The College Industrial Complex is an all too real thing. Students barely old enough to drive sign up for oodles of debt to go to school. The schools then take the money and expand administrations and increase pay and then tuitions – again. Then the students have to take on yet more debt to pay the higher tuitions. Rinse and repeat. The only answer is to cut the federal loan program which is creating the inflationary pressures. Get the education market back to something like reality. But no one wants to do that. Reality is such a buzzkill man.
Students in the Northeast have the heaviest burdens. Nearly 75 percent of college graduates in New Hampshire have outstanding student loans and they owe an average of $36,367 — that’s the highest rate in the country, according to the Institute for College Access and Success’s 12th Annual Student Debt report.
The report, published annually, breaks down both the percentage of students carrying undergraduate student loan debt, and the average amount each graduate owed in every state (with the exception of North Dakota, where there was insufficient data). TICAS’s report used the most up-to-date data based on the Class of 2016.
Pennsylvania, Connecticut, Delaware, Minnesota and Massachusetts rounded out the top six states with the highest average amount of undergraduate student debt: Recent grads in these states carry over $31,500 on average.