A New study reveals that Florida is among the top 10 states with the highest student loan debt in America.
The research, conducted by banking experts CreditDonkey, compared all 50 states based on the most recent student debt data from the Federal Reserve Bank of New York to discover which states had the highest proportion of student debt per borrower.
The research revealed that Florida has the sixth largest student loan debt in America. In Florida, there are a total of 2,646,400 student loan borrowers, with an average loan debt of $38,668 per borrower.
Maryland took the top spot, with a higher prevalence of student loan debt than any other state. With 864,700 student loan borrowers in the state, Maryland’s total federal student loan debt balance is $36,787 billion. This equates to an average loan debt of $42,543 per borrower.
The research revealed that Georgia placed next in the ranking, with the second-largest amount of student debt in the country. In the Southeastern state, there are a total of 1,641,600 student loan borrowers, with an average loan debt of $41,826 per borrower.
Delaware ranks third, with residents having the third largest average federal student loan debt compared to borrowers in other states. When broken down, there are a total of 137,300 student loan borrowers in Delaware, with an average of $39,238 debt per borrower.
Virginia ranks as the fourth state with the largest amount of student debt, with an average of $39,001 per borrower, while New York follows in fifth place with $38,668.
After Florida in sixth place, Oregon, Illinois, California and Alabama round out the top 10.
At the other end of the scale, South Dakota has the lowest average loan debt per borrower. Approximately 12.9 percent of all South Dakota’s residents hold federal student loan debt, which equates to an average of $28,218 debt per student loan borrower.
The study revealed that Iowa has the second lowest proportion of student loans per borrower. The state has a total number of 465,500 student loan borrowers, with an average of $29,845 of debt per borrower. Iowa has several student loan forgiveness programs, including specific programs for doctors, nurses, teachers, and other health care providers.
Alaska places next in the ranking, with residents having the third lowest average student loan debt when compared to borrowers in other states. When broken down, the average loan debt per borrower in Alaska is $30,427 and there is a total of 70,600 student loan borrowers in the state.
North Dakota ranks as the fourth state with the lowest amount of student debt, with an average of $30,542 per borrower, while Wyoming follows closely behind in fifth place, with $30,581. The top ten is rounded out by Wisconsin ranking sixth, Nebraska in seventh, followed by Arkansas, Indiana, and Oklahoma in eighth, ninth and, tenth, respectively.
“It’s no secret that the cost of a college education has soared over recent decades, with the average price of tuition, fees, and room and board increasing by 169 percent for an undergraduate degree between 1980 and 2020,” said a spokesperson for CreditDonkey. “These findings provide an intriguing insight into where student loan debt is most prominent throughout the country, and where in the country could benefit the most from President Biden’s proposed student loan forgiveness plan. At an estimated cost of about $400 billion, Biden’s plan to forgive student debt is one of the most expensive executive actions in history. The Supreme Court is expected to issue a decision before the end of June, providing much-anticipated clarity for millions of eager student loan borrowers.”
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