Utah is the state with the lowest amount of average student debt, according to a new report from The Institute for College Access and Success.
- The report, which was released in 2020 and is based on data from 2018 to 2019, reviewed all the average student debt for each of the 50 states, as well as the percent of graduates with debt.
Does Utah have low student debt?
Utah ranked at the bottom of the list with the lowest amount of student debt. On average, students in the Beehive State have $17,935 in debt.
- In addition to Utah, New Mexico, Nevada, California and Wyoming rounded out the bottom five.
Which state has the highest student debt?
Meanwhile, New Hampshire and several Northeastern states ranked at the top of the list. For example, New Hampshire ranked as the state with the highest average student debt at $39,410 per student.
- Pennsylvania, Connecticut, Rhode Island and Delaware rounded out the top five.
Why is student debt different by state?
Oliver Schak, TICAS research director, told CNBC that the data shows debt varies by states and their own individual policies.
- “Student borrowing and debt varies a great deal across states and colleges because of variations in state and institutional policies, as well as state investment in public colleges,” he said.
- He added, “States can also vary greatly in how likely students graduate with student debt, with the majority of graduates leaving with student debt in 38 states.”
Which Utah colleges have lowest debt?
In 2017, a report from report from Lend.edu found Utah ranked as the state with the lowest debt per borrower, as I wrote about for the Deseret News. At the time, students owed, on average, $18,100 in debt.
- BYU students graduated with the lowest amount of debt with $15,158 on average. Meanwhile, Westminster had the highest amount of debt with $30,442.