Average Student Debt by State

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.”

  1. 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

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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)

  1. 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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