Student loan debt in the United States is an issue of significant concern and debate. With total student loan debt reaching an unprecedented $1.74 trillion as of Sept 2023, understanding its distribution and impact is crucial to forming effective policies and interventions.
The data paints a vivid picture of the state-wise figures with Maryland sitting on the higher end with an average borrower owing $42,861 while North Dakota, on the other spectrum, reports an average student debt per borrower at $28,604. This wide range underscores regional disparities in higher education funding, different state policies, cost of living, and income levels, which all weigh heavily on the ability to manage and offset student loan debt.
Key findings from the data include: