The Institute for College Access and Success (TICAS) has released its 10th annual report detailing average rates of student loan debt across the country.
According to TICAS, today's graduating class will have more debt than any class ever before. The average student loan debt at graduation increased 56% from $18,550 in 2004 to $28,950 in 2014.
However, the "Student Debt and the Class of 2014" report shows that rates of student debt vary widely from state to state. Delaware ranked first for highest average student loan debt at $33,808, while Utah ranked last at $18,921.
The report also demonstrated how even states with similar student loan debts may have wildly different income levels. For example, student loan debt in Massachusetts averages $29,391, while it averages $29,245 in Alabama. But student loan debt is equal to 63% of the median yearly household income in Alabama, compared with only 38% in Massachusetts.
Reducing undergraduate indebtedness
The 10 states with the highest average student debt are:
1. Delaware, with $33,808;
2. New Hampshire, with $33,410;
3. Pennsylvania, with $33,264;
4. Rhode Island, with $31,841;
5. Minnesota, with $31,579;
6. Maine, with $30,908;
7. Connecticut, with $29,750;
8. Iowa, with $29,732;
9. Michigan, with $29,450; and
10. Alabama, with $29,425.
(Peters/Sauter, 24/7 Wall St., 5/17).
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