Thursday, July 20, 2017

Student loan debt has grown 250% in the last 10 years

Over the past decade, student loan debt has skyrocketed, increasing by more than 250 percent across the U.S., according to a new report by consumer spending site ValuePenguin. That adds up to more than $1.4 trillion in collective debt.
The site reports, "between 2004 and 2014, the U.S. saw an almost 90 percent increase in the number of student loan borrowers, in addition to a nearly 80 percent uptick in average balance size." The average amount of debt per borrower nationwide now is $26,700, but in some places graduates owe much more.
ValuePenguin ranked each state according to the average amount of debt per graduate using data from The Institute for College Access & Success.
These are the 15 states where the average amount of student debt is the highest.

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