gives graduates the opportunity to land high-paying jobs in specific fields, but it can come with a high price tag that leaves many Americans with crushing student loan payments. For borrowers in some US states, the debt burden is even higher.
How Much Is Average Student Loan Debt
Average student loan debt among the class of 2020 ranged from $18,350 in Utah to $39,950 in New Hampshire, according to a new report from The Institute for College Access & Success (TICAS). The map below shows the average student loan balance among graduates in each state.
Frb: Education Debt And Student Loans, Report On The Economic Well Being Of U.s. Households In 2015
Average debt after graduation was more than $30,000 in 19 states and exceeded $35,000 in six states: New Hampshire ($39,928), Delaware ($39,705), Pennsylvania ($39,375), Rhode Island ($36,791 ), Connecticut ($35,853) and New Jersey ($35,117).
“Although student loan debt levels have leveled off in recent years, debt among graduating classes remains at an all-time high, holding borrowers back and making their lives financially precarious,” said Sameer Gadkari, president of TICAS.
Read on to learn more about where borrowers have the highest and lowest student loan balances, as well as alternative student loan repayment options like refinancing. You can compare student loan refinancing rates across multiple private lenders in Credible’s online marketplace.
Graduates from New Hampshire, Delaware, and Pennsylvania have the highest average student loan debt—in all three states, the average student loan balance after graduation exceeds $39,000. Of the top 10 states with the highest student loan balances, they are all. In the New England or northeastern Mid-Atlantic regions.
Communities Of Color In Crisis: Examining Racial Disparities In Student Loan Debt And Borrower Outcomes
In general, student loan borrowers in the Northeast have more student loans than those living in southern and western states. While some borrowers in the Midwest and South graduate with higher levels of credit, there are a few exceptions:
In many states with high student loan balances, the total cost of attending a four-year public or nonprofit institution is higher. The average cost of college in Massachusetts is $53,853, which is still much more expensive than the state with the highest average debt balance, New Hampshire ($45,393). In New York, the total cost of attendance is $46,955 — but borrowers have an average loan worth $30,951.
In the District of Columbia, which has the ninth highest student loan balance, the cost of college is the most expensive at $64,354. That’s nearly double the average student loan amount in the nation’s capital, suggesting that many D.C. students are relying. Financial methods other than loans to pay for college.
If you’re looking for ways to pay off higher student loan debt, student loan interest rates are at record lows and consider refinancing. You can check current student loan refinancing rates in the table below, and visit Credible to see your estimated interest rate for free without affecting your credit score.
Chart: Americans Owe $1.75 Trillion In Student Debt
Graduates in some states are fortunate to have lower levels of student debt compared to the national average. Still, No. 1 Utah is the only state with an average student loan debt below $20,000.
Almost every state with the lowest student loan balance for graduates is located in the American West. Student loan borrowers in New Mexico ($20,868), California ($21,125), Nevada ($21,357), Wyoming ($23,510) and Washington ($23,993) have more manageable levels than those living. In the northeastern states.
The total cost of college is cheaper in states with lower levels of student debt. In Utah, the state with the lowest student loan debt per borrower, the average cost of earning a college degree is $20,769. There are two states where the cost of college is under $20,000: Wyoming ($19,960) and Idaho ($19,296).
In some states, the average student loan balance exceeds the total cost of college. This may be because there are hidden college costs, such as rent and food costs, that may require students to borrow additional money to complete their education. If you’ve borrowed more student loans than you can repay and are considering refinancing for better terms, use Credible’s student loan refinancing calculator to see your potential savings.
Facts About Student Loans
Even among states with the lowest amount of student loans, repaying these loans can be difficult. If you’re struggling to repay student loans, consider the following options:
It is important to note that refinancing your federal student loan debt into a private loan will disqualify you for government protections such as student loan forgiveness programs such as COVID-19 emergency forbearance, IDR plans, and Public Service Loan Forgiveness (PSLF).
You can learn more about student loan refinancing by contacting a knowledgeable loan specialist at Credible who can help you decide if this loan repayment strategy is right for your circumstances.
Have a financial question but don’t know who to ask? Email the Credible Money Expert at email@example.com and Credible will answer your question in our Money Expert column. Two crossed lines forming an ‘X’. It indicates a way to close an interaction or dismiss a notification.
Average Student Loan Debt Is 16 Percent Lower Than Average Car Loan Debt — Michigan Independent Colleges & Universities
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National student debt now exceeds $1.4 trillion, with an average of $17,126 per graduate in the United States. Student loans can hinder people who want to buy a home or start a family after graduation.
The Student Loan Report broke down the average debt for a college graduate for the Class of 2016 by state, which you can see in the map below. College graduates in the Northeast typically have more debt, while those in the Southwest typically have the least.
University Of California
Graduates from New Hampshire left with the most debt on average – $27,167. Meanwhile, graduates from Utah had the least – $7,545.
The report specifically looks at typical student loans for a “graduate” — and not a “borrower.” That means that number also includes the number of students who earn debt-free degrees.
Notably, families in the Northeast spend about 70% more on college than those in the West, Midwest, and South, which may explain why the average debt of a graduate in that part of the country is higher.
The average family in the Northeast pays $35,431 for college. That’s nearly double the average amount spent by families in the West — $19,181 — while families in the Middle East and South pay $21,577 and $20,953, respectively, Business Insider’s Tanza Loudenback previously reported.
Us States With The Highest Average Student Loan Debt Revealed
The higher price tag may be a result of students enrolling in four-year private schools. Attendance at these schools is highest among those in the Northeast, with 40% choosing a private college, compared to 22% in the Midwest, 19% in the South, and 14% in the West.
Elena Holodny is a reporter for Business Insider, primarily covering economics, foreign policy and markets. Previously, she reported for CNBC, NBC News, and WNYC, and worked at the International Criminal Tribunal for the former Yugoslavia. She also authored a scientific article on CT perfusion and brain metastases. She graduated from Columbia University in 2014 with a concentration in Economics.
Get the inside scoop on today’s biggest stories in business – from Wall Street to Silicon Valley – delivered daily. It’s America’s fastest-growing debt — student loans. trillion, and about 45 million Americans currently have student loans.2, 3 Wowza! In fact, most college students (65%) graduate with student debt. 4 and the average student loan borrower is $38,792 with an average monthly payment of $393.5, 6.
That’s just a glimpse of what’s going on with student loans in America today. But keep reading for the latest, unofficial student loan research, including:
Average Student Loan Debt In The Us By State Exposes A Pattern
There are two types of student loans: federal and private. As of January 2022, 43.4 million borrowers have federal student loans — meaning their loans are funded by the U.S. government. Loans, Federal Family Education Loans (FFEL) and Perkins Loans.8
The FFEL program was the first federal student loan program created in 1965. Although the program was eliminated in 2010 (no new loans have been made since), borrowers still owe a total of $230 billion in FFEL program arrears.9 Now, all new federal student loans are from the Direct Loan Program. And there are three types of Direct Loans: Direct Subsidized Loans (FAFSA-Based Financial Needs), Direct Unsubsidized
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