Pennsylvania Ranks Top Among States with Highest Student Debt Levels
The state of Pennsylvania has been ranked number one in the U.S. when it comes to states where students graduate with the most debt, according to a recent report by 247 Wall St.
The website reviewed the average student debt per borrower by state in 2019, as well as the portion of graduates with debt, compiled in a report by LendEDU.
The 247 Wall St. report, compiled by Samuel Stebbins, revealed that Pennsylvania graduates have an average debt of $36,193– much more than the national average of $28,650.
Rhode Island ranked second with 64 percent of students taking on debt to cover their college costs, and with the average student accruing $35,371. Delaware ranked third with an average of $34,144, New Hampshire fourth with an average of $33,462, and Alabama fifth with an average of $31,861.
Nearly 42 million Americans currently collectively owe $1.5 trillion in student debt, and 7.2 million individuals are currently in default on those loans. Borrowers of color are significantly affected by such loans.
A recent survey conducted by PayScale found that student loans are one of the top regrets for recent graduates with at least a bachelor’s degree. Across different generations, millennials rank highest with 28.8 percent regretting taking out their student loans, followed by 26.2 percent among members of generation X, and 13.4 percent among baby boomers.
On the other side of the spectrum, Utah ranked top among the states which have the lowest levels of debt among students. Students in the state graduate with an average debt of $18,425.
Utah is followed by New Mexico, where students have an average debt of $21,805. Nevada ranked third with $22,026, California fourth with $22,383 and Wyoming fifth with $22,524.
Last month, Senator Bernie Sanders (D-VT) introduced legislation seeking to forgive more than $1.6 trillion in student debt held by 45 million people across the country. It would also make two and four-year public and tribal colleges and universities tuition-free and debt-free.