Personal finance

States with the most and the least student debt | Personal finance

In the late 1980s, a high school graduate who wanted to attend college or university was looking at average tuition costs of $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 jumped to $37,600 for private non-profit colleges and $9,400 for public schools. Once the cost of books, room and board, and other fees are added in, paying for college with a part-time or summer job becomes more and more a thing of the past.

Today’s students are turning to loans instead, leading to a widespread debt crisis. Americans currently owe $1.58 trillion in student loans, which is changing the shape and trajectory of the US economy. Instead of buying cars or homes, many millennials are focused on finding jobs that will allow them to repay their loans without defaulting.

Some states are taking steps to help by adopting a Charter of rights of the student borrower and offer a variety of scholarship and loan repayment programs to qualified graduates. In New York in 2017, for example, New York announced a scholarship program that would provide free tuition at public colleges residents whose families earn less than $125,000 per year.

Stacker reviewed 2022 data from the New York Federal Reserve to determine where student debt is hitting the nation the hardest. In case of a tie, we looked at the number of borrowers in all tied states.

Read on to see where your state falls on the list.

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