The nation’s student debt has reached a staggering $1.7 trillion, but the burden is not evenly distributed across all states.
An analysis of government data released this month revealed that the average student debt varies widely by state.
Maryland leads the way with an average student debt of $43,116 per borrower, according to the analysis published by Degree Choices, a company that provides college rankings and other higher education information. The other states rounding out the top ten are: Georgia, Virginia, Florida, South Carolina, Illinois, Delaware, North Carolina, Vermont, and Hawaii. North Dakota has the lowest average debt with $30,000 per borrower.
It’s not surprising to see Washington, D.C. and Maryland — which borders the nation’s capital — at or near the top of the list, in part due to their relatively high levels of residents with at least a bachelor’s degree. However, other rankings, like those emphasizing student debt as a share of income, highlight states such as Pennsylvania as particularly challenging places for student-loan borrowers.
Despite the varying student debt levels, borrowers across all states are seeking ways to manage their student loans. The White House reported that borrowers in every congressional district have signed up for SAVE, a repayment program introduced by the Biden administration earlier this year.
SAVE, a new version of income-driven repayment, offers enhanced protection and benefits for borrowers, with about 2.9 million borrowers currently having payments of $0 a month, according to officials. » …
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