Industry NewsMarkets & Economy

In which states do college grads carry the most debt?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Reposted from Credio; by Christina Lavingia


The world is your oyster, they say. Just study hard, apply yourself and have endless opportunities greet you upon graduation. Sounds rewarding enough, until costs are factored in.

According to Student Loan Hero, the average student celebrating commencement this spring will leave the hallowed halls of her alma mater $37,172 in the hole.

Using FinAid.org’s repayment calculator, a college graduate with $37,172 in debt would need to make $51,333 annually to pay that debt down over the course of 10 years. According to Time, however, the median salary of liberal arts and humanities graduates is just $36,237 right out of school. Only engineering graduates make above the $50K mark, with the average for all college graduates sitting at $45,478.

Over 40 million Americans carry student loan debt, equaling $1.3 trillion in total.

The team at Credio wanted to see how the U.S. states’ student loan burden compares. To do this, they analyzed the amount of student loan debt per capita (amount attributable to all citizens) in all 50 states and ranked them from lowest to highest. This list features the 10 worst states ranked in that order and includes the student loan delinquency rate (measured as the percent of student debt that is at least 90 days delinquent), the percentage of state residents with at least a bachelor’s degree and the median income in the state.

10. New Jersey

Student Loan Debt per Capita: $5,200
Student Loan Debt Delinquency Rate: 8.95%
Percent of State Residents With a Bachelor’s Degree: 36.40%
State Median Income: $36,359

9. New Hampshire

3 essential tools that will 10X your real estate marketing
Smart landing pages, a synchronized database and automation generate results READ MORE

Student Loan Debt per Capita: $5,260
Student Loan Debt Delinquency Rate: 9.39%
Percent of State Residents With a Bachelor’s Degree: 34.40%
State Median Income: $33,821

8. Colorado

Student Loan Debt per Capita: $5,300
Student Loan Debt Delinquency Rate: 10.21%
Percent of State Residents With a Bachelor’s Degree: 37.50%
State Median Income: $31,674

7. New York

Student Loan Debt per Capita: $5,330
Student Loan Debt Delinquency Rate: 9.16%
Percent of State Residents With a Bachelor’s Degree: 33.70%
State Median Income: $32,829

6. Pennsylvania

Student Loan Debt per Capita: $5,350
Student Loan Debt Delinquency Rate: 10.21%
Percent of State Residents With a Bachelor’s Degree: 28.10%
State Median Income: $28,912

5. Ohio

Student Loan Debt per Capita: $5,510
Student Loan Debt Delinquency Rate: 12.30%
Percent of State Residents With a Bachelor’s Degree: 25.60%
State Median Income: $26,520

4. Massachusetts

Student Loan Debt per Capita: $5,630
Student Loan Debt Delinquency Rate: 8.14%
Percent of State Residents With a Bachelor’s Degree: 40.00%
State Median Income: $36,441

3. Maryland

Student Loan Debt per Capita: $5,670
Student Loan Debt Delinquency Rate: 10.53%
Percent of State Residents With a Bachelor’s Degree: 37.30%
State Median Income: $36,670

2. Minnesota

Student Loan Debt per Capita: $5,730
Student Loan Debt Delinquency Rate: 8.54%
Percent of State Residents With a Bachelor’s Degree: 33.20%
State Median Income: $31,642

1. Georgia

Student Loan Debt per Capita: $5,870
Student Loan Debt Delinquency Rate: 12.96%
Percent of State Residents With a Bachelor’s Degree: 28.30%
State Median Income: $25,427

Compare Financial Products on Credio