32ºF

What is average cost of student debt?

photo

Student loan debt is on the rise. According to a report from the Institute for College Access and Success, the average amount of student loan debt in the U.S. is around $30,000.

Across the country, New Hampshire, Delaware, Pennsylvania, Rhode Island and Minnesota are the states with the highest amount of student debt, with averages over $30,000.

The states with the lowest amount of student debt included: New Mexico, California, Nevada, Washington, D.C.; and Oklahoma. According to the study, only New Mexico’s average student debt was less than $20,000.

According to TICAS, it’s difficult to break down the average amount of student debt per school, because schools are not required to report this information. The study states that 129 colleges reported debt of more than $35,000, and 49 said more than 90 percent of their graduates left school with debt.

The study says that it isn’t always the most expensive schools that account for the most debt. While the price tag is higher, some of the expensive colleges give more financial aid to students in need. Some schools might also have lower amounts of debt because they enroll fewer students who need to take out loans.