Student debt is a real issue that every state faces today. In 2014, the average student loan balance was $27K for those who graduated in 2013. Since then, the cost of obtaining an education has increased significantly and students are forced to take on more loans than ever before. That being said, how much does your state have?
The “average student loan debt by age” is the average amount of debt that a student has in their name. The data for this was gathered from the Federal Reserve and you can use it to see where your state ranks.
While the majority of Americans have been exempt from having to make student loan payments during the coronavirus outbreak, this exemption will soon end if President Biden does nothing about it. In the United States, there are about 40 million borrowers of student loans who have taken out more than $1 trillion in loans from different lenders. A recent study of student loan borrowers revealed that many of them are not prepared for their payments to begin on October 1st as planned. Estimates place around 1 in 5 Americans in deferment for those student loans as well.
Student loan debt is often less than $15,000 for Americans who are 24 years old or younger since many current college students have seen how student loans have affected previous generations. The average student loan debt does, however, continue to rise if you look at older age groups, with borrowers between the ages of 25 and 34 and 35 and 49, respectively, owing around $33,000 and $42,000 on average.
Image credit: iStock/CREATISTA.
The state with the most student loan debt is?
Although age is one factor to consider when examining higher education expenses and the debt that Americans have racked up to pay for that degree, it is by no means the only one. In fact, as it enables you to compare yourself to other locals, examining the State-specific average student loan debt might also provide some intriguing insights.
Here’s a short rundown of how student loan debt compares by state, including which state has the highest average student loan debt, whether you have private student loans or federal student loan debt.
Ta Nu/Istockphoto, source of the image.
State-specific average student loan debt
In terms of student loan debt, how does your state compare to its neighbors? Do you owe more or less than others in your state generally? Check out this infographic to see how you stack up against other student loan debtors in your area and around the country.
DO NOT USE as an image credit.
Alabama
Debt on average is $39,413
DepositPhotos.com, source of the image.
Alaska
Debt per person: $36,829
Chilkoot provided the photo.
Arizona
$38,720 on average
DepositPhotos.com, source of the image.
Arkansas
$35,349 on average in debt
Tara Ballard is the photographer.
California
$41,282 on average in debt
KGrif/iStock, thanks for the photo.
Colorado
Debt per person: $38,819
Istockphoto provided the image.
Connecticut
Debt average: $39,350
Denis Tangney Jr., photographer
Delaware
Debt average: $39.571
Image by mdgmorris.
Florida
Debt average: $40,866
DepositPhotos.com, source of the image.
Georgia
$44,872 on average in debt
SeanPavonePhoto, author of the photo.
Hawaii
$38,050 on average in debt
Art Wager provided the photo.
Idaho
$35,590 on average in debt
Shanecotee provided the photo.
Illinois
Debt per person: $40,293
Images courtesy of ibsky.
Indiana
Debt average: $34,999
The photographer is f11photo.
Iowa
$32,057 on average in debt
Pixabay provided the image.
Kansas
$34,508 on average in debt
Tiago Fernandez/istockphoto is credit for the photo.
Kentucky
Debt per person: $34,918
Thomas Kelley provided the photo.
Louisiana
$37,441 on average in debt
DepositPhotos.com, source of the image.
Maine
35,347 in debt on average
DepositPhotos.com, source of the image.
Maryland
Debt per person: $45,906
James Lane provided the photo.
Massachusetts
Debt per person: $38,867
Rolf 52 provided the photo.
Michigan
$38,474 on average in debt
Haveseen provided the photo.
Minnesota
Debt per person: $34,766
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Jacob Boomsma provided the photo.
Mississippi
Debt per person: $38,899
SeanPavonePhoto/iStockPhoto is credit for the image.
Missouri
$37,189 on average in debt
DepositPhotos.com, source of the image.
Montana
Debt average: $34,247
DepositPhotos.com, source of the image.
Nebraska
$32,838 on average in debt
Matt Bills of iStock provided the photo.
Nevada
$37,448 on average in debt
DepositPhotos.com, source of the image.
Hampshire, New
$37,034 on average in debt
Pixabay provided the image.com.
Jersey, New
Debt average: $40,296
Image courtesy of istockphoto user Ultima Gaina.
North Mexico
Debt per person: $36,293
Picture Source: Davel5957.
New York
$41,044 on average in debt
DepositPhotos.com, source of the image.
N. Carolina
Debt on average is $39,965
SeanPavonePhoto/IstockPhoto, thanks for the picture.
Dakotas, North
$30,449 on average in debt
Sequential5 provided the photo.
Ohio
$37,383 on average in debt
Picture Source: dypics.
Oklahoma
Debt on average: $34,494
Photo courtesy of Deposit Photos.
Oregon
Debt average: $39658
DepositPhotos.com, source of the image.
Pennsylvania
Debt average: $38,166
weaver1234 is the photographer.
Providence, RI
35,736 in debt on average
SeanPavonePhoto/iStockPhoto is credit for the image.
Carolina, South
Debt per person: $40,882
Photographer: “Darwin Brandis.”
Dakota, South
$31,507 on average in debt
Photo courtesy of RiverNorthPhotography.
Tennessee
$38,632 on average in debt
DepositPhotos.com, source of the image.
Texas
$35,689 on average in debt
DepositPhotos.com, source of the image.
Utah
$33,965 in average debt
Andrey Krav, photographer
Vermont
$37.560 in average debt
Istockphoto provided the image.
Virginia
$41,270 in average debt
DepositPhotos.com, source of the image.
Washington
$37,499 on average
Thyegn/Istockphoto, source of the image
North Carolina
Debt average: $34,350
DepositPhotos.com, source of the image.
Wisconsin
$33,371 on average
Pixabay provided the image.com.
Wyoming
Debt on average: $32,977
Anuj Sahai Photography provided the image.
The state with the highest average student loan debt is now known.
As you can see, the situation is not ideal given that the majority of American borrowers have student loan debt that exceeds $30,000, regardless of where they reside.
The states with the highest average student loan debt in 2020 were Maryland and Georgia, followed by California and Virginia. On the other end of the spectrum, borrowers living in Dakotas, North owed the least in student loan debt—although they still owed, on average, about $30,000.
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All of these data suggest that a large portion of Americans, whether they reside in the midwest, west, east, northeast, or south, are struggling with student loan debt.
In fact, four of the states with the highest average student loan debt per borrower in 2020 are located in various regions of the US, showing that there isn’t just one area struggling with a high number of outstanding student loan amounts. Therefore, it should come as no surprise that Americans all throughout the nation are requesting that the Federal Reserve and the U.S. Department of Education erase student loans.
Related: 11 Realistic Ways to Completely Pay Off Your Student Loans
DepositPhotos.com, source of the image.
The conclusion
A difficult issue that is having an impact on many Americans is student debt. You’re not alone, as the figure above demonstrates, whether you’re having trouble keeping up with federal student loans or a loan from a private lender. The average student loan debt in the United States is above $30,000 in the majority of states, and it exceeds $40,000 in a few of them. As a result, it comes as little surprise that student debt forgiveness has the level of support that it does, especially after spending the previous 18 months in a pandemic while having student loan payments suspended.
President Biden is under pressure from congresswomen to take action to reduce student debt, but it is unclear if he would opt to cancel a part of debts or put them on hold. As a consequence, whether you’re seeking to enroll in college or are currently having trouble making your loan payments, you need to have a firm grasp of the many loan options available to you.
The burden that student loans impose on the more than 40 million Americans who have this kind of college debt makes them a controversial subject. Many millennials may believe that student debts were misrepresented to them as a necessary evil that wouldn’t significantly affect their lives, only to find that they have been preventing them from owning a home and even having children. The greatest thing anybody can do in this circumstance is to keep arming themselves with knowledge so that they are not further hindered by whatever occurs on October 1, 2021. It could seem challenging, but you can find a way ahead, even whether you live in Maryland, Georgia, Virginia, or California.
MediaFeed.org syndicated this story after it first published on JoyWallet.
Photo courtesy of Deposit Photos.
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