Highest Ranked States with Student Loan Debts
According to Make Lemonade, a personal financial site, it ranked student loan debt and amounts by state. Here’s what you need to know.
As posted before on numerous of my blogs, student loan debt is only behind mortgages when it comes to household debt. Mortgages are at $9 trillion with student loan debt at $1.5 trillion.
Per The Institute for College Access & Success, last year’s graduating class of 2017 had an average debt load of $40,000 in student loan debt. Eleven percent of student loans are in default more than ninety days.
Below is a list of the top five states with the most and least amount of student loans.
Highest Student Loan Debt States Averages
(1) New Hampshire ($36,350).
(2) Pennsylvania ($35,759)
(3) Connecticut ($35,494)
(4) Delaware ($33,838)
(5) Minnesota ($31,915)
Lowest Amount of Student Debt State Averages
(1) Utah ($19,975)
(2) New Mexico ($21,373)
(3) California ($22,744)
(4) Arizona ($23,447)
(5) Nevada ($24,128)
Alexander Hernandez, Esq.
Student loan debt is increasing by as much as $30 billion each quarter and is predicted to hit $2 trillion by 2021.
With a drop in income and the high costs of medical care and the standard of living, senior citizens are filing for bankruptcy in record numbers.
Student loan debt is estimated at $1.5 trillion, and with the costs of education increasing, so will the national debt.