Student Loan Debt in the United States: A State-by-State Comparison
Student loan debt in the United States has reached over $32.4 billion, affecting an average of 12.55% of adults with student loan debt. The average balance for these individuals is approximately $37,000 each. As college costs continue to rise, the total amount of unpaid student loan debt continues to grow.
Certain states have higher average student loan debt balances than others. Maryland residents have the largest student loan debt balance in the country, with borrowers owing over $45,000 each. Following closely behind are Georgia, Virginia, Florida, and Delaware, with average balances ranging from $40,000 to $43,000.
The age of individuals also plays a role in the amount of student loan debt they owe. Those between the ages of 25 and 34 have the largest average student loan debt at $38,393. Additionally, the location of individuals impacts the percentage of the population with student loan debt, with southeastern states like Mississippi, Georgia, and Louisiana having higher percentages of residents with student loan debt.
To find out how your state compares in terms of student loan debt, you can visit SmartAsset's website for the full study.