5 States with the Highest Amount of Student Loan Debt

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Attending college is part of the American dream for many, but it comes with a hefty price tag. Over 42 million Americans carry student debt, collectively totaling $1.753 trillion, according to the Education Data Initiative, with the average loan balance at $37,853. 

The cost of college is over 197% higher today than 60 years ago and the average time it takes to repay student loans is 20 years, per Research.com, but some states are drowning more in student loan debt than others. Here are the five states where student loan debt is the highest and why, according to the Education Data Initiative. 

District of Columbia (D.C.)

• Average student loan debt: $54,795
• Collective amount owed: $6.4 billion
• Amount of borrowers: 116,800 

D.C. residents carry the highest amount of student loan debt in the country. This could be due to the number of law students and the high cost associated with legal specialties, per the Education Date Initiative.

Maryland

• Average student loan debt: $43,692
• Collective amount owed: $36.4 billion
• Amount of borrowers: 833,100

Maryland comes in second for the highest amount of student loan debt. The reason could be linked to private colleges such as Johns Hopkins University, which require higher loans to cover expenses. Another factor driving up the student loan debt is the amount of students earning advanced degrees in medicine, pharmacy, and law.

Georgia

• Average student loan debt: $42,026
• Collective amount owed: $70.1 billion
• Amount of borrowers: 1,668,000 

Georgia has the third highest student loan debt in the U.S. According to a 5 Star Car Title Loans study, the reasons for Georgia making the top five list include increased tuition costs, a large student population combined with limited public university funding, and skyrocketing living expenses, which means students need to borrow more to cover housing and food prices. 

Virginia 

• Average student loan debt: $40,137
• Collective amount owed: $43.4 billion
• Amount of borrowers: 1,081,300 

Virginia has the fourth highest student debt due to pricey tuition fees and higher cost of living. According to RentCafe, buying or renting is 2% more than the national average, while utilities are 3% higher. 

Florida 

• Average student loan debt: $39,262
• Collective amount owed: $105.5 billion
• Amount of borrowers: 2,687,100

Florida is rounding off the top five locations with the highest student loan debt. According to the South Florida Sun Sentinel, two reasons for climbing student debt include a decrease in government grants and people moving to the Sunshine State with loans. 

All states have student loan debt. There’s no way around it unless you have someone covering your costs. If a degree is your way to a meaningful and well-paying job, and you want to save money, consider public school over private or community college before transferring to a four-year university. In addition, there are government assistance programs and grants to help qualifying students.

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