The U.S. has a record-breaking $1.73 trillion in student debt—borrowers from these states owe the most on average. (via CNBCMakeIt)
estimates that in quarter two of 2021, Americans owed a startling $1.73 trillion in student loans. The record-breaking total marks an increase of 3% compared to quarter two of 2020 — despite a lengthy pause on federal student loan interest rates and the elimination of billions of federally held student loans by the Biden Administration.
They identified West Virginia as the state most impacted by student debt, with data suggesting that borrowers from the state experience some of the worst ratios of student debt to income and that a high percentage of borrowers from the state are behind on their student loan payments. States such as California and Utah were identified for having some of the least serious student debt difficulties.from The Institute for College Access and Success also identified New Hampshire for being a state with a significant student debt situation. According to the report, the average student debt total for New Hampshire residents in the college Class of 2019 is roughly $39,410 — the most of any state.
"Pennsylvania, New Jersey and Massachusetts have also seen the largest increases in debt from 2004 to 2019, based on our 15-year trend analysis," he adds. "Eight out of 10 states on the high and low debt lists appear at the high and low end of the spectrum like previous years."suggests that how much states invest in public higher education — and in turn, lower costs — is the most significant cause for the geographical differences in student debt.
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