What state has the highest average student debt?

A new analysis says Maryland has the highest average student loan debt per borrower, coming in at more than $40,000 each. Degree Choices, an organization dedicated to helping students with their higher education journey, analyzed federal data to rank the states with the most student loan debt.

What state has the highest average student loan debt?

Which state has the lowest average debt?

Key Takeaways

Idaho has the lowest per capita government debt in the nation, at $3,107.52, which accounts for 5.43% of the state's total GDP. Wyoming holds the smallest state debt as a percentage of GDP, at just 4.11%.

Who has the highest student loan balance?

Which group has the most student debt?

Black or African American. Black students take out the most student loan debt for a bachelor's degree, followed by white students.

What Everyone's Getting Wrong About Student Loans

What race has the most debt?

Approximately three-quarters of Black- and White-headed families have debt, but the median debt-to-asset ratio is 50% higher among Black than White families (Copeland, 2020), with Black borrowers less likely to fully repay loans (Brevoort et al., 2021).

Which gender has more debt?

On average, men have more debt than women across all categories, except for student loans. While there isn't much data yet, early studies have shown that nonbinary students undergo more financial strain than their cisgender peers, and are more likely to have student loan debt.

What age has the most student debt?

Most debt belongs to 25- to 34-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 8.0%. 104,800 federal borrowers aged 24 years and younger owe an average $14,599 each for a total of $1.53 billion.

How many people owe 100K in student loans?

How Much Is $100K in Student Loans? Only a small percentage—about 6% of borrowers—owe $100,000 or more.

What percent of people owe more than $100000 in student loan debt?

While the majority of students graduate with less than $20,000 in debt, a small portion of borrowers hold an outsize share of student debt. More than one-third of the total debt is held by the 7 percent of borrowers who owe more than $100,000.

What states have the worst debt?

Study shows Californians have the most debt in America, with the average mortgage debt at $422,909. According to data, Maryland has the most student debt, with $43,116 on average.

Who has the worst national debt?

At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.

Which US city has the most debt?

Atlanta dubbed most debt-ridden city

"Atlanta has a lower-than-average income compared to other big American cities, and Georgia has historically had some of the lowest credit scores in the nation (in Atlanta, the average credit score is 675)," Schulz said.

Is $20,000 in student loans a lot?

Approximately 13% of all Americans had federal student loan debt in 2021. In 2023, 9.9 million borrowers have between $20,000-$40,000 of student loan debt.

Is 50k in student loans a lot?

The average student loan debt amount is slightly over $30,000. However, many borrowers owe $50,000 or more in student loan debt. This isn't impossible to overcome using the right repayment methods.

What is the average student debt in the US?

The average student loan debt borrowed for a four-year bachelor's degree was $30,500 in 2019-2020, according to the National Center for Education Statistics (NCES). The average federal student loan debt has more than doubled since 2007, from $18,233 in 2007 to $37,090 at the end of 2023.

How can I pay off $100 K in student loans in 5 years?

A great way to pay off your $100,000 loan faster and save money on interest is to refinance your student loans. This involves taking out a new loan with lower interest rates and/or more favorable terms than the original loan. Refinancing could save you thousands of dollars over the life of your loan.

What percentage of America is debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.

What is the average college debt after 4 years?

Student Debt in Perspective

Among those who borrow, the average debt at graduation is $27,400 — or $6,850 for each year of a four-year degree at a public university. Among all public university graduates, including those who didn't borrow, the average debt at graduation is $16,300.

What is the average debt for a 35 year old?

Here's the average debt balances by age group: Gen Z (ages 18 to 23): $9,593. Millennials (ages 24 to 39): $78,396. Gen X (ages 40 to 55): $135,841.

How many Gen Z are in student debt?

Student loan debt for Gen Z

66.7% of older Gen Zers had $20,000 or less in student debt in 2022. The largest percentage (28%) of college students aged 24 and younger have between $5,000 and $9,999 in Federal Direct Loans as of March 31, 2022. 6.8 million of federal student loan borrowers are 24 years old or younger.

What is an average credit score?

What is the average credit score? The average FICO credit score in the US is 718, according to the latest FICO data from April 2023. The average VantageScore is 701 as of December 2023. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

What's the average American credit card debt?

Credit card debt in America by the numbers

In short, that amounts to an average balance of $5,733 per cardholder. Eye-watering, to say the least–and the fact that many of us carry no balances makes this statistical average even more alarming.