Which state has the highest college debt?

1. Maryland. Topping the list for the states with the highest amount of student debt per borrower is Maryland, with an average debt of $43,116. In total, Maryland's student debt stands at $36.7 billion across 851,200 borrowers.

What state has the most college 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.

Who has the most student loan debt by race?

Black students take out the most student loan debt for a bachelor's degree, followed by white students. Black bachelor's degree holders have an average of $52,000 in student debt. Eighty-six percent of Black students take out student loans to pay for college, compared to 68 percent of white students.

What is the average university debt in the US?

Average student loan debt in America

51% of 2021-22 bachelor's degree recipients graduated with an average of $29,400 in student loan debt. Among all borrowers, the average student loan debt in 2023 was $38,290. 53% of federal student loan borrowers owe $20,000 or less.

How long does it take to pay off 30k in student loans?

Plan out your repayment

Let's assume you owe $30,000, and your blended average interest rate is 6%. If you pay $333 a month, you'll be done in 10 years. But you can do better than that. According to our student loan calculator, you'd need to pay $913 per month to put those loans out of your life in three years.

A list shows the states with the Most and Least Student Debt

What is the average college debt after 4 years?

Among those who do borrow, the average debt at graduation is $27,400 — or $6,850 for each year of a four-year degree at a public university. Recent college graduates earn nearly $20,000 more annually than peers of the same age whose highest degree is a high school diploma.

Which gender has more student debt?

Women owe a disproportionately high amount of the total student loan debt. Women are also more likely to have high amounts of debt. Some of this is likely due to the fact that female bachelor's degree holders are paid 74% of what their male peers make.

Which gender has more debt?

Indeed, men carry more overall debt than women, including across most debt categories. But women carry more student loan debt and often have more credit cards. 1 We go a little more in-depth into this in the next section.

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.

What percent of Americans have no debt?

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.

Who actually holds student debt?

The federal government or a commercial entity owns your student loans. Private companies own all private loans. The U.S. Department of Education holds most federal loans. Both the Department of Education and private institutions partner with third parties called student loan servicers.

What state has the lowest student debt?

Which states have the least debt?

Among the states with the least debt are Wyoming, Vermont, Idaho, Montana, South Dakota, Delaware, Alaska, Maine, New Hampshire, and North Dakota.

Which professions have the most student debt?

Oral surgeons have the highest average amount of student loan debt, according to a 2023 report from personal banking and finance company SoFi. SoFi identified the 16 professional specialties with the highest average student loan debt, with 14 of the careers being in healthcare.

Which race has more 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).

What age is debt free?

“Shark Tank” investor Kevin O'Leary has said the ideal age to be debt-free is 45, especially if you want to retire by age 60. Being debt-free — including paying off your mortgage — by your mid-40s puts you on the early path toward success, O'Leary argued.

Do minorities have more student debt?

Black college graduates have nearly $25,000 more student loan debt: an average of $52,726 in student debt, compared to $28,006 for the typical White bachelor's graduate. The aforemenconed gap is more than three cmes the previously documented Black-‐White gap in undergraduate borrowing (≈$7,400).

Does college debt go away after 7 years?

Do student loans go away after 7 years? While negative information about your student loans may disappear from your credit reports after seven years, the student loans will remain on your credit reports — and in your life — until you pay them off.

What is considered a lot of college debt?

What is considered a lot of student loan debt? A lot of student loan debt is more than you can afford to repay after graduation. For many this means having more than $70,000 – $100,000 of total student debt.

How much is the monthly payment on a $70,000 student loan?

What is the monthly payment on a $70,000 student loan? The monthly payment on a $70,000 student loan ranges from $742 to $6,285, depending on the APR and how long the loan lasts. For example, if you take out a $70,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $742.

What happens if I accept more financial aid than I need?

If you accept more federal student loan money than you end up needing, the good news is you can return it without penalty. You have 120 days. from disbursement to return surplus funds without paying interest.