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?

iStock-1162366190

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

iStock-1201406812

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

Depositphotos_258971016_s-2019

Debt on average is $39,413

DepositPhotos.com, source of the image.

Alaska

alaska_VwzsVUk

Debt per person: $36,829

Chilkoot provided the photo.

Arizona

Depositphotos_7663538_s-2019

$38,720 on average

DepositPhotos.com, source of the image.

Arkansas

river_in_Arkansas

$35,349 on average in debt

Tara Ballard is the photographer.

California

1643559451_96_Temecula_California

$41,282 on average in debt

KGrif/iStock, thanks for the photo.

Colorado

iStock-1136823817

Debt per person: $38,819

Istockphoto provided the image.

Connecticut

sailboats_in_Mystic_Connecticut

Debt average: $39,350

Denis Tangney Jr., photographer

Delaware

delaware

Debt average: $39.571

Image by mdgmorris.

Florida

Depositphotos_6569868_s-2019

Debt average: $40,866

DepositPhotos.com, source of the image.

Georgia

georgia

$44,872 on average in debt

SeanPavonePhoto, author of the photo.

Hawaii

hawaii

$38,050 on average in debt

Art Wager provided the photo.

Idaho

Deer_Creek_Hailey_Idaho

$35,590 on average in debt

Shanecotee provided the photo.

Illinois

illinois

Debt per person: $40,293

Images courtesy of ibsky.

Indiana

indiana

Debt average: $34,999

The photographer is f11photo.

Iowa

iStock-885436304_CyHyHBM

$32,057 on average in debt

Pixabay provided the image.

Kansas

iStock-681280122

$34,508 on average in debt

Tiago Fernandez/istockphoto is credit for the photo.

Kentucky

kentucky

Debt per person: $34,918

Thomas Kelley provided the photo.

Louisiana

Depositphotos_152026162_s-2019

$37,441 on average in debt

DepositPhotos.com, source of the image.

Maine

maine

35,347 in debt on average

DepositPhotos.com, source of the image.

Maryland

maryland

Debt per person: $45,906

James Lane provided the photo.

Massachusetts

Massachusetts_r9X4r4V

Debt per person: $38,867

Rolf 52 provided the photo.

Michigan

MICHIGAN_Mackinac_bridge

$38,474 on average in debt

Haveseen provided the photo.

Minnesota

Lake_Superior_in_Minnesota

Debt per person: $34,766

1. It needn’t be difficult to find a knowledgeable financial counselor. The free service from SmartAsset quickly connects you with up to three local fiduciary financial experts.

2. SmartAsset has thoroughly investigated each adviser and holds them to a fiduciary standard that requires them to operate in your best interests. Get going right now if you’re prepared to be matched with local experts who can assist you in reaching your financial objectives.

Jacob Boomsma provided the photo.

Mississippi

Mississippi_rgxQSn0

Debt per person: $38,899

SeanPavonePhoto/iStockPhoto is credit for the image.

Missouri

Depositphotos_11133430_s-2019

$37,189 on average in debt

DepositPhotos.com, source of the image.

Montana

Depositphotos_8767844_s-2019

Debt average: $34,247

DepositPhotos.com, source of the image.

Nebraska

Omaha_Nebraska

$32,838 on average in debt

Matt Bills of iStock provided the photo.

Nevada

Depositphotos_48728369_l-2015

$37,448 on average in debt

DepositPhotos.com, source of the image.

Hampshire, New

town-582871_640

$37,034 on average in debt

Pixabay provided the image.com.

Jersey, New

iStock-1087953564

Debt average: $40,296

Image courtesy of istockphoto user Ultima Gaina.

North Mexico

new_mexico

Debt per person: $36,293

Picture Source: Davel5957.

New York

Depositphotos_236834102_s-2019

$41,044 on average in debt

DepositPhotos.com, source of the image.

N. Carolina

iStock-628135432

Debt on average is $39,965

SeanPavonePhoto/IstockPhoto, thanks for the picture.

Dakotas, North

north_dakota_3JaJEk0

$30,449 on average in debt

Sequential5 provided the photo.

Ohio

ohio

$37,383 on average in debt

Picture Source: dypics.

Oklahoma

Depositphotos_48521195_s-2019

Debt on average: $34,494

Photo courtesy of Deposit Photos.

Oregon

Depositphotos_55737203_l-2015

Debt average: $39658

DepositPhotos.com, source of the image.

Pennsylvania

Pittsburgh

Debt average: $38,166

weaver1234 is the photographer.

Providence, RI

iStock-614436032

35,736 in debt on average

SeanPavonePhoto/iStockPhoto is credit for the image.

Carolina, South

Charlotte_North_Carolina

Debt per person: $40,882

Photographer: “Darwin Brandis.”

Dakota, South

south_dakota

$31,507 on average in debt

Photo courtesy of RiverNorthPhotography.

Tennessee

Depositphotos_41451533_s-2019

$38,632 on average in debt

DepositPhotos.com, source of the image.

Texas

Depositphotos_237023778_l-2015

$35,689 on average in debt

DepositPhotos.com, source of the image.

Utah

UTAH_Salt_Lake_City

$33,965 in average debt

Andrey Krav, photographer

Vermont

iStock-1141677049

$37.560 in average debt

Istockphoto provided the image.

Virginia

Depositphotos_70465327_m-2015

$41,270 in average debt

DepositPhotos.com, source of the image.

Washington

tacoma-Washington

$37,499 on average

Thyegn/Istockphoto, source of the image

North Carolina

Depositphotos_184481906_l-2015

Debt average: $34,350

DepositPhotos.com, source of the image.

Wisconsin

madison-1809576_640

$33,371 on average

Pixabay provided the image.com.

Wyoming

wyoming_39WbQJr

Debt on average: $32,977

Anuj Sahai Photography provided the image.

The state with the highest average student loan debt is now known.

Depositphotos_91897580_m-2015

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.

1. It needn’t be difficult to find a knowledgeable financial counselor. The free service from SmartAsset quickly connects you with up to three local fiduciary financial experts.

2. SmartAsset has thoroughly investigated each adviser and holds them to a fiduciary standard that requires them to operate in your best interests. Get going right now if you’re prepared to be matched with local experts who can assist you in reaching your financial objectives.

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

Depositphotos_52786561_s-2019

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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