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Are you saddled with student loan debt? If so, you’re not alone. In fact, the student debt in America is so out of control that over $1.4 trillion is owed. And according to Business Insider, the average per graduate in the US at $17,126. That number include graduates lucky enough to graduate debt-free, too. So, effectively, the amount owed per borrower is much higher than the $17,126 average.
As it turns out, the amount of student debt by state varies greatly. This is because of tuition costs, private schools, and other factors, but it is worth noting that people from the north seem to be in a lot more debt than those in the south.
Families in the Northeast spend about 70% more on college than those in the West, Midwest, and South, which might explain why the average debt per graduate is higher in that part of the country.
A typical family in the Northeast pays $35,431 for college. That’s nearly twice the average amount spent by families in the West — $19,181 — while families in the Midwest and the South pay $21,577 and $20,953, respectively, Business Insider’s Tanza Loudenback previously reported.
Damn. I better think about moving out west or south before I have kids that need to go to college. Or maybe I will just nudge them that way. “No, no. You don’t want to go to (enter prestigious private college here). You want to go to this nice state school with half the tuition.”
Business Insider
Pennsylvania and South Dakota (of all places) have the most student debt per graduate at $24,600 and $23,600 respectively. Meanwhile, Utah somehow only has an average of $7,500 of student debt per college graduate. That is a almost $4,000 per graduate lower than the next lowest state (Wyoming).
[H/T BI]