Most Americans have had a reprieve from needing to make student loan payments during the coronavirus pandemic; however, that relief is soon set to expire in a few months if President Biden doesn’t do something about it. There are over 40 million student loan borrowers in the United States, in total carrying more than $1 trillion in loans from various lenders. Estimates put about 1 in 5 Americans in forbearance for those student loans, too, and a large portion of student loan borrowers recently surveyed shared that they’re not ready for student loan payments to resume on October 1st, as scheduled.
Many current college students have seen the way that student loans have impacted older generations, and so for Americans who are 24 or younger, student loan debt is less than $15,000 on average. However, as you look at older age groups, the average student loan debt continues to increase, with borrowers aged 25 to 34 and 35 to 49 owing about $33,000 and $42,000 on average, respectively.
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Which state has the most student loan debt?
While age is one way to analyze higher education costs—and the debt Americans have incurred to pay for that education—it certainly isn’t the only way to look at the issue. In fact, comparing average student loan debt by state can also provide some interesting insight, since it allows you to evaluate yourself compared to other residents in your geographic area.
Whether you have private student loans or federal student loan debt, here’s a quick overview of how student loan debt stacks up from one state to the next—including which state has the highest average student loan debt.
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Average student loan debt by state
How does your state stack up to its neighbors when it comes to student loan debt? Do you owe more or less than other people living in your state? See how you compare to other student loan borrowers in your region and the rest of the United States in this chart.
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Alabama
Average debt: $39,413
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Alaska
Average debt: $36,829
Image Credit: Chilkoot.
Arizona
Average debt: $38,720
Image Credit: DepositPhotos.com.
Arkansas
Average debt: $35,349
Image Credit: Tara Ballard.
California
Average debt: $41,282
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Colorado
Average debt: $38,819
Image Credit: istockphoto.
Connecticut
Average debt: $39,350
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Delaware
Average debt: $39,571
Image Credit: mdgmorris.
Florida
Average debt: $40,866
Image Credit: DepositPhotos.com.
Georgia
Average debt: $44,872
Image Credit: SeanPavonePhoto.
Hawaii
Average debt: $38,050
Image Credit: Art Wager.
Idaho
Average debt: $35,590
Image Credit: shanecotee.
Illinois
Average debt: $40,293
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Indiana
Average debt: $34,999
Image Credit: f11photo.
Iowa
Average debt: $32,057
Image Credit: Pixabay.
Kansas
Average debt: $34,508
Image Credit: Tiago_Fernandez / istockphoto.
Kentucky
Average debt: $34,918
Image Credit: Thomas Kelley.
Louisiana
Average debt: $37,441
Image Credit: DepositPhotos.com.
Maine
Average debt: $35,347
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Maryland
Average debt: $45,906
Image Credit: James_Lane.
Massachusetts
Average debt: $38,867
Image Credit: Rolf_52.
Michigan
Average debt: $38,474
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Minnesota
Average debt: $34,766
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Mississippi
Average debt: $38,899
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Missouri
Average debt: $37,189
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Montana
Average debt: $34,247
Image Credit: DepositPhotos.com.
Nebraska
Average debt: $32,838
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Nevada
Average debt: $37,448
Image Credit: DepositPhotos.com.
New Hampshire
Average debt: $37,034
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New Jersey
Average debt: $40,296
Image Credit: Ultima_Gaina / istockphoto.
New Mexico
Average debt: $36,293
Image Credit: Davel5957.
New York
Average debt: $41,044
Image Credit: DepositPhotos.com.
North Carolina
Average debt: $39,965
Image Credit: SeanPavonePhoto / istockphoto.
North Dakota
Average debt: $30,449
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Ohio
Average debt: $37,383
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Oklahoma
Average debt: $34,494
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Oregon
Average debt: $39,658
Image Credit: DepositPhotos.com.
Pennsylvania
Average debt: $38,166
Image Credit: weaver1234.
Rhode Island
Average debt: $35,736
Image Credit: SeanPavonePhoto/istockphoto.
South Carolina
Average debt: $40,882
Image Credit: ” Darwin Brandis”.
South Dakota
Average debt: $31,507
Image Credit: RiverNorthPhotography.
Tennessee
Average debt: $38,632
Image Credit: DepositPhotos.com.
Texas
Average debt: $35,689
Image Credit: DepositPhotos.com.
Utah
Average debt:$33,965
Image Credit: AndreyKrav.
Vermont
Average debt:$37,560
Image Credit: istockphoto.
Virginia
Average debt:$41,270
Image Credit: DepositPhotos.com.
Washington
Average debt:$37,499
Image Credit: thyegn / istockphoto.
West Virginia
Average debt:$34,350
Image Credit: DepositPhotos.com.
Wisconsin
Average debt:$33,371
Image Credit: Pixabay.com.
Wyoming
Average debt:$32,977
Image Credit: AnujSahaiPhotography.
Now we know which state has the highest average student loan debt.
As you can see, the picture isn’t pretty no matter where you live, with most borrowers in America carrying more than $30,000 in student loan debt.
The states with the highest average student loan debt in 2020 were Maryland and Georgia, followed by California and Virginia. On the other end of the spectrum, borrowers living in North Dakota owed the least in student loan debt—although they still owed, on average, about $30,000.
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1. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes.
2. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
All of these facts point to the fact that student loan debt is something that a wide number of Americans have to contend with, regardless of whether they live in the midwest, west, east, northeast, or south.
Indeed, four of the states with the highest average student loan debt by borrower in 2020 are in disparate parts of the country, illustrating that it isn’t just one region that is dealing with a large amount of student loan balances. As such, it’s no surprise that Americans across the country are calling for student loan forgiveness from the Federal Reserve and the U.S. Department of Education.
Related: 11 Practical Methods to Pay off Student Loans Once and For All
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The bottom line
Student loans are a complex topic that’s affecting a wide range of Americans. Whether you’re struggling to stay on top of federal student loans or a loan from a private lender, you’re not alone, as the chart above shows. The average student loan debt in America is more than $30,000 in most states, with several states cresting the $40,000 mark. As such, it’s no surprise that student debt forgiveness has the kind of support it does, particularly after a year and a half in a pandemic with student loan payments on pause.
Whether or not President Biden will choose to forgive a portion of student loans or keep loans on pause remains to be seen, even as congressmen and women continue to press him to do something about student debt relief. As a result, you must have a solid understanding of various loan products if you’re looking to enroll in school and ways to lower your student loan burden if you’re already struggling to make your loan repayments.
Student loans are a hot topic solely because of the weight they place on the more than 40 million Americans who carry this kind of educational debt. For many millennials, it may feel like student loans were sold to them as a necessary evil that wouldn’t have much bearing on their life, only to discover that student loans have been holding them back from property ownership and even having children. The best thing anyone can do in this situation continues to arm themselves with information, so that whatever happens on October 1st, 2021 doesn’t continue to set them back. It may seem difficult (especially if you’re a resident of Maryland, Georgia, Virginia, or California), but it is possible to chart a path forward.
This article originally appeared on JoyWallet and was syndicated by MediaFeed.org.
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