There are a lot of people who are wondering why student loan debt has become so high. Decades ago, it was not necessarily a problem for someone to afford to go to college, as long as they decided not to go to a private college. Some people could even work their way through school. Now, it appears that students are graduating with tens of thousands of dollars in debt. Those who decide to go to graduate school could be facing hundreds of thousands of dollars in debt. The biggest reason why debt has become such a big issue is that the cost of education has gotten inordinately expensive. There are some states that have more student loan debt than others.
The location with the highest average student loan debt is Washington D.C. Even though it is not a state, it is the location where people have the highest average student loan debt. On average, someone living in Washington D.C. has approximately $55,000 (if they have student loan debt). There are a number of reasons why Washington DC has a higher average student loan debt, but much of it has to do with the lack of a state institution. State schools tend to be more affordable, but the vast majority of educational institutions in Washington DC are private.
The state that has the lowest average student loan debt is North Dakota where the average amount of federal student loan debt is about $28,600. It is also the only location where the average amount of student loan debt is under $30,000. While this might be a good thing for people living in North Dakota, it also means that many students have tens of thousands of dollars in student loan debt. Furthermore, North Dakota might not necessarily have the same job market as some of the other areas in the country, so it might be harder for someone living in North Dakota to pay off their student loans.
The age group that has the most student loan debt includes young adults between the ages of 25 and 34. There are a number of reasons why this is the case, but people in this age group have had to deal with incredibly expensive college tuition bills and have had time for interest to accumulate on their loans. There is a chance that people coming up behind this age group might owe even more money. To prevent this issue from becoming an albatross around the necks of other young adults, it is important to take a look at what can be done to reduce the cost of college education. That way, everyone will have access to affordable education, not just the people who have hundreds of thousands of dollars to spare per child.
Student Loan Average Borrower Debt
Student Loan State Total Debt (billions)
|District of Columbia||54,945||6.50|