PASADENA, Calif.–With the pause on federal student loan payments set to expire and with a decision on the issue before the Supreme Court, a new study has revealed the states where people are carrying the most and least student debt.
The research was conducted by CreditDonkey, which said it compared all 50 states based on the most recent student debt data from the Federal Reserve Bank of New York to discover which states had the highest proportion of student debt per borrower.
The study found residents of Maryland have a higher prevalence of student loan debt than any other state. With 864,700 student loan borrowers in the state, Maryland's total federal student loan debt balance is $36.787 billion, or an average loan debt of $42,543 per borrower, according to CreditDonkey.
In second place when it comes to student debt: Georgia, where there are 1,641,600 student loan borrowers, with an average loan debt of $41,826 per borrower, according to Credit Donkey.
The other leading states are shown in the chart.
At the other end of the scale, South Dakota has the lowest average loan debt per borrower. Approximately 12.9% of all South Dakota’s residents hold federal student loan debt, which equates to an average of $28,218 debt per student loan borrower.
South Dakota was followed by Iowa and Alaska, as shown in the chart.
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