New Study Shows Indiana Among Top 10 States with Lowest Student Loan Debt
A new study conducted by banking experts CreditDonkey has revealed the top 10 states with the most and least student loan debt in America. Analyzing the latest student debt data from the Federal Reserve Bank of New York, the study aimed to identify states with the highest proportion of student debt per borrower. Among the findings, Indiana stood out as one of the states with the lowest student loan debt.
Indiana Has Some of the Lowest Student Loan Debts
Indiana, ranked ninth in the study, boasts an average loan debt of $32,045 per borrower. The state is home to 924,000 student loan borrowers, with a relatively low average debt burden. This places Indiana in a favorable position compared to states like Maryland, which has the highest proportion of student loan debt.
South Dakota Has the Lowest
South Dakota takes the lead as the state with the lowest average student loan debt in America. With an average debt of $28,218 per borrower, South Dakota's 135,600 student loan borrowers enjoy a relatively manageable financial burden. Iowa follows closely behind as the second state with the lowest proportion of student loans per borrower, with an average debt of $29,845 and 465,500 student loan borrowers.
Illinois Comes in at #8
Indiana's neighbor, Illinois, also fares well in the study, ranking eighth among the states with the lowest amount of student debt. Wisconsin, Nebraska, and Arkansas are among the other states in the top 10. These findings suggest that the Midwest region generally has lower average student loan debt compared to other parts of the country.
Which State Has the Highest Student Loan Debt?
Conversely, Maryland tops the list as the state with the highest average student loan debt. With 864,700 student loan borrowers and an average debt of $42,543 per borrower, Maryland's residents face significant financial challenges. Georgia and Delaware also feature prominently in the study, showcasing the high student debt burden in those states.
The study's results shed light on the pressing issue of student loan debt in America. The rising cost of college education has led to a significant increase in student debt over the years. President Biden's proposed student loan forgiveness plan, which awaits a Supreme Court decision, could potentially provide relief to many borrowers nationwide.
CreditDonkey's spokesperson commented on the study, noting the importance of understanding the distribution of student loan debt across the country. The findings highlight areas that could benefit the most from the proposed student loan forgiveness plan, a potentially transformative measure for millions of borrowers.
As the cost of higher education continues to rise, it remains crucial to address the challenges posed by student loan debt. The insights provided by studies like this one enable policymakers, institutions, and individuals to work towards creating a more affordable and accessible education system for all.
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