Student loan on the rise, varies by region -report

By VCPOST Staff Reporter

Dec 04, 2013 09:34 PM EST

National student loan debt is on the rise. The size of college graduates' debt loads, however, varies greatly by state and geographical region, according to a new report from The Institute for College Access and Success (TICAS).

The American Banker, citing the TICAS study, said that the class of 2012 graduated with an average USD29,400 in student loan debt. This is up by 6% from the last federal survey conducted in 2008.

The average student loan debt was even higher in Northeastern and Midwestern states. Delaware topped the list with an average debt of USD33,649. Average student loan debt was also above the USD30,000 mark in Minnesota, New Hampshire, Pennsylvania and Rhode Island, the report said.

States with lower levels of student loan debt were primarily concentrated in the Western and Southern states. Student loan debt in New Mexico averaged USD17,994. Students in California, Arizona, Nevada and Wyoming also had debt below USD21,500 on average, American Banker said.

According to the report, TICAS' study evaluated state averages using data voluntarily provided by 1,075 public and private non-profit, four-year colleges. It urged the Department of Education to gather more comprehensive data on student debt levels.

President Barack Obama recently proposed to develop government ratings of college tuition and performance by 2015, American Banker said.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics