Friday, August 31, 2018

States With The Highest Student Loan Debt (Fortunately The Southeast is NOT at the Top!)

Which states have the most student loan debt?
Here's what you need to know - and see whether your state has the most student loan debt.
Student Loan Debt Statistics
According to personal finance website Make Lemonade, student loan debt is now the second highest consumer debt category - second only to mortgages and higher than credit card debt. According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt. The average student in the Class of 2016 has $37,172 in student loan debt. The average student in the Class of 2017 has almost $40,000 in student loan debt.
Approximately 11.0% of student loan debt is in default or over 90 days delinquent.
Which State Has The Highest Average Student Loan Debt?

In its 12th annual student loan debt report, The Institute for College Access & Success (TICAS) studied the state of student loan debt for the Class of 2016.
Some of the report's key finding include:

  • New Hampshire has the highest average student loan debt at graduation ($36,350)
  • State averages for debt at graduation ranged from a low of $20,000 (Utah) to a high of
    $36,350 (New Hampshire)
  • New graduates’ likelihood of having debt varied from 43% (Utah) to 77% (West Virginia).
  • In 17 states, average debt was more than $30,000.
  • High-debt states remain concentrated in the Northeast and Midwest, and
    low-debt states are mainly in the West.
  • Of the 100 colleges with the highest private loan borrowing, 85 are nonprofit colleges and 34 are
    located in Pennsylvania.
  • In terms of state loans, almost 80% of the 2016 graduates with state loan debt went to college in just four states – Texas, Minnesota, Massachusetts and New Jersey – which collectively produce only 14% of college graduates.
Most and Least Average Student Loan Debt
The states with the highest average student loan debt:
  1. New Hampshire ($36,367)
  2. Pennsylvania ($35,759)
  3. Connecticut ($35,494)
  4. Delaware ($33,838)
  5. Minnesota ($31,915)
The states with the lowest average student loan debt:
  1. Utah ($19,975)
  2. New Mexico ($21,373)
  3. California ($22,744)
  4. Arizona ($23,447)
  5. Nevada ($24,128)
Next Steps
Like I've talked about, when it comes to your student loans, remember to organize your student loan game plan around these four strategies:
They will help put you on the right path to conquering your student loans.

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