President Joe Biden (Photo by Jim Bennett / FilmMagic)
MovieMagic
Here is the amount of student loan debt in your state.
Here’s what you need to know.
Student loans
The Institute for College Access and Success (TICAS) released its annual student debt report for the Class of 2020. The reports explore student loans, differences in student debt between states, and recommendations on how to help borrowers manage student loans. President Joe Biden has canceled $ 11.5 billion in student loans since becoming president. The US Department of Education has also taken unprecedented steps to help more student loan borrowers get student loan forgiveness and simplify student loan repayments. Let’s explore the amount of student debt in your state – and how to reduce your student loan balance. (Do 3 things for your student loans now).
Student loans by state
The Biden administration has taken several steps to reduce student borrower debt. This includes $ 2 billion in student loans that will be canceled in a matter of weeks. If you haven’t received a student loan forgiveness, there are still options to apply for a student loan forgiveness. (How to request a student loan discount during the Biden administration). Even with these efforts, student loan borrowers in every state still hold student loan debt. New Hampshire is the state with the highest average student debt ($ 39,928). Utah has the lowest average student debt ($ 18,344). Here is a breakdown of student loans by state, including the number of affected student loan borrowers. (How to qualify for the automatic student loan exemption).
Alabama
Average student debt: $ 30,996
% of graduates with debt: 51%
% of graduates benefiting from private student loans: 12%
Alaska
Alaska (Photo by Joe Raedle / Getty Images)
Getty Images
Average student debt: $ 26,356
% of graduates with debt: 47%
% of graduates benefiting from private student loans: 4%
Arizona
Average student debt: $ 24,298
% of graduates with debt: 47%
% of graduates benefiting from private student loans: 7%
Arkansas
Average student debt: $ 27,319
% of graduates with debt: 54%
% of graduates benefiting from private student loans: 8%
California
California (Photo by Matthew Baker / Getty Images)
Getty Images
Average student debt: $ 21,125
% of graduates with debt: 46%
% of graduates benefiting from private student loans: 5%
Colorado
Average student debt: $ 26,424
% of graduates with debt: 49%
% of graduates benefiting from private student loans: 9%
Connecticut
Average student debt: $ 35,853
% of graduates with debt: 57%
% of graduates benefiting from private student loans: 17%
Delaware
Average student debt: $ 39,705
% of graduates with debt: 60%
% of graduates benefiting from private student loans: 21%
Florida
Florida (Photo by Mike Ehrmann / Getty Images)
Getty Images
Average student debt: $ 24,454
% of graduates with debt: 47%
% of graduates benefiting from private student loans: 6%
Georgia
Average student debt: $ 27,759
% of graduates with debt: 56%
% of graduates benefiting from private student loans: 7%
Hawaii
Average student debt: $ 24,926
% of graduates with debt: 45%
% of graduates benefiting from private student loans: 6%
Idaho
Average student debt: $ 24,983
% of graduates with debt: 58%
% of graduates benefiting from private student loans: 7%
Illinois
Illinois (Photo by Tim Boyle / Getty Images)
Getty Images
Average student debt: $ 28,552
% of graduates with debt: 57%
% of graduates benefiting from private student loans: ten%
Indiana
Average student debt: $ 28,521
% of graduates with debt: 57%
% of graduates benefiting from private student loans: 13%
Iowa
Average student debt: $ 29,560
% of graduates with debt: 60%
% of graduates benefiting from private student loans: 14%
Kansas
Average student debt: $ 26,002
% of graduates with debt: 60%
% of graduates benefiting from private student loans: 8%
Kentucky
Average student debt: $ 28,356
% of graduates with debt: 61%
% of graduates benefiting from private student loans: 11%
Louisiana
Average student debt: $ 26,284
% of graduates with debt: 53%
% of graduates benefiting from private student loans: 6%
Maine
Maine (Photo by Wild Horizons / Universal Images Group via Getty Images)
Universal Images Group via Getty Images
Average student debt: $ 32,764
% of graduates with debt: 63%
% of graduates benefiting from private student loans: 18%
Maryland
Maryland (Photo by Win McNamee / Getty Images)
Getty Images
Average student debt: $ 30,461
% of graduates with debt: 55%
% of graduates benefiting from private student loans: 12%
Massachusetts
Average student debt: $ 33,457
% of graduates with debt: 56%
% of graduates benefiting from private student loans: 14%
Michigan
Michigan. (Photo by Raymond Boyd / Getty Images)
Getty Images
Average student debt: $ 29,863
% of graduates with debt: 58%
% of graduates benefiting from private student loans: 11%
Minnesota
Average student debt: $ 32,012
% of graduates with debt: 64%
% of graduates benefiting from private student loans: 16%
Mississippi
Average student debt: $ 29,714
% of graduates with debt: 58%
% of graduates benefiting from private student loans: ten%
Missouri
Average student debt: $ 28,713
% of graduates with debt: 56%
% of graduates benefiting from private student loans: 11%
Montana
Montana (Photo by Wolfgang Kaehler / LightRocket via Getty Images)
LightRocket via Getty Images
Average student debt: $ 27,114
% of graduates with debt: 55%
% of graduates benefiting from private student loans: 7%
Nebraska
Average student debt: $ 26,781
% of graduates with debt: 60%
% of graduates benefiting from private student loans: ten%
Nevada
Average student debt: $ 21,357
% of graduates with debt: 46%
% of graduates benefiting from private student loans: 4%
New Hampshire
Average student debt: $ 39,928
% of graduates with debt: 70%
% of graduates benefiting from private student loans: 25%
New Jersey
Average student debt: $ 35,117
% of graduates with debt: 63%
% of graduates benefiting from private student loans: 15%
New Mexico
Average student debt: $ 20,868
% of graduates with debt: 45%
% of graduates benefiting from private student loans: 6%
new York
New York (Photo by Stephen Chernin / Getty Images)
Getty Images
Average student debt: $ 30,951
% of graduates with debt: 54%
% of graduates benefiting from private student loans: 12%
North Carolina
Average student debt: $ 29,681
% of graduates with debt: 55%
% of graduates benefiting from private student loans: 9%
North Dakota
Average student debt: $ 31,939
% of graduates with debt: 66%
% of graduates benefiting from private student loans: 27%
Ohio
Average student debt: $ 30,605
% of graduates with debt: 59%
% of graduates benefiting from private student loans: 13%
Oklahoma
Average student debt: $ 27,876
% of graduates with debt: 50%
% of graduates benefiting from private student loans: 9%
Oregon
Average student debt: $ 26,504
% of graduates with debt: 53%
% of graduates benefiting from private student loans: 8%
Pennsylvania
Pennsylvania (Photo by: Joe Sohm / Visions of America / Universal Images Group via Getty Images)
Universal Images Group via Getty Images
Average student debt: $ 39,375
% of graduates with debt: 64%
% of graduates benefiting from private student loans: 22%
Rhode Island
Average student debt: $ 36,791
% of graduates with debt: 64%
% of graduates benefiting from private student loans: 20%
Caroline from the south
Average student debt: $ 32,635
% of graduates with debt: 60%
% of graduates benefiting from private student loans: 15%
South Dakota
South Dakota (KAREN BLEIER / AFP via Getty Images)
AFP via Getty Images
Average student debt: $ 32,029
% of graduates with debt: 73%
% of graduates benefiting from private student loans: 20%
Tennessee
Average student debt: $ 26,852
% of graduates with debt: 53%
% of graduates benefiting from private student loans: 7%
Texas
Average student debt: $ 26,273
% of graduates with debt: 52%
% of graduates benefiting from private student loans: 6%
Utah
Average student debt: $ 18,344
% of graduates with debt: 39%
% of graduates benefiting from private student loans: 3%
Vermont
Average student debt: $ 34,866
% of graduates with debt: 57%
% of graduates benefiting from private student loans: 17%
Virginia
Average student debt: $ 29,616
% of graduates with debt: 55%
% of graduates benefiting from private student loans: 14%
Washington
Average student debt: $ 23,993
% of graduates with debt: 47%
% of graduates benefiting from private student loans: 6%
Washington DC
Washington, DC (Photo by Dave Etheridge-Barnes / Getty Images)
Getty Images
Average student debt: $ 32,966
% of graduates with debt: 46%
% of graduates benefiting from private student loans: ten%
West Virginia
Average student debt: $ 29,208
% of graduates with debt: 66%
% of graduates benefiting from private student loans: 13%
Wisconsin
Average student debt: $ 30,270
% of graduates with debt: 66%
% of graduates benefiting from private student loans: 15%
Wyoming
Average student debt: $ 23,510
% of graduates with debt: 48%
% of graduates benefiting from private student loans: 9%
Student loans: recommendations
The report also highlights several ways to reduce student debt. These recommendations include, among others:
- Responsibility of the College: requiring colleges to reduce the burden on student loans;
- Income Based Refund: promote awareness of income-based repayment plans for federal student loans;
- Financial aid: state aid should be based on need and not on merit; and
- Student loan advice: colleges should provide counseling for students borrowing student loans so that they understand the full cost of a college education.
Today, according to the latest student debt statistics, 45 million borrowers collectively owe $ 1.7 trillion in student loans. Due to student loan relief following the Covid-19 pandemic, student loan borrowers have also not been required to make federal student loan payments since March 2020. (These borrowers have not been required to make federal student loan payments either. are not eligible for a limited student loan forgiveness). As of January 31, 2022, however, federal student loan payments will resume at their normal interest rate. With the end of this temporary student loan relief, make sure you are prepared for this major change and understand all of your options for student loan repayments. Here are some popular ways to pay off student loans and save money: