Report Shows Student Debt by State and by School

Although the economic downturn has changed some borrowing and spending habits, recent college graduates are more in debt than ever before. Average student loan debt has continued its steady rise, with graduating seniors holding an average of $23,200 in student loans in 2008. This information comes courtesy of a report by the Project on Student Debt on average debt for the college class of 2008, the latest in an annual series profiling the previous year's graduating class and the financial situations they face upon leaving school.

As debt rose for graduating seniors, so did unemployment, with the unemployment rate for workers age 20-24 (the typical age range for recent college graduates) now standing at 10.6 percent, the highest on record. This combination of factors is likely contributing to the rising student loan default rates we've seen in the last year.

The highest-debt states include the District of Columbia, whose class of 2008 held an average of $29,793 in student loans, Iowa ($28,174), and Connecticut ($26,138). Six other states also topped the $25,000 mark, compared to only two last year: Iowa and New Hampshire. Utah and Hawaii held onto their low-debt distinctions, once again being the two cheapest bets in higher education, at $13,041 and $15,156 respectively. Other low-debt states for 2008 included Kentucky, Wyoming, Arizona, Georgia, and California, though soaring tuition and reduced state funding may soon bump California off this list.

South Dakota, West Virginia, and Iowa had the highest portion of student borrowers in 2008, with 79 percent of graduating seniors in South Dakota taking out a student loan at least once in their college career. More than 70 percent of 2008 graduates in Minnesota and Pennsylvania also went into debt to fund their educations. Hawaii, Nevada, and Utah had the fewest students borrowing, with 37 percent of students in Hawaii, 40 percent of students in Nevada, and 41 percent of students in Utah graduating with debt in 2008.

In addition to describing trends state-by-state, the Project on Student Debt also looked at debt by college. An interactive state map offers not only pop-ups of the state's average debt and percentage of students borrowing, but also provides a link to a list of data by college, including the percentage of borrowers and the average debt for 2008 where available. The report, available on the Project on Student Debt website, also lists which colleges' graduates had the highest and lowest average amounts of debt.

This information can be especially useful to students currently involved in the college search or college application process. Schools whose students borrow less to complete college often have low tuition, generous scholarship opportunities, or other programs to keep costs down. If you're concerned about paying for school, this can be very appealing.

And don't forget, you should pay for your college education with as much free money as possible! Find as many scholarships and grants as you can before turning to student loans. Visit the Scholarships.com free college scholarship search today where you'll get matched with countless scholarships and grants for which you qualify, then apply and win! It’s that easy!

Most Shared Articles

The incoming Trump administration could reverse President Obama's actions on college sexual assault, giving hope to those who claim their lives were destroyed by false rape claims. However, this raises concerns for some that perhaps those who have been victims of sexual assault and made legitimate reports may not get the protection they deserve. Since 2011, colleges and universities have been [...]

1 months ago 4 comments Read More

Students are being called to "expose and document" professors "who discriminate against conservative students, promote anti-American values, and advance leftist propaganda" on a new website called Professor Watchlist. Turning Point USA, a 501(c)3 non-profit organization founded in 2012 promotes ideas of free-market capitalism and "educates students about the importance of fiscal [...]

1 months ago 7 comments Read More

Finding trustworthy and accurate scholarship and other financial aid information can be tricky these days, especially when it comes to sources that offer unreliable, often misleading content. "Scholarships" offered by scammers who charge fees and operate outside the laws, rules and ethics of modern-day netiquette abound. Here at Scholarships.com, we carefully and thoroughly vet [...]

1 months ago 0 comments Read More

American Flags designated for a Veterans Day ceremony at Brown University were torn and trashed by university students. While a group tried to protect remaining flags, others continued what they believe was a "justified" protest against the recent presidential election. The American flags arranged on Brown University's Main Green flew in honor of the annual Veteran's Day ceremony, which made [...]

1 months ago 16 comments Read More

Black Friday deals will be unleashed in just two weeks with some of the largest retailers getting an early start on Thanksgiving Day. When it comes to end-of-the-year scholarship hunting, no worries - we've got you covered. Score big this holiday season (and semester) with free college money: RMA Foundation [...]

1 months ago 0 comments Read More

The Associate Dean featured as the "chief villain" in a discredited Rolling Stone article on an alleged gang rape at the University of Virginia has been awarded $3 million by a federal court jury. This decision followed an earlier ruling that the discredited article ruined her reputation and "undermined her work to help students who had been sexually assaulted." In November 2014, Rolling Stone [...]

1 months ago 6 comments Read More

November is National Scholarship Month and in its honor, we're doing what we do best - offering the best scholarships out there to help students like you fund the cost of college. Whether you're in high school trying to land some free money before heading off to school or a college student looking to pay next semester's tuition, here are some of the few generous scholarships available to [...]

1 months ago 0 comments Read More

Two fans at UW Madison's weekend football game wore costumes depicting Donald Trump lynching President Obama. The school, though stating the costume was "repugnant" and "insensitive," backed the demonstration as free speech, protected under the First Amendment. Critics are now "deeply concerned" with the lack of action. A photo of the costume went viral on social media and police asked the [...]

1 months ago 13 comments Read More

Chicago is a baseball city and naturally, Cubs fans are "losing their minds" as the team makes its way to their home field at Wrigley Stadium for the next three games. Not only could they make history by clinching the World Series Championship - experts believe ticket prices could break the record for the most expensive sales in U.S. sports history. If you have a passion for baseball and [...]

2 months ago 0 comments Read More

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 
Comments (0)