A new study has revealed that Florida has the fourth highest student debt per borrower.
- Maryland has the highest student debt per borrower, at an average of $43,116.
- Florida is fourth, with an average debt of $38,683 per borrower.
- Georgia is second, with an average debt of $41,775 per borrower, while Virginia is third, with an average debt of $39,599 per borrower.
- North Dakota has the lowest average debt per borrower, at an average of $30,000.
Higher education research group Degree Choices analyzed data from the Office of Federal Student Aid to determine which states had the highest average student debt per borrower.
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1. Maryland
Topping the list for the states with the highest amount of student debt per borrower is Maryland, with an average debt of $43,116. In total, Maryland’s student debt stands at $36.7 billion across 851,200 borrowers.
2. Georgia
The state with the second highest student debt per borrower is Georgia, with an average debt of $41,775. Georgia’s total student debt of $70.6 billion is spread across 1.69 million borrowers.
3. Virginia
Virginia has the third highest amount of student debt per borrower. The state’s total student debt is $43.8 billion spread across 1.1 million borrowers, equating to an average student debt of $39,599.
4. Florida
With an average debt of $38,683, Florida has the fourth highest student debt per borrower. Florida has 2.72 million total borrowers, while the state’s total student debt is $105.4 billion.
5. South Carolina
The state with the fifth highest student debt per borrower is South Carolina, with an average student debt of $38,360. The state’s total student debt is $29.1 billion across 758,600 borrowers.
6. Illinois
Illinois is sixth on the list of states with the highest student debt per borrower, with an average student debt of $38,349. A total of 1.65 million borrowers hold $63.1 billion of student debt in Illinois.
7. Delaware
The state with the seventh highest amount of student debt per borrower is Delaware, with an average debt of $38,174. The First State has $5.1 billion of student debt across 133,600 borrowers.
8. North Carolina
With an average student debt per borrower of $38,143, North Carolina has the eighth highest student debt per borrower on average. In total, 1.35 million borrowers hold $51.6 billion of student debt in North Carolina.
9. Vermont
Vermont has the ninth highest student debt per borrower. Vermonters hold $3 billion of student debt across 78,800 borrowers, giving an average student debt per borrower of $38,071.
10. Hawaii
Hawaii rounds out the top 10 states, with an average student debt of $37,995. The Aloha State’s 123,700 borrowers hold $4.7 billion in student debt.
David Levy, Author at Degree Choices, says:
“College can be a very valuable investment, but at the same time, it can often require students to take out large loans to cover their education costs.
“Depending on the type of loan taken out and how quickly graduates pay it back, the interest on these loans can accrue rapidly, potentially resulting in paying back a lot more than what was initially taken out.
“Prospective students planning to take out a loan would be wise to weigh up the likely amount of time they will need to pay it back.
“Considering your degree’s overall return on investment can avoid a situation where you are lumped with student debt that you simply cannot afford to repay after graduating.”
Source: Federal Student Loan Portfolio, Office of Federal Student Aid
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