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Monday, August 06, 2018

The Student Debt Crisis Is Hitting These Ten States The Hardest

The student debt crisis in America continues to expand. According to the latest figures from the New York Federal Reserve, the total Student Loans Owned and Securitized, Outstanding (SLOAS) grew to over $1.52 trillion in July. Although the debt crisis affects millions of Americans, the debt is not spread evenly across the country, as millennials in some states are much more likely to be weighed down by student loans.

A new study by personal finance website GOBankingRates revealed that graduates in the northeastern states have the heaviest financial burdens. Of these states, millennials in New Hampshire have outstanding student loans around $36,367 — that is the highest rate in the country, according to the Institute for College Access and Success’s 12th Annual Student Debt report.

Geographically, GOBankingRates noticed an alarming trend of northeastern states made the top ten list for highest average debt and highest percentage of graduates with debt. As shown below, New Hampshire and Pennsylvania made the list while Connecticut, Maine, Massachusetts and Rhode Island were among the highest for average debt.

States With the Highest Average Student Debt
  1. New Hampshire Average student loan debt: $36,367 Percent of graduates with debt: 74%
  2. Pennsylvania Average student loan debt: Percent of graduates with debt: 68%
  3. Connecticut Average student loan debt: $35,494 Percent of graduates with debt: 60%
  4. Delaware Average student loan debt: $33,838 Percent of graduates with debt: 63%
  5. Minnesota Average student loan debt: $31,915 Percent of graduates with debt: 68%
  6. Massachusetts Average student loan debt: $31,563 Percent of graduates with debt: 60%
  7. South Dakota Average student loan debt: $31,362 Percent of graduates with debt: 75%
  8. Maine Average student loan debt: $31,295 Percent of graduates with debt: 55%
  9. Alabama Average student loan debt: $31,275 Percent of graduates with debt: 50%
  10. Rhode Island Average student loan debt: $31,217 Percent of graduates with debt: 61%
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4 comments:

  1. AnonymousAugust 6, 2018 at 10:34 AM

    All the while that the Illegals are Debt FREE because they get to go FREE while our children and parents have to sacrifice and many can not even afford to go.

    ReplyDelete
  2. AnonymousAugust 6, 2018 at 12:03 PM

    I wonder what percentage of these student loan whiners are happily making payments on $40,000.00 sports cars? My kids had student loans to pay off after college and it was hard sometimes, but they paid them off. We paid for roughly half their college tuition and they borrowed the rest. So now they have the pride of having gotten degrees, paid their loans back and have each bought houses on their own without the help of their parents. In other words, THEY HAVE BECOME SELF SUFFICIENT. So quit whining about paying off a loan you probably shouldn't have taken in the first place and grow up.

    ReplyDelete
  3. AnonymousAugust 6, 2018 at 12:29 PM

    And Liberals want free education? Show us on what tree the $$ grows.

    ReplyDelete
  4. AnonymousAugust 6, 2018 at 4:36 PM

    12:03
    So happy for you and your family.

    This article is about those who have difficulty getting a good paying job after graduating with a degree. Your children were probably exceptional performers. Many other children (young adults) are not exceptional, yet they took loans for college in hopes of improving their earning potential. It is these students for whom the college debt experience is not paying off.

    Very sad for them. I know some of these folks and they are in a tough predicament now.

    ReplyDelete

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