With many universities engaging in annual tuition increases, student debt in the US continues to climb. But which states have the highest levels of debt? Using data from a report on “Student Debt and the Class of 2012” published by The Institute for College Access and Success, 24/7 Wall Street crunched the numbers to show the breakdown of student debt by state.
The group’s findings demonstrate that while the problem is widespread, it is also regionally disproportionate. students in the northeast frequently owe more than their counterparts in other parts of the country, likely because of the prevalence of expensive private colleges in these states, they noted.
Without further ado, the five states with the most indebted students are:
1. Delaware
Members of the class of 2012 in Delaware owed an average of $33,649 when they graduated and 56 percent of students graduated with student loans. When considered with credit card payments, car payments and other forms of debt, the average Delaware student had a debt total of $71,294.
2. New Hampshire
In New Hampshire, recent graduates made off slightly better, owing on average $32, 698. However, 74 percent of students graduated with students, the second highest percentage of any state. Students here averaged $53,818 in total debt.
3. Pennsylvania
Pennsylvania graduates in 2012 owed an average of $31,675 when they completed college and tied for the 4th highest percentage of students with debt. Some 70 percent of college graduates are paying loans. They averaged $58,026 in total debt.
4. Minnesota
The only state not in the northeast to make the top 5, Minnesota’s graduates owed an average of $31, 497 at graduation with 70% of students graduating with debt. On average, Minnesota graduates had $66,595 in debt at graduation, the 16th highest total in the nation.
5. Rhode Island
Rounding out the top 5 is Rhode Island, where students of the class of 2012 graduated with a median debt of $31,156. Sixty-nine percent of students graduated with debt, which, when combined with other non-educational debt, totaled an average of $65,161 per student.
Iowa, Maine, New Jersey, Ohio and Michigan round out the top 10.
The numbers show that overall, students are taking out more loans than in previous years, with the percentage growing from 67 percent borrowing in 2008 to 71 percent in 2012. Some fear that such high rates of loans will force individuals to delay retirement saving or home ownership as they work to pay off their educations.
The average student debt nationwide for the class of 2012 is $29,400.
