Graduation is right around the corner for the class of 2016. With many graduations taking place this month, do you know how your state ranks for student debt?
According to the The Institute on College Access and Success’ Project on Student Debt, about 7 in 10 college seniors in 2014 graduated with student loan debt. On average, those who took out loans ended up with an average of $28,950 in debt.
In terms of the average dollar amount owed by students, Delaware ($33,808), New Hampshire ($33,410), and Pennsylvania ($33,264) ranked the worst. Whereas the states where students graduated with the least debt were Utah ($18,921), New Mexico ($18,969), and Nevada ($20,211).
When ranked by the percentage of students graduating with loans per state, New Hampshire came in last place, with 73 percent of graduates leaving college saddled in debt. Idaho was close behind with 72 percent graduating with debt. Minnesota, Pennsylvania, and Wisconsin tied for the third worst spot at 70 percent. The top-ranking states were Nevada and Wyoming at 46 percent, followed by Hawaii and Louisiana tied for second and New Mexico in third.
Do you think students are aware of their state’s average student debt rates?
To find out what the average student debt is in your state, click here or create your own chart.