How Much Student Debt Does Each State Hold?

How Much Student Debt Does Each State Hold?

Education may be priceless, but the costs of obtaining it are becoming steeper by the day.

Almost half of all university-educated Americans rely on loans to pay for their higher education, with very few graduating debt-free. Total U.S. student debt has more than doubled in the last decade—reaching a record high of $1.5 trillion today.

Today’s data visualization from HowMuch.net breaks down the average student debt per capita, to uncover which states shoulder the highest burden in this growing crisis.

Students are Paying Through the Nose

Before diving into the graphic, let’s take a quick look at why student debt is racking up. The ballooning costs to attend college today compared to thirty years ago is one driving factor.

Source: The College Board 2018 report.

What’s more, these figures don’t include the expenses for accommodation and other supplies, which can add another $15,000-$17,000 per year.

The United States of Student Debt

In the state map above, it’s immediately obvious that Washington D.C. tops the list. While the nation’s capital is the most educated metropolitan area in the country, it also suffers from $13,320 in student debt per capita.

At approximately 147% above than the national average of $5,390, Washington D.C.’s debt burden per capita is almost double that of the state in second place. Georgia comes in with $7,250 debt per capita, 34.5% above the national average.

Rounding out the five states with the most student debt per capita are Maryland, Minnesota, and Ohio, in that order. On the flip side, Wyoming has the least debt per capita ($3,610), which is 33.0% lower than the national average. Hawaii follows right behind at $3,780, and 29.9% below the national average.

Interestingly, a growing population on the West Coast helps to lower the debt burden for states like California, even despite the strong presence of prestigious schools. Home to Stanford, USC, UCLA, CalTech, and more, the Golden State surprisingly only has $4,530 in debt per capita.

The Last Straw?

Today’s Americans are more educated than ever before, but the sticker shock is causing some whiplash. This overall trend of spiraling student debt has significant implications on a person’s life trajectory. With many graduates unable to repay their loans on time, more of them are delaying major life milestones, such as starting a family or becoming a homeowner.

In efforts to curb this crisis, many 2020 presidential hopefuls have already started proposing plans to cancel or forgive student debt—with close attention on mid- to low-income households that would benefit the most from reduced loans.