Student loans are popular in any place with institutions of higher learning. They are simply one of the things that typically come with a degree in today’s time. While there are a few people lucky enough to escape without debt, it is certainly not the norm.
The student loan rate, despite being a virtually constant presence in every one of the fifty states, is treated slightly different in each state. Below are some interesting statistics regarding student loan debt in different states and how loan trends are changing across the country:
- The Midwest and the Northeast have a greater concentration of higher debt than the rest of the country in part because of the higher percentage of expensive private schools in those regions.
- The two states with the highest average student loan debt are New Hampshire and Delaware, with $32,698 and $33,649 respectively.
- States with higher student loan debt tend to have lower overall per capita debt. One suggested reason for this is that people in these states are unable to borrow as much money because of their higher student debts.
- The average cost of private school tuition increased by 4 percent for the 2013-2014 school year, bringing it up to $44,750. This is far more than most graduates will earn in their first year out of school.
- Seventy-one percent of students last year graduated with student debt. The average student debt for a borrower was just under $30,000.
- The average amount of student debt at graduation has risen by 6 percent every year since 2008.
- A survey by the National Association of Realtors found that student loans were one of the deciding factors that prevented 77 percent of individuals from becoming homeowners.
These trends will not slow down, and it is likely that student loans will continue to rise every year as the tuition for schools continues to increase. For more information about student loans and and how we can help, contact Brock & Stout today.