Get your bumper sticker now!

Here Are the States With the Highest Student Loan Debt

1.8k views

While student loan debt is at an all-time national high, CNBC is reporting that some states are struggling under more college debt than others. According to an analysis from Value Penguin

Student debt has skyrocketed more than 256 percent from 2004 to 2015. Outstanding college-loan balances at the end of the first quarter of 2017 totaled $1.34 trillion, according to the Federal Reserve Bank of New York. That's up $34 billion from the end of 2016.

This speaks to a real crisis, as more and more people are seeing college as the only pathway to success and are accumulating massive amounts of debt to secur that degree.

But students in some states seem to have wracked up way more debt than others. The average student loan debt per person is $26,700, but almost 2 million people owe in excess of $100,000.

The 10 states that rank highest in average per-student loan debt include, from lowest to highest:

  • Idaho ($27,639) 
  • West- Virginia ($27,713)
  • Illinois ($29,305)
  • South Dakota ($29,364)
  • Wisconsin ($29,460) 
  • Iowa ($29,547)  
  • NewJersey ($30,1040) 
  • Minnesota ($31,526) 
  • Pennsylvania ($34,798)
  • New Hampshire ($36,101)

In these states, the percentage of students in debt can range from 66 to 73 percent.

Another study by WalletHub shows just how many students are past due on their loan payments, or have defaulted altogether. According to this study, the states with the largest number of defaults and past-due balances are West Virginia, Arkansas, New Mexico, Mississippi, and Oklahoma.

The states with the lowest number of defaulted payments are Vermont, Nebraska, Connecticut, Minnesota, and Massachusetts.

The fact that student loan debt is skyrocketing, and that so many students are defaulting on their loans, may be an indicator that there needs to be a better way to succeed professionally. Trade or vocational schools and apprenticeship programs, are being touted by the Trump administration as a viable alternative to much more costly universities degrees -- degrees that often take more time to pay back than they ever take to earn.

 

MRCTV Reader,

The media are hard at work weaving a web of confusion, misinformation, and conspiracy surrounding the COVID-19 pandemic.

This is why MRCTV, a program of the MRC, exists—to broadcast conservative values, culture, politics, expose media bias, and provide entertainment to new and diverse audiences. But we can’t do it alone. We are part of the only organization purely dedicated to this critical

Donate today to help MRCTV continue to produce videos and commentary that are seen far and wide. $25 a month goes a long way.

And now, thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you can make up to a $300 gift to the 501(c)(3) non-profit organization of your choice and use it as a tax deduction on your 2020 taxes, even if you take the standard deduction on your returns.

— The MRCTV Team

DONATE

Connect

Sign up for MRCTV Daily newsletter to receive the latest videos and commentary.