Study Finds Student Debt Crisis Is Hitting These 10 States the Hardest

Find out which states are notorious for leaving graduates with the most student loan debt

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Jul 30, 2018, 13:10 ET

LOS ANGELES, July 30, 2018 /PRNewswire/ -- Although the $1.3 trillion in student loan debt burdens Americans across the country, a new study by personal finance website GOBankingRates revealed that northeastern states are most affected by the student debt crisis.

Of these states, the study found that New Hampshire has the highest percentage of graduates in debt, at 74 percent. Graduates from this state owe an average of $36,367.

A new study by personal finance website GOBankingRates revealed that northeastern states are most affected by student loan debt.

To find out where the impact of student loan debt is greatest, GOBankingRates looked at data from the Institute for College Access and Success's 12th Annual Student Debt Report. For each state, GOBankingRates broke down student loan debt by the percentage of graduates with debt and the average amount each student owed. GOBankingRates then compiled a list of U.S. states with the highest average student loan debt, and highest percentage of students carrying debt.

See the full rankings and more details on methodology here.

Top 5 U.S. States With Student Loan Debt

1. New Hampshire

Average student loan debt: $36,367
Percent of graduates with debt: 74 percent

2. Pennsylvania

Average Student Loan Debt: $35,759
Percent of Graduates with Debt: 68 percent

3. Connecticut

Average Student Loan Debt: $35,494
Percent of Graduates with Debt: 60 percent

4. Delaware

Average Student Loan Debt: $33,838
Percent of Graduates with Debt: 63 percent

5. Massachusetts

Average Student Loan Debt: $31,563
Percent of Graduates with Debt: 60 percent

Additional Insights

1. Although New Hampshire has the highest rate of student loan debt in the U.S., the state is tied with North Dakota for the second-lowest unemployment rate in America.

2. According to a separate GOBankingRates study, women on average owe $2,740 more than men upon graduation, and carry nearly two-thirds of the nation's outstanding student loan debt.

3. Utah has the lowest average student debt in the U.S., at $19,975. The state also boasts the lowest percentage of graduates in debt, at 43 percent.

About GOBankingRates
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors Live Richer™. From tips on saving money to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.

Contact:
Natalie Richter, Media Relations
GOBankingRates.com
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SOURCE GOBankingRates