Although the $1.3 trillion in student loan debt burdens Americans across the country, a new study by personal finance website GOBankingRates revealed that northeastern states are most affected by the student debt crisis. Of these states, the study found that NH has the highest percentage of graduates in debt, at 74 percent. Graduates from this state owe an average of $36,367.
To find out where the impact of student loan debt is greatest, GOBankingRates looked at data from the Institute for College Access and Success's 12th Annual Student Debt Report. For each state, GOBankingRates broke down student loan debt by the percentage of graduates with debt and the average amount each student owed. GOBankingRates then compiled a list of U.S. states with the highest average student loan debt, and highest percentage of students carrying debt.
Top 5 U.S. States With Student Loan Debt
1. New Hampshire
Average student loan debt: $36,367
Percent of graduates with debt: 74 percent
2. Pennsylvania
Average Student Loan Debt: $35,759
Percent of Graduates with Debt: 68 percent
3. Connecticut
Average Student Loan Debt: $35,494
Percent of Graduates with Debt: 60 percent
4. Delaware
Average Student Loan Debt: $33,838
Percent of Graduates with Debt: 63 percent
5. Massachusetts
Average Student Loan Debt: $31,563
Percent of Graduates with Debt: 60 percent
Additional Insights
1. Although New Hampshire has the highest rate of student loan debt in the U.S., the state is tied with North Dakota for the second-lowest unemployment rate in America.
2. According to a separate GOBankingRates study, women on average owe $2,740 more than men upon graduation, and carry nearly two-thirds of the nation's outstanding student loan debt.
3. Utah has the lowest average student debt in the U.S., at $19,975. The state also boasts the lowest percentage of graduates in debt, at 43 percent.
See the full rankings and more details on methodology here: https://www.gobankingrates.com/loans/student/student-debt-crisis-hitting-these-states-hard