“North Dakota had the lowest average balance”
For some reason, this is not surprising at all.
Advisor Smith reports:
States With the Highest Student Loan Debt
Many Americans believe that higher education is the key to a positive economic future. However, the United States has some of the most expensive costs for college and universities in the world. To bridge this gap, many Americans take advantage of student loans that are offered or guaranteed by the federal government. While these loans are an important way for students to finance their education, they can be an ongoing burden for graduates after they have completed their studies.
In this study, AdvisorSmith examines the states with the highest levels of student loan debt. In particular, we took a deeper look into which states had the highest average student loan balances. Additionally, we also examined the states where the highest percentage of the population currently carries a federal student loan.
At the end of 2020, the average student loan debt held in the federal student loan portfolio was $36,510. There were a total of 42.9 million borrowers, which is approximately 13% of the total U.S. population.
States With the Highest Student Loan Balances
Below, we rank the states with the highest average student loan balances. The nation’s capital, Washington, D.C., had the highest average balance of $54,982.82, while North Dakota had the lowest average balance at $28,402.37.
Rank State Average Loan Balance
1 Washington, D.C. $54,982.82
2 Maryland $42,592.37
3 Georgia $41,255.89
4 Virginia $38,903.12
5 Florida $38,160.04
Donations tax deductible
to the full extent allowed by law.