LendEDU, a company that helps borrowers refinance their student loan debt, recently released its Student Loan Debt by School by State Report, which analyzes state and college level data on student debt.
It found that the average borrower in the Class of 2015 had $28,400 in student debt.
“Someone with that much student debt will be paying about $288 a month for 10 years, assuming a standard repayment plan and a 4% interest rate," said Katie Lobosco of CNN Money.
The report found that those numbers are growing, with the class of 2016 being the most indebted class in history and 43 million Americans currently holding student debt.
“Our team spent roughly 50 hours aggregating and analyzing the data for this report,” the report reads. “We’ve broken down the student loan debt statistics for over 1,300 different colleges. Then we ranked the data to determine which colleges were giving students the most, and the least, amount of student loan debt.”
Interestingly, the colleges with the highest average debt per borrower are not necessarily the most expensive schools. This could be due to a lack of scholarships and grants given by these universities, but it could also be due to insufficient federal aid. While such aid helps keep costs down for low-income families, many are still unable to cover the remaining cost of tuition, not to mention paying back what was borrowed.
In most cases, very small percentages graduates hold private student debt, as private loans are often more difficult to qualify for. This means the majority of students are in debt to either their state governments or the federal government.
The ten states with the highest student loan debt per borrower are:
- Connecticut — $36,864.63 (average)
- Rhode Island — $35,169.37 (average)
- New Hampshire — $34,809.66 (average)
- Pennsylvania — $34,538.34 (average)
- D.C. — $31,941.74 (average)
- Minnesota — $31,434.81 (average)
- Massachusetts — $31,411.30 (average)
- New York — $31,139.17 (average)
- New Jersey — $30,536.25 (average)
- South Carolina — $30,387.06 (average)
Seven of these are blue states with their governors belonging to the Democratic Party — a party that has ironically devoted much of its platform to attempting to combat this problem.
“Student debt is an important issue,” said LendEDU CEO/Co-Founder Nate Matherson in a press release. “We hope our report and rankings help students and families make educated decisions when it comes to student debt. And, we hope that our data inspires educators and policymakers to concentrate on this issue.”