Congratulations if you are one of those young adults who can graduate from college without racking up a mountain of student debt. If you’re one of the growing numbers of college graduates with college debt, we’re sorry. You have become a member of a growing club.
According to data from LendEDU’s fifth annual Student Loan Debt by School by State Report, thousands of college graduates owe huge sums of money after graduation. The full report can be found at lendedu.com/student-loan-debt-by-school-by-state-2020/.
Some key findings suggest that young graduates face sizable loan payments for many years. In some cases, the debt is so high that it devours a disproportionate amount of the deductible.
With so much of their income being used to pay back student loans, these unfortunate graduates will not make the usual purchases such as cars, clothes, houses, and appliances until they withdraw their loans. While they stand on the sidelines, the country’s economy is strained by the lack of their purchasing power.
Take a moment to let the data sink in:
Nationwide, the average student loan debt per borrower for the 2019 class was $ 29,076. This is an increase of $ 511 from the prior year figure of $ 28,565.
At the state level for the 2019 class, the average student loan debt per borrower ranged from a low of $ 16,633 in Utah to a high of $ 41,579 in Connecticut. The average debt in Nebraska is $ 24,266, which is in the bottom third.