Educational costs are steep, and this student debt chart shows just how much American students are graduating with.
Going to post-secondary schooling is standard practice among many different regions of the country, but not all families can afford to send their children off to college without taking out loans. The average student in the US will graduate with $25,250 of debt, which is a substantial chunk for young adults to start their life with.
In terms of per state expense, Minnesota, Iowa, Indiana, Pennsylvania, Ohio, Maine, New Hampshire and Vermont have the highest rates of student debt, while the west coast is relatively low on the spectrum.
If the graduated student were to pay off their debt in one year, it would cost roughly $69.18 each day to be debt-free in 365 days.
What Makes This Trend Stand Out
- State-specific Educational Costs
- Opportunity for companies to create state-specific educational funding and scholarship programs
- Student Debt Reduction Programs
- Opportunity for financial institutions to create innovative student debt reduction programs that target high-debt states
- Online Educational Alternatives
- Opportunity for online education providers to offer more affordable and flexible options for students looking to avoid high levels of debt
Sectors Adopting This
- Financial Services
- The financial services industry has the opportunity to develop novel products and services to help reduce student loan debt for graduates
- Technology
- The technology industry can create online tools and platforms to help students and families determine the cost of college education on a state by state basis
- Education
- The education industry has the opportunity to partner with financial institutions to create joint student debt reduction programs for graduates
