The Top 10 States With The Worst Student Debt
Time and time again, studies have proven that earning a college degree is a worthwhile investment. After 20 years in the workforce, the average bachelor’s degree holder earns $25,000 more than non-graduates. Over the course of a lifetime college graduates earn over $1 million more than their non-degree-holding counterparts.
Yet, for many recent graduates struggling with student debt, a degree feels like more of a burden than a benefit. To some, debt appears to be a lifelong shackle with no end in sight. A survey conducted by Citizen’s Bank found that 59% of millennial graduates have no idea when they’ll be able to pay off all of their student loans. Crippling student debt is a problem that plagues the entire country, but some states have it far worse than others. Below are the top 10 states with the worst student debt.
10) South Carolina: $30,387
One of the gems of the United States; South Carolina is known for subtropical beaches, marshlike sea islands, and the beautiful pastel colored houses that line the landscape. Unfortunately, the state will also be known as the 10th worst state for student debt. The average South Carolina college student currently carries $30,387 in debt.
9) New Jersey: $30,536
Home of the iconic Jersey Shore and diners galore, New Jersey has a lot to offer residents. The state has a long standing reputation for excellent school systems. Of course, with excellent schools comes great costs. Students in New Jersey owe an average of $30,536.
8) New York: $31,139
New York shares quite a lot with its neighbor New Jersey. The two states share Ellis Island and a love for hot dogs. They also share the pain of crippling student debt. Although, New York has it worse than New Jersey. Students here owe an average of $31,139.
7) Massachusetts: $31,411
Massachusetts is a state rich in colonial history. Home of the freedom trail, the state is considered the birthplace of freedom in America. If only the state could free its students from debt. The average Massachusetts student ends up battling $31,411 in student debt.
6) Minnesota: $31,435
Minnesota is the only Midwestern state to make the list. Students in the state graduate with an average of $31,435 in debt.
5) Washington D.C.: $31,942
The capital of the country is just four spots away from being the capital of student debt. Students in the city of politics tackle an average debt of $31,942. That amount of debt can’t be easy to deal with considering Washington D.C. also ranks as the 92nd most expensive city in the world.
4) Pennsylvania: $34,538
It seems the 13 original colonies have been hit the hardest when it comes to the cost of secondary education. Altogether, seven of the 13 original colonies make this top 10 list; Pennsylvania being one of them. Pennsylvania ranks as the 4th most indebted states for students. The average student debt is $34,538.
3) New Hampshire: $34,810
New Hampshire is a state defined by its quaint towns and large expanses of open wilderness. Hopefully the state isn’t defined by its debt for long. New Hampshire students battle an average of $34,810 in debt.
2) Rhode Island: $35,169
With a degree rate of 42.5%, Rhode Island is a well educated state. However, the state is paying heavily for that education. Rhode Island ranks second in student debt with an average debt of $35,169.
1) Connecticut: $36,865
Connecticut needs to start connecting students with financial advisers as soon as possible. The state has the highest level of student debt in the country with students facing an average debt of $36,865.