States with the highest and lowest student debt | personal finance
In the late 1980s, the average tuition for a high school graduate wishing to attend college or university was $15,160 per year for a private, nonprofit school and $3,190 per year for a public college or university. By 2021, that number had grown to $37,600 for private, nonprofit colleges and $9,400 for public schools. When you add the cost of books, room and board, and other fees, financing your studies with a part-time or summer job is increasingly a thing of the past.
Today’s students are turning to credit instead, leading to a widespread debt crisis. Americans currently owe a total of $1.58 trillion in student loans, changing the shape and trajectory of the US economy. Rather than buying cars or houses, many millennials are focused on finding jobs that allow them to make loan payments without defaulting on their payments.
Some states are taking steps to help by passing a student loan bill of rights and offering a variety of scholarship and loan-repayment programs for qualifying graduates. In New York, for example, in 2017 New York announced a scholarship program that would provide free tuition at public colleges to residents whose families earn less than $125,000 a year.
Stacker examined Federal Reserve of New York data for 2022 to determine where student debt is hitting the nation hardest. In case of a tie, we looked at the number of borrowers in all tied states.
Read on to see where your state ranks on the list.
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