Student loan debt is accelerating so fast that it has become a burden on the U.S. economy.
After 69% of college students took out student loans during 2018, Americans now owe over $1.56 trillion in student loan debt, spread out among about 45 million borrowers. That’s over $520 billion more than the total U.S. credit card debt.
Recently, the Institute for College Access and Success studied the states where average student loan debt is most, revealing that New Hampshire has the highest average student loan debt, immediately followed by Pennsylvania and Connecticut.
Utah was the state with the lowest average student debt, with state graduates owing $19,975. It’s the only U.S. state that’s average student debt was just under $20,000.