The average student debt after college is around $30,000 in the United States.
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According to recent studies, the average student debt after college is around $30,000 in the United States. This number has been steadily increasing over the years and is a major concern for many students and their families. The rising cost of tuition, along with the increasing need for post-secondary education to secure a good job, has contributed to the high levels of student debt.
A study by the Institute for College Access and Success found that seven out of ten college seniors who graduated in 2019 had student loan debt. The same study revealed that the average student debt rose 2% from 2018 to 2019. This means that students are borrowing more money to fund their education, and they are having a harder time paying it off after graduation.
In 2020, Forbes reported that there were over 45 million borrowers with student loan debt, amounting to a total of $1.6 trillion in outstanding student debt in the US. This is a staggering amount of debt that is not only impacting young people but also has widespread economic implications.
A quote from former US Secretary of Education, John King Jr., sums up the issue of student debt: “Higher education should be a ladder up, but instead, our current system continues to pass the bill of higher education onto students and families – pushing the cost of college out of reach for too many.”
Here is a table that shows the average student debt by state:
| State | Average Student Debt |
|---|---|
| Alabama | $30,838 |
| Alaska | $27,177 |
| Arizona | $25,986 |
| Arkansas | $26,799 |
| California | $22,785 |
| Colorado | $25,774 |
| Connecticut | $38,669 |
| Delaware | $33,587 |
| Florida | $24,870 |
| Georgia | $28,310 |
| Hawaii | $23,872 |
| Idaho | $24,632 |
| Illinois | $30,064 |
| Indiana | $29,028 |
| Iowa | $29,438 |
| Kansas | $28,772 |
| Kentucky | $28,728 |
| Louisiana | $28,002 |
| Maine | $31,364 |
| Maryland | $32,500 |
| Massachusetts | $35,763 |
| Michigan | $31,873 |
| Minnesota | $30,894 |
| Mississippi | $26,829 |
| Missouri | $26,777 |
| Montana | $26,880 |
| Nebraska | $28,489 |
| Nevada | $21,405 |
| New Hampshire | $33,410 |
| New Jersey | $33,157 |
| New Mexico | $23,431 |
| New York | $31,127 |
| North Carolina | $26,164 |
| North Dakota | $30,057 |
| Ohio | $28,876 |
| Oklahoma | $25,180 |
| Oregon | $27,157 |
| Pennsylvania | $35,759 |
| Rhode Island | $35,169 |
| South Carolina | $30,257 |
| South Dakota | $28,727 |
| Tennessee | $27,724 |
| Texas | $27,003 |
| Utah | $22,625 |
| Vermont | $33,986 |
| Virginia | $29,035 |
| Washington | $24,950 |
| West Virginia | $28,959 |
| Wisconsin | $30,059 |
| Wyoming | $24,611 |
As we can see from the table, there is a significant variation in the average student debt by state, with Connecticut having the highest average debt of $38,669 and Nevada having the lowest average debt of $21,405. However, regardless of the state, the fact remains that student debt is a major issue that needs to be addressed.
See the answer to your question in this video
In the video “What Everyone’s Getting Wrong About Student Loans,” John Green explains that average student debt amounts can be misleading. While 65% of graduates with loans have an average debt of $28,000, the average debt for any borrower is actually $39,000. This is because graduate school loans, particularly for law and medical school, significantly contribute to the total debt amount. Additionally, 40% of students with loans do not receive a degree, and often face financial pressures that lead to dropping out and struggling with loan delinquency.
Here are some more answers to your question
The average federal student loan debt is $37,338 per borrower. Private student loan debt averages $54,921 per borrower. The average student borrows over $30,000 to pursue a bachelor’s degree. A total of 45.3 million borrowers have student loan debt; 92% of them have federal loan debt.
The average student debt after college is $37,377. However, this figure varies significantly according to the degree and school type. According to U.S. News data, the average total student debt continues to hover around $30,000. According to data from The College Board, college graduates from the class of 2021 graduated with an average of $29,100 in student loan debt.
The average student debt after college now stands at $37,377. However, that figure varies significantly according to the degree and school type.
Though 2021 college graduates who borrowed to pay for school took out, on average, $208 less in loans compared with the prior year, the average total student debt continues to hover around $30,000, according to U.S. News data.
According to data from The College Board, college graduates from the class of 2021 graduated with an average of $29,100 in student loan debt.
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