A new study reveals the states with the highest student loan debt in America.
Research conducted by banking experts CreditDonkey compared all 50 states based on the most recent student debt data from the Federal Reserve Bank of New York to discover which states had the highest proportion of student debt per borrower.
The highest debt is in Maryland where 864,700 students owe an average of $42,543 per borrower. Georgia and Delaware also have students carrying high student loan balances.
Virginia has the fourth highest debt where more than 1.1 million Virginians owe an average of $39,ooo each.
New York, Florida, Oregon, Illinois, California and Alabama round out the top 10.
“It’s no secret that the cost of a college education has soared over recent decades, with the average price of tuition, fees, and room and board increasing by 169 percent for an undergraduate degree between 1980 and 2020,” a spokesperson for CreditDonkey said of the study, which reveals where student loan debt is most prominent in the U.S. and where President Joe Biden’s proposed student loan forgiveness plan would most benefit.
“At an estimated cost of about $400 billion, Biden’s plan to forgive student debt is one of the most expensive executive actions in history. The Supreme Court is expected to issue a decision before the end of June, providing much-anticipated clarity for millions of eager student loan borrowers.”
The lowest student loan debt is in South Dakota where approximately 12.9 percent of residents owe an average of $28,218 per borrower.
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Rebecca Barnabi
