The average student loan debt in every state

The common student loan debt in each state

Christine DiGangi
 |  Credit.com

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It was large information when excellent student loan debt surpassed credit card debt after which later exceeded $1 trillion for the primary time. That stunning statistic retains climbing, with no signal of slowing down: Americans now have greater than $1.4 trillion in unpaid training debt, in response to the Federal Reserve.

Meanwhile, college-bound children and their households attempt to keep away from going into debt by heeding recommendation like “save more,” “apply for scholarships” or “go to a cheaper school.” Of course, none of these deal with the key subject of rising prices which have far outpaced wage development.

It’s sensible to keep away from student loan debt if you happen to can, as a result of these loans have an effect on your credit and your monetary future. (You can see how a lot by checking your free credit scores on Credit.com.) However, strategically selecting a college isn’t fairly as simple as evaluating tuition and charges.

One factor you are able to do is try an establishment’s web value calculator, which needs to be on its web site, to see how a lot a student such as you would pay after grants and scholarships. Another factor you are able to do is take a look at how a lot student loan debt latest grads ended up with. (You can learn extra about choices for repaying your student loans right here.)

Where is student loan debt the bottom?

The response to that query is a little bit trickier to determine, however organizations like The Institute for College Access & Success (TICAS) have compiled such knowledge to assist. According to their Project on Student Debt, 68% of 2015 bachelor’s diploma recipients graduated with student loan debt. The common was $30,100 per borrower.

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TICAS put collectively their mission primarily based on student loan debt figures from the “Common Data Set,” a survey of faculties utilized by faculty information publishers. The faculties voluntarily self-report their knowledge, which presents issues.

“Colleges that accurately calculate and report each year’s debt figures rightfully complain that other colleges may have students with higher average debt but fail to update their figures, under-report actual debt levels, or never report figures at all,” reads the methodology for the Project on Student Debt. “Additionally, very few for-profit colleges report debt data through CDS, and national data show that borrowing levels at for-profit colleges are, on average, much higher than borrowing levels at other types of colleges.”

Student loan debt by state

For students who earned bachelor’s levels in 2015, the latest 12 months for which knowledge have been obtainable, TICAS decided the typical student loan debt in every state by utilizing knowledge from 1,116 faculties. For comparability, there are greater than 3,000 four-year establishments within the U.S.

Beyond that, the info have been restricted to bachelor’s diploma recipients, which means those that had debt however lacked a diploma weren’t included, and if a student acquired debt at a special faculty earlier than transferring to the one the place they graduated, these numbers weren’t included within the totals. Still, as TICAS notes within the methodology for the Project on Student Debt, “CDS data are still useful for illustrating the variations in student debt across states and colleges.”

Here’s a state-by-state breakdown of the typical student loan debt, from lowest to highest, for the category of 2015. The Project on Student Debt additionally lists student-loan-debt knowledge by faculty. (Note: North Dakota is just not included on this record, as TICAS didn’t embrace states the place useable knowledge mirrored lower than 30% of the state’s bachelor’s diploma recipients in 2015.)

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Utah

2015 graduates with student loan debt: 41%
Average debt: $18,873

New Mexico

2015 graduates with student loan debt: 58%
Average debt: $20,193

Wyoming

2015 graduates with student loan debt: 46%
Average debt: $22,683

Florida

2015 graduates with student loan debt: 53%
Average debt: $23,379

Hawaii

2015 graduates with student loan debt: 50%
Average debt: $23,456

Nevada

2015 graduates with student loan debt: 47%
Average debt: $23,462

Arizona

2015 graduates with student loan debt: 56%
Average debt: $23,780

Washington

2015 graduates with student loan debt: 57%
Average debt: $24,600

Oklahoma

2015 graduates with student loan debt: 52%
Average debt: $24,849

North Carolina

2015 graduates with student loan debt: 61%
Average debt: $25,645

Colorado

2015 graduates with student loan debt: 56%
Average debt: $25,840

Arkansas

2015 graduates with student loan debt: 57%
Average debt: $26,082

Tennessee

2015 graduates with student loan debt: 60%
Average debt: $26,083

Alaska

2015 graduates with student loan debt: 55%
Average debt: $26,171

Nebraska

2015 graduates with student loan debt: 60%
Average debt: $26,235

Montana

2015 graduates with student loan debt: 60%
Average debt: $26,280

Louisiana

2015 graduates with student loan debt: 51%
Average debt: $26,865

Kentucky

2015 graduates with student loan debt: 64%
Average debt: $27,225

Texas

2015 graduates with student loan debt: 56%
Average debt: $27,324

Missouri

2015 graduates with student loan debt: 61%
Average debt: $27,480

Idaho

2015 graduates with student loan debt: 71%
Average debt: $27,639

Maryland

2015 graduates with student loan debt: 56%
Average debt: $27,672

Oregon

2015 graduates with student loan debt: 63%
Average debt: $27,697

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West Virginia

2015 graduates with student loan debt: 68%
Average debt: $27,713

Virginia

2015 graduates with student loan debt: 59%
Average debt: $27,717

You can see the typical debt in the remainder of the states on Credit.com.

More from Credit.com

This article initially appeared on Credit.com.

Christine DiGangi is Deputy Managing Editor – Engagement for Credit.com, protecting quite a lot of private finance matters. Her writing has been featured on USA Today, MSN, Yahoo! Finance and The New York Times International Weekly, amongst different retailers. More by Christine DiGangi

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