POSTED BY MARTIN KICH
The following data is from the Student Loan Report produced by 24/7 Wall St.
This news release provides a summary explanation of that report, highlighting the key findings and aspects of the methodology:
“Total student debt in the United States, at approximately $1.26 trillion, is the second largest consumer debt in the country after mortgages. The average debt of all U.S. college undergraduates, including those who did not take any student loans, is around $16,929 per student, according to new data from student loan news website the Student Loan Report.
“Students graduating in Utah have the least debt, at an average of $7,527 per student. College students in New Hampshire lead the nation with average per-student debt at graduation of $25,740.
“Because average debt per student includes graduates who did not borrow, the actual debt burden of students who did take out loans is even higher. In Utah, the average debt of students who borrowed is $18,973 per student, second lowest in the country. In New Hampshire it is $36,101 per student, the highest in the country.
“The proportion of students who graduate with loans in a state can largely affect the student debt burdens. In almost every state, a majority of undergraduates leave college with at least some debt. In 12 of the 25 states with the highest perstudent debt, at least twothirds of undergraduates leave school with student debt. In all states with low perstudent debt, less than twothirds of students leave with debt.
“Looking only at students who borrowed and examining the average perstudent debt in each state, the rank is closely aligned with this list. This means that not only are students in these states more likely to take loans, but also that these loans tend to be larger.
“Graduates of private schools have more than 122% of the debt students who graduate from public universities and colleges have. Private postsecondary institutions outnumber public schools in 29 states, and this is more likely to be the case in states with aboveaverage student debt per graduate.
“Education advocate and research organization College Board estimates that to afford tuition, room, board, and other expenses a student must budget an average of $24,061 for instate public colleges and $47,831 for private colleges, annually. Student loan company Sallie Mae and market research firm Ipsos conducted a study to find how families pay for college education. Most families turn to financial aid to help subsidize higher education costs. In the 20132014 academic year, 89% of undergraduate students received some form of financial aid.
“While financial aid may help students cover a portion of education costs, generally, many sources are required to pay for the full cost. In the 20132014 academic year, grants and scholarships accounted for 31% of college costs. Another 30% of costs were covered by parent income and savings. Combined borrowing of students and their parents accounted for 22% of costs. The remainder came from student income and savings as well as relatives and friends.”
“To identify the states where college students graduate with the most student debt, 24/7 Wall St. reviewed the average debt per graduate of post-secondary institutions in each state from the student loan news website Student Loan Report, which collected data on 1,238 U.S. colleges and universities. The percentage of graduates with debt per school and in each state is also from this report. Cost of attendance and median alumni earnings are from the U.S. Department of Education’s College Scorecard for the 20142015 academic year.
“Cost of attendance refers to total cost of college, including tuition, room and board, and other expenses minus grants and scholarships received. Median alumni earnings are from tax returns for alumni who received financial aid 10 years after beginning their degree program. All data are from the most recent period available. The sample of graduates in Delaware is not sufficient for comparison with other states.”
- Delaware
Avg. debt at graduation: N/A
Pct. of adults with at least a bachelor’s degree: 30.9% (19th highest)
Median household income, ages 2544: $65,770 (17th highest)
Avg. debt as share of median household income: N/A
- Utah
Avg. debt at graduation: $7,527
Pct. of adults with at least a bachelor’s degree: 31.8% (16th highest)
Median household income, ages 2544: $66,042 (16th highest)
Avg. debt as share of median household income: 11.4% (2nd lowest)
- Wyoming
Avg. debt at graduation: $10,434
Pct. of adults with at least a bachelor’s degree: 26.2% (13th lowest)
Median household income, ages 2544: $70,384 (12th highest)
Avg. debt as share of median household income: 14.8% (3rd lowest)
- Nevada
Avg. debt at graduation: $11,038
Pct. of adults with at least a bachelor’s degree: 23.6% (7th lowest)
Median household income, ages 2544: $53,809 (16th lowest)
Avg. debt as share of median household income: 20.5% (10th lowest)
- Louisiana
Avg. debt at graduation: $11,275
Pct. of adults with at least a bachelor’s degree: 23.2% (5th lowest)
Median household income, ages 2544: $51,040 (8th lowest)
Avg. debt as share of median household income: 22.1% (12th lowest)
- Hawaii
Avg. debt at graduation: $11,792
Pct. of adults with at least a bachelor’s degree: 31.4% (18th highest)
Median household income, ages 2544: $74,003 (6th highest)
Avg. debt as share of median household income: 15.9% (4th lowest)
- New Mexico
Avg. debt at graduation: $11,829
Pct. of adults with at least a bachelor’s degree: 26.5% (14th lowest)
Median household income, ages 2544: $47,383 (4th lowest)
Avg. debt as share of median household income: 25.0% (19th lowest)
- Arizona
Avg. debt at graduation: $12,200
Pct. of adults with at least a bachelor’s degree: 27.7% (19th lowest)
Median household income, ages 2544: $55,510 (19th lowest)
Avg. debt as share of median household income: 22.0% (11th lowest)
- Oklahoma
Avg. debt at graduation: $12,549
Pct. of adults with at least a bachelor’s degree: 24.6% (9th lowest)
Median household income, ages 2544: $52,768 (14th lowest)
Avg. debt as share of median household income: 23.8% (15th lowest)
- California
Avg. debt at graduation: $12,554
Pct. of adults with at least a bachelor’s degree: 32.3% (14th highest)
Median household income, ages 2544: $67,122 (15th highest)
Avg. debt as share of median household income: 18.7% (5th lowest)
- Florida
Avg. debt at graduation: $12,836
Pct. of adults with at least a bachelor’s degree: 28.4% (24th lowest)
Median household income, ages 2544: $51,873 (12th lowest)
Avg. debt as share of median household income: 24.7% (17th lowest)
- Alabama
Avg. debt at graduation: $13,269
Pct. of adults with at least a bachelor’s degree: 24.2% (8th lowest)
Median household income, ages 2544: $47,780 (5th lowest)
Avg. debt as share of median household income: 27.8% (24th lowest)
- Colorado
Avg. debt at graduation: $13,947
Pct. of adults with at least a bachelor’s degree: 39.2% (2nd highest)
Median household income, ages 2544: $70,032 (13th highest)
Avg. debt as share of median household income: 19.9% (8th lowest)
- Washington
Avg. debt at graduation: $14,057
Pct. of adults with at least a bachelor’s degree: 34.2% (11th highest)
Median household income, ages 2544: $70,463 (11th highest)
Avg. debt as share of median household income: 19.9% (9th lowest)
- North Carolina
Avg. debt at graduation: $14,057
Pct. of adults with at least a bachelor’s degree: 29.4% (25th highest)
Median household income, ages 2544: $51,244 (10th lowest)
Avg. debt as share of median household income: 27.4% (23rd lowest)
- Texas
Avg. debt at graduation: $14,469
Pct. of adults with at least a bachelor’s degree: 28.4% (24th lowest)
Median household income, ages 2544: $59,006 (25th lowest)
Avg. debt as share of median household income: 24.5% (16th lowest)
- Alaska
Avg. debt at graduation: $14,544
Pct. of adults with at least a bachelor’s degree: 29.7% (23rd highest)
Median household income, ages 2544: $74,592 (5th highest)
Avg. debt as share of median household income: 19.5% (7th lowest)
- Maryland
Avg. debt at graduation: $14,744
Pct. of adults with at least a bachelor’s degree: 38.8% (3rd highest)
Median household income, ages 2544: $78,600 (2nd highest)
Avg. debt as share of median household income: 18.8% (6th lowest)
- Arkansas
Avg. debt at graduation: $14,821
Pct. of adults with at least a bachelor’s degree: 21.8% (4th lowest)
Median household income, ages 2544: $46,682 (3rd lowest)
Avg. debt as share of median household income: 31.7% (12th highest)
- Tennessee
Avg. debt at graduation: $14,898
Pct. of adults with at least a bachelor’s degree: 25.7% (11th lowest)
Median household income, ages 2544: $51,145 (9th lowest)
Avg. debt as share of median household income: 29.1% (22nd highest)
- Montana
Avg. debt at graduation: $15,909
Pct. of adults with at least a bachelor’s degree: 30.6% (19th highest)
Median household income, ages 2544: $57,159 (23rd lowest)
Avg. debt as share of median household income: 27.8% (25th lowest)
- Georgia
Avg. debt at graduation: $15,947
Pct. of adults with at least a bachelor’s degree: 29.9% (22nd highest)
Median household income, ages 2544: $53,215 (15th lowest)
Avg. debt as share of median household income: 30.0% (18th highest)
- Virginia
Avg. debt at graduation: $16,035
Pct. of adults with at least a bachelor’s degree: 37.0% (6th highest)
Median household income, ages 2544: $70,715 (10th highest)
Avg. debt as share of median household income: 22.7% (13th lowest)
- Missouri
Avg. debt at graduation: $16,206
Pct. of adults with at least a bachelor’s degree: 27.8% (21st lowest)
Median household income, ages 2544: $55,694 (20th lowest)
Avg. debt as share of median household income: 29.1% (23rd highest)
- Oregon
Avg. debt at graduation: $16,453
Pct. of adults with at least a bachelor’s degree: 32.2% (15th highest)
Median household income, ages 2544: $60,288 (24th highest)
Avg. debt as share of median household income: 27.3% (22nd lowest)
- North Dakota
Avg. debt at graduation: $16,610
Pct. of adults with at least a bachelor’s degree: 29.1% (25th lowest)
Median household income, ages 2544: $71,536 (8th highest)
Avg. debt as share of median household income: 23.2% (14th lowest)
- Vermont
Avg. debt at graduation: $16,908
Pct. of adults with at least a bachelor’s degree: 36.9% (7th highest)
Median household income, ages 2544: $64,054 (19th highest)
Avg. debt as share of median household income: 26.4% (21st lowest)
- Maine
Avg. debt at graduation: $16,929
Pct. of adults with at least a bachelor’s degree: 30.1% (21st highest)
Median household income, ages 2544: $56,992 (22nd lowest)
Avg. debt as share of median household income: 29.7% (20th highest)
- Indiana
Avg. debt at graduation: $17,109
Pct. of adults with at least a bachelor’s degree: 24.9% (10th lowest)
Median household income, ages 2544: $55,414 (18th lowest)
Avg. debt as share of median household income: 30.9% (15th highest)
- Nebraska
Avg. debt at graduation: $17,181
Pct. of adults with at least a bachelor’s degree: 30.2% (20th highest)
Median household income, ages 2544: $60,576 (23rd highest)
Avg. debt as share of median household income: 28.4% (25th highest)
- Kansas
Avg. debt at graduation: $17,313
Pct. of adults with at least a bachelor’s degree: 31.7% (17th highest)
Median household income, ages 2544: $58,614 (24th lowest)
Avg. debt as share of median household income: 29.5% (21st highest)
- South Carolina
Avg. debt at graduation: $17,514
Pct. of adults with at least a bachelor’s degree: 26.8% (17th lowest)
Median household income, ages 2544: $50,658 (7th lowest)
Avg. debt as share of median household income: 34.6% (6th highest)
- Kentucky
Avg. debt at graduation: $17,591
Pct. of adults with at least a bachelor’s degree: 23.3% (6th lowest)
Median household income, ages 2544: $51,422 (11th lowest)
Avg. debt as share of median household income: 34.2% (8th highest)
- Mississippi
Avg. debt at graduation: $17,748
Pct. of adults with at least a bachelor’s degree: 20.8% (3rd lowest)
Median household income, ages 2544: $43,916 (2nd lowest)
Avg. debt as share of median household income: 40.4% (the highest)
- Michigan
Avg. debt at graduation: $18,174
Pct. of adults with at least a bachelor’s degree: 27.8% (21st lowest)
Median household income, ages 2544: $55,190 (17th lowest)
Avg. debt as share of median household income: 32.9% (10th highest)
- Idaho
Avg. debt at graduation: $18,228
Pct. of adults with at least a bachelor’s degree: 26.0% (12th lowest)
Median household income, ages 2544: $52,163 (13th lowest)
Avg. debt as share of median household income: 34.9% (5th highest)
- Iowa
Avg. debt at graduation: $19,064
Pct. of adults with at least a bachelor’s degree: 26.8% (17th lowest)
Median household income, ages 2544: $60,791 (22nd highest)
Avg. debt as share of median household income: 31.4% (14th highest)
- New Jersey
Avg. debt at graduation: $19,242
Pct. of adults with at least a bachelor’s degree: 37.6% (5th highest)
Median household income, ages 2544: $77,039 (4th highest)
Avg. debt as share of median household income: 25.0% (20th lowest)
- New York
Avg. debt at graduation: $19,317
Pct. of adults with at least a bachelor’s degree: 35.0% (9th highest)
Median household income, ages 2544: $67,199 (14th highest)
Avg. debt as share of median household income: 28.7% (24th highest)
- Illinois
Avg. debt at graduation: $19,374
Pct. of adults with at least a bachelor’s degree: 32.9% (12th highest)
Median household income, ages 2544: $64,062 (18th highest)
Avg. debt as share of median household income: 30.2% (17th highest)
- Ohio
Avg. debt at graduation: $19,495
Pct. of adults with at least a bachelor’s degree: 26.8% (17th lowest)
Median household income, ages 2544: $56,786 (21st lowest)
Avg. debt as share of median household income: 34.3% (7th highest)
- West Virginia
Avg. debt at graduation: $19,520
Pct. of adults with at least a bachelor’s degree: 19.6% (2nd lowest)
Median household income, ages 2544: $49,624 (6th lowest)
Avg. debt as share of median household income: 39.3% (2nd highest)
- Massachusetts
Avg. debt at graduation: $19,854
Pct. of adults with at least a bachelor’s degree: 41.5% (the highest)
Median household income, ages 2544: $80,184 (the highest)
Avg. debt as share of median household income: 24.8% (18th lowest)
- Wisconsin
Avg. debt at graduation: $19,881
Pct. of adults with at least a bachelor’s degree: 28.4% (24th lowest)
Median household income, ages 2544: $61,669 (21st highest)
Avg. debt as share of median household income: 32.2% (11th highest)
- Rhode Island
Avg. debt at graduation: $20,334
Pct. of adults with at least a bachelor’s degree: 32.7% (13th highest)
Median household income, ages 2544: $64,614 (17th highest)
Avg. debt as share of median household income: 31.5% (13th highest)
- South Dakota
Avg. debt at graduation: $21,298
Pct. of adults with at least a bachelor’s degree: 27.5% (18th lowest)
Median household income, ages 2544: $59,249 (25th highest)
Avg. debt as share of median household income: 35.9% (4th highest)
- Minnesota
Avg. debt at graduation: $21,744
Pct. of adults with at least a bachelor’s degree: 34.7% (10th highest)
Median household income, ages 2544: $71,122 (9th highest)
Avg. debt as share of median household income: 30.6% (16th highest)
- Connecticut
Avg. debt at graduation: $21,805
Pct. of adults with at least a bachelor’s degree: 38.3% (4th highest)
Median household income, ages 2544: $73,328 (7th highest)
Avg. debt as share of median household income: 29.7% (19th highest)
- Pennsylvania
Avg. debt at graduation: $24,172
Pct. of adults with at least a bachelor’s degree: 29.7% (23rd highest)
Median household income, ages 2544: $63,547 (20th highest)
Avg. debt as share of median household income: 38.0% (3rd highest)
- New Hampshire
Avg. debt at graduation: $25,740
Pct. of adults with at least a bachelor’s degree: 35.7% (8th highest)
Median household income, ages 2544: $77,046 (3rd highest)
Avg. debt as share of median household income: 33.4% (9th highest)
A complete profile of all of the institutions in each state that have been included in the survey is available at: https://studentloans.net/debt-per-graduate-statistics/#tab-con-49.
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